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Norsk Solar: will deliver solar power to shopping centers in Vietnam

  • Sector: Energy
  • Date: March 4, 2021

  • Company: Norsk Solar develops and invests in solar parks that provide renewable energy in emerging markets.

Norsk Solar has signed an agreement with Central Retail, one of Southeast Asia’s largest chain stores, to build larger solar cell systems on the roof of several shopping centers in Vietnam. It will be the largest solar roof project with a single customer in Vietnam, from Hanoi in the north to Ho Chi Minh City in the south.

Industrial players will be important contributors to achieve the global climate goals, but this does not always have to be at the expense of commercial considerations, says Øyvind L. Vesterdal, CEO at Norsk Solar. The project with Central Retail in Vietnam is a good example of this, where Norsk Solar owns and operates the facilities, while Central Retail purchase the electricity at a significantly lower price than the current spot price, Vesterdal explains.

The investment cost of around NOK 100 million will supply 11MW of renewable energy. The project is expected to produce over 300 GWh of renewable energy, which saves approximately 120,000 tonnes of CO2. It is a great achievement for Norsk Solar, as it is a complex transaction with several players involved from different countries, which has been particularly challenging during the pandemic. The agreement also confirms the company’s potential as a global player in the renewable segment, concludes Petter S. Berge, CDO at Norsk Solar.