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Norsk Solar: in partnership with Finnish Impact Investor

  • Sector: Energy
  • Date: April 30, 2021

  • Company: Norsk Renewables develops and invests in renewable energy in emerging markets.

Norsk Solar, which was recently listed on Euronext Growth and Finnfund, an Impact Investor that finances development projects, is establishing a joint investment company called Nordic Impact Cooperation AS. The company has a planned investment of NOK 150 million which will be earmarked for the C&I- projects (Commercial and Industrial) of Norsk Solar.

This is a historic moment, says Øyvind Vesterdal, CEO of Norsk Solar. The support and credibility of Finnfund provides Norsk Solar with a significant advantage in financing smaller C&I projects, Vesterdal explains. Typically a developer had to reach a minimum financing size of USD 10-15 million to attract the traditional financing pools, says Helga Cotgrove, CFO at Norsk Solar.

Norsk Solar recently signed a Power Purchase Agreement in Vietnam with Central Retail, positioning the Norwegian company as a fast-growing solar power producer within the C&I segment in the region. During 2021, Norsk Solar is expecting further growth from projects in several markets in South East Asia, Africa, Europe, and Latin America, where Nordic Impact Cooperation will contribute.