Stavanger/Oslo, Norway, 16 May 2023 - Norsk Solar ("Norsk Solar", OSEBX ticker: NSOL) a leading independent solar power producer in the C&I segment, announces that Øyvind L. Vesterdal will be stepping down as CEO, effective 16 May 2023. He will be succeeded by Torbjørn Elliot Kirkeby-Garstad, who will take over as CEO on the same day.

Øyvind Laugen Vesterdal, co-founder of Norsk Solar and the company's third largest shareholder, has been CEO in Norsk Solar since its establishment and has played an essential role in developing the company. Under his leadership the company has successfully grown from four to 40 people; listed on Oslo stock exchange; established a unique financial partnership with Norfund and Finnfund; opened three country units and six permanent offices; secured renewables investments totalling USD 80m across four countries; and reached commercial operations of 70 MWp solar PV plants that gives long-term recurring revenues for Norsk Solar and its partners, helping Norsk Solar's clients by cuttingcarbon emissions while reducing their electricity costs.

As Norsk Solar prepares for its next phase of growth, Øyvind L. Vesterdal has decided to step down and pass the reins to Torbjørn Elliot Kirkeby-Garstad. Kirkeby-Garstad brings with him 16 years of experience operating as an industrial renewable investor in the power industry. He has done successful industrial renewable investments in a wide range of emerging markets and is well-positioned to lead the company into its next phase of growth. Øyvind remains in an advisory role with the company until end of August 2023 to assist with the transition.

Øyvind L. Vesterdal: "I am pleased to announce Torbjørn as the new CEO. I have done my part in this amazing company, and after careful dialogue with the Board of Directors. I am proud to hand over the reins to a fitting successor. With Torbjørn's strategic focus and experience, I am confident in Norsk Solar's increased ability to execute and develop new and existing projects. This is clearly a major uplift for the company that should result in significant growth."

Pål S. Valseth: "We are grateful for Øyvind's many contributions to Norsk Solar over the years and wish him all the best in his future endeavours. We are confident that Torbjørn is the right person to lead Norsk Solar in the next chapter of its growth story."

"I am very happy to be joining Norsk Solar at this exciting time in its history, says Kirkeby-Garstad. I look forward to working with the talented team here to build on the strong foundation that Øyvind has laid and to take the company to new heights."

This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.

For IR:

Ingrid Sara Grimstad Amundsgård, EVP Sustainability and Communications. ingrid.sara@norsksolar.com.

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 high-growth markets. Our high-quality solar PV solutions produce cost-efficient and reliable electricity, helping companies meet their sustainability targets by cutting carbon emissions while reducing their electricity costs.

Norsk Solar has over 100 MW in operation or under development and is an established independent solar power producer.

The company was established in 2017 in Stavanger, Norway, and today has approximately 40 employees located in Norway, Spain, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.