Nordic Impact Cooperation AS, owned by the Finnish Fund for Sustainable
Development ("Finnfund") and Norsk Solar AS ("Norsk Solar", OSEBX ticker: NSOL)
has made its first investment decision and will invest into a Norsk Solar
developed and owned solar PV-project in Vietnam.

Norsk Solar, a fast-growing independent solar power producer, with a particular
focus on the commercial & industrial customers in emerging markets, holds a 11
MW long-term electricity purchase agreement with Central Retail in Vietnam, one
of southeast Asia's largest retail conglomerates. Norsk Solar has developed and
is in the process of constructing solar assets on several of Central Retail's
rooftops. The project is one of the largest single-client rooftop solar PV
systems in Vietnam.  

On 30th of April 2021, Finnfund and Norsk Solar established Nordic Impact
Cooperation, a unique financing platform for impact investing in developing
countries, in particularly targeted towards scaling a growing commercial and
industrial ("C&I") pipeline developed by Norsk Solar. Today, Nordic Impact
Cooperation made a positive investment decision for the project. Nordic Impact
Cooperation will invest approximately USD 1.4 million, and will own 55% of the
equity in the project. The remaining ownership is held by Norsk Solar with the
intention of including another Nordic state-owned DFI as a shareholder. The
projectis expected to reach commercial operations in Q4, 2021. 

"As we have seen recently with the latest IPCC report, the transition towards
renewable energy, and cutting C02-emissions need to go at a significantly faster
pace. Our value proposition is to offer private companies in emerging markets
the ability to deploy clean energy at no up-front cost. They can reach their
sustainability targets and they don't have to compromise on the commercial side
as they make significant savings on their energy bill. Together with Finnfund,
we show the potential for rapid deployment of solar towards C&I, and the project
with Central Retail in Vietnam is a great example", says Øyvind Vesterdal, CEO
of Norsk Solar. 

"We are proud to have successfully entered into the first investment decision
for the Nordic Impact Cooperation together with Norsk Solar, and we are looking
forward to scaling this further in the time to come, enabling the private sector
in growing economies to utilize renewable energy in their operations and to take
part of a much-needed transition", says Tuomas Suurpää, Senior Investment
Manager at Finnfund.

The project will generate over 300,000 MWh of clean electricity over the
lifetime of the project