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Norsk Solar: receives a commitment of up to 40 MNOK from Norad

  • Sector: Energy
  • Date: August 31, 2022

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

The Norwegian Agency for Development Cooperation (Norad) gives Norsk Solar up to 40 MNOK in project support and risk relief. The commitment will go to project development and risk premium in loan financing for projects in Pakistan, Vietnam, Indonesia and South Africa.

Renewable energy is the most important solution to the climate crisis, and Norad is pleased to be a catalyst of investment into Norsk Solar projects that will encourage development, reduce poverty and cut carbon emissions, says Bård Vegar Solhjell, Director General of Norad.

Norad’s commitment will be essential to securing new projects and financing of solar plant construction. In markets such as Vietnam and South-Africa, coal is still dominant and solar energy access can make an enormous impact toward reaching climate and sustainable development goals, says Øyvind Vesterdal, CEO at Norsk Solar.

Norsk Solar has received support from Norad for research and project development in two phases in 2017 and 2020 in collaboration with a large shopping center chain in Vietnam (Central Retail). Norsk Solar has now built solar cells in 10 shopping centers in the country, with both Norfund and Finnfund participating in the financing.