As Norsk Renewables concludes the fourth quarter of 2023, I would like to take a
moment to reflect on the journey the company has taken. 

One of the highlights of this quarter has been the construction of our Origo I
project, an 18 MW solar project in Brazil. This achievement not only
strengthened our company but also triggered the start of the construction of the
9 MW Origo II project. Origo I and II are financed in partnership with Norfund
and Finnfund through the Nordic Impact Cooperation (NIC). NIC is owned 33% by
Norfund, 33% by Finnfund and 34% by Norsk Renewables.

In Vietnam, we have 11 MW in operation, also financed by the NIC platform. The
rooftop assets are producing well and contributed with 206 000 CO2 emissions
avoided in 2023 and 940 299 kWh produced. We are currently working on a business
plan for the country to unlock its business opportunities. 

We made significant progress with our largest and most mature 315MW solar PV
project in South Africa. We have secured land lease rights, completed the
initial Environmental Impact Assessment and the in-depth Environmental & Social
Impact Assessment is in process. The project has received its Cost Estimation
Letter ("CEL") from the authorities, which is an important milestone in the
viability of the project. This project forms a crucial part of an important
joint venture between Norsk Renewables, Valinor, and Musina Flair. Once
established the joint venture will have a 915 MW portfolio that consists of our
315 MW sol and 300 MW sol & 300 MW wind from our partners. This transaction is
intended as an equity-in-kind settlement which will see the creation of a joint
development company between the partners in South Africa.  The DD between the
companies is in its final stage and we look forward to the transaction being
concluded. We look forward to contributing renewable energy to C&I customers in
South Africa. 

I am excited about the Memorandum of Understanding that we signed with our
sister company, Norsk Vind. Their expertise and experience will help us develop
the 300 MW wind project in South Africa. Norsk Vind is the biggest private wind
power company in Norway and will bring valuable competence to the project. 
Throughout any project, our focus on sustainability is at the core of every
phase and activity. As part of our ongoing commitment to making the shift to
renewable energy effortless, we measure the reduction of our carbon footprint
and promote environmental stewardship. 
Looking ahead, we remain cautiously optimistic about the future. Our owner
Valinor acquired more shares and is now holding 53.09% of the total of shares.
We find this exciting and are grateful for the trust this demonstrates. 
While the global economic landscape continues to present challenges, we
structure our ability to navigate these uncertainties and emerge stronger. By
staying true to our core values, we will continue to deliver value for our
shareholders and stakeholders alike.
In closing, I want to extend my sincere gratitude to our hard-working employees
and our shareholders for their continued support and trust in our vision. 
Sincerely, 
Torbjørn Elliot Kirkeby-Garstad, CEO