Norsk Solar AS
Norsk Solar AS
07/21/2022 | Press release | Distributed by Public on 07/20/2022 23:01
Norfund joins Norsk Solar and Finnfund as partner in Nordic Impact Cooperation AS, an investment platform for C&I solar projects in high-growth markets
Tid21.07.2022, 05:00:12
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Norfund joins Norsk Solar and Finnfund as partner in Nordic Impact Cooperation AS, an investment platform for C&I solar projects in high-growth markets
- Stavanger and Oslo: Norsk Solar ("Norsk Solar", OSEBX ticker: NSOL) announced
today that Norfund, the Norwegian Investment Fund for Developing Countries
("Norfund") will join Norsk Solar and Finnfund as an equity partner in Nordic
Impact Cooperation AS ("NIC"). NIC is an investment platform that provides
equity financing in Norsk Solar projects for corporate and industrial energy
buyers in select high-growth markets.
Norfund's investment in NIC represents an ownership share of 33.04%, and
increases the amount of investment capital available to 19 million EUR. The NIC
platform was established by Finnfund and Norsk Solar in 2021, with a mandate to
jointly invest in C&I projects in high-growth markets where access to renewable
energy is necessary to support sustainable growth. Nordic Impact Cooperation has
extensive requirements on environmental and social aspects with great focus on
the UN Sustainability Goals.
"Norsk Solar is proud to have both Norfund and Finnfund as partners in the
Nordic Impact Cooperation platform. NIC is an innovative model for climate
investments by state-owned impact investors, helping to make project financing
highly efficient to allow for quicker execution on projects. This is especially
important in markets where energy demand is soaring and there is an immediate
need for reliable, affordable clean power," said Øyvind L. Vesterdal, CEO of
Norsk Solar.
As part of the agreement, Norfund's 35% direct ownership in Norsk Solar's 11 MW
project in Vietnam will be transferred to NIC. The project consists of rooftop
solar plants supplying clean power to shopping centres across the country for
offtaker Central Retail.
"Norfund is pleased with the progress Norsk Solar has made in Vietnam and we are
happy to see yet another Norwegian developer of renewable energy succeed in
establishing itself in developing markets. We look forward to working closely
with Norsk Solar and Finnfund also in other emerging markets to increase access
to affordable, clean energy while creating jobs and avoiding CO2-emissions,"
said Inge Stølen, Senior Investment Manager in Norfund.
"Finnfund welcomes Norfund as a new partner in Nordic Impact Cooperation.
Together with Norsk Solar, we are looking forward to investing in new projects
and scaling the platform further in the time to come, helping to secure energy
access in growing economies while providing cleaner and cheaper power to the
private sector," said Jussi Tourunen, Associate Director, Head of Energy and
Infrastructure Portfolio in Finnfund.
This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.
Investor Relations:
Helga Cotgrove,
CFO, Norsk Solar
+47 907 35 246
[email protected]
Media:
Christine Corkery Steinsholt
Head of Communications, Norsk Solar
+47 950 95 481
[email protected]
About Norsk Solar
Norsk Solar delivers the power to build a better world. We provide clean,
renewable solar solutions to corporate and industrial (C&I) entities in emerging
markets. Our high-quality solar PV solutions produce cost-efficient and reliable
electricity, helping companies meet their sustainability targets by cutting
carbon emissions. Norsk Solar is an independent solar power producer with over
100 MW in operation or under development in high-growth markets, targeting 2 GW
under management in 2025.
The company was established in 2017 in Stavanger, Norway, and today has more
than 30 employees representing 15 nationalities. Norsk Solar has a presence in
Norway, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.
About Norfund
Norfund is the Norwegian Investment Fund for developing countries. Our mission
is to create jobs and to improve lives by investing in businesses that drive
sustainable development. Norfund is owned and funded by the Norwegian Government
and is the Government's most important tool for strengthening the private sector
in developing countries, and for reducing poverty.
Norfund's committed portfolio totals 3.3 billion USD in Sub-Saharan Africa,
South-East Asia, and Central America. Norfund has four investment areas: Clean
Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure.
For more information, please visit: www.norfund.no
About Finnfund
Finnfund is a Finnish development financier and impact investor. We build a
sustainable future and generate lasting impact by investing in businesses that
solve global development challenges. We invest 200-250 million euros in 20-30
companies in developing countries each year. Our focus sectors include renewable
energy, sustainable forestry, sustainable agriculture, financial institutions,
and digital infrastructure and solutions. Today Finnfund's investments,
commitments, and investment decisions total about 1.12 billion euros, half of
them in Africa. The company has 90 employees. For more information, please visit
www.finnfund.fi
today that Norfund, the Norwegian Investment Fund for Developing Countries
("Norfund") will join Norsk Solar and Finnfund as an equity partner in Nordic
Impact Cooperation AS ("NIC"). NIC is an investment platform that provides
equity financing in Norsk Solar projects for corporate and industrial energy
buyers in select high-growth markets.
Norfund's investment in NIC represents an ownership share of 33.04%, and
increases the amount of investment capital available to 19 million EUR. The NIC
platform was established by Finnfund and Norsk Solar in 2021, with a mandate to
jointly invest in C&I projects in high-growth markets where access to renewable
energy is necessary to support sustainable growth. Nordic Impact Cooperation has
extensive requirements on environmental and social aspects with great focus on
the UN Sustainability Goals.
"Norsk Solar is proud to have both Norfund and Finnfund as partners in the
Nordic Impact Cooperation platform. NIC is an innovative model for climate
investments by state-owned impact investors, helping to make project financing
highly efficient to allow for quicker execution on projects. This is especially
important in markets where energy demand is soaring and there is an immediate
need for reliable, affordable clean power," said Øyvind L. Vesterdal, CEO of
Norsk Solar.
As part of the agreement, Norfund's 35% direct ownership in Norsk Solar's 11 MW
project in Vietnam will be transferred to NIC. The project consists of rooftop
solar plants supplying clean power to shopping centres across the country for
offtaker Central Retail.
"Norfund is pleased with the progress Norsk Solar has made in Vietnam and we are
happy to see yet another Norwegian developer of renewable energy succeed in
establishing itself in developing markets. We look forward to working closely
with Norsk Solar and Finnfund also in other emerging markets to increase access
to affordable, clean energy while creating jobs and avoiding CO2-emissions,"
said Inge Stølen, Senior Investment Manager in Norfund.
"Finnfund welcomes Norfund as a new partner in Nordic Impact Cooperation.
Together with Norsk Solar, we are looking forward to investing in new projects
and scaling the platform further in the time to come, helping to secure energy
access in growing economies while providing cleaner and cheaper power to the
private sector," said Jussi Tourunen, Associate Director, Head of Energy and
Infrastructure Portfolio in Finnfund.
This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.
Investor Relations:
Helga Cotgrove,
CFO, Norsk Solar
+47 907 35 246
[email protected]
Media:
Christine Corkery Steinsholt
Head of Communications, Norsk Solar
+47 950 95 481
[email protected]
About Norsk Solar
Norsk Solar delivers the power to build a better world. We provide clean,
renewable solar solutions to corporate and industrial (C&I) entities in emerging
markets. Our high-quality solar PV solutions produce cost-efficient and reliable
electricity, helping companies meet their sustainability targets by cutting
carbon emissions. Norsk Solar is an independent solar power producer with over
100 MW in operation or under development in high-growth markets, targeting 2 GW
under management in 2025.
The company was established in 2017 in Stavanger, Norway, and today has more
than 30 employees representing 15 nationalities. Norsk Solar has a presence in
Norway, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.
About Norfund
Norfund is the Norwegian Investment Fund for developing countries. Our mission
is to create jobs and to improve lives by investing in businesses that drive
sustainable development. Norfund is owned and funded by the Norwegian Government
and is the Government's most important tool for strengthening the private sector
in developing countries, and for reducing poverty.
Norfund's committed portfolio totals 3.3 billion USD in Sub-Saharan Africa,
South-East Asia, and Central America. Norfund has four investment areas: Clean
Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure.
For more information, please visit: www.norfund.no
About Finnfund
Finnfund is a Finnish development financier and impact investor. We build a
sustainable future and generate lasting impact by investing in businesses that
solve global development challenges. We invest 200-250 million euros in 20-30
companies in developing countries each year. Our focus sectors include renewable
energy, sustainable forestry, sustainable agriculture, financial institutions,
and digital infrastructure and solutions. Today Finnfund's investments,
commitments, and investment decisions total about 1.12 billion euros, half of
them in Africa. The company has 90 employees. For more information, please visit
www.finnfund.fi