Stavanger and Oslo. Norfund, the Norwegian Investment Fund for Developing
Countries ("Norfund") is joining Norsk Solar AS ("Norsk Solar", OSEBX ticker:
NSOL) and Nordic Impact Cooperation AS ("NIC") as investors in the 11 MW solar
plant portfolio recently constructed by Norsk Solar in Vietnam. NIC is a joint
venture between Norsk Solar and Finnfund, a development financier and impact
investor majority-owned by the Finnish state.  


The investment establishes a new partnership between Norfund, Norsk Solar and
Finnfund and gives Norfund a 35 percent ownership stake in one of the largest
single-client rooftop solar PV systems in Vietnam. The 11 MW project was built
on-site at shopping centres owned by Central Retail, one of southeast Asia's
largest retail conglomerates. A long-term Power Purchase Agreement ("PPA") has
been signed with Norsk Solar.  


"Norsk Solar is proud to include Norfund as an investor in our newly built
corporate solar project in Vietnam. The involvement of two state impact
investors, both Norfund and Finnfund, is a validation of our business model and
strengthens our capability to expand in southeast Asia," says Øyvind L.
Vesterdal, CEO of Norsk Solar.  


"Norfund has been following closely the positive development of Norsk Solar, and
we are delighted to see yet another Norwegian developer of renewable energy
succeeding in establishing itself in developing markets. The partnership with an
important company such as Central Retail in Vietnam is a confirmation of what
they have accomplished. We are happy to partner with Norsk Solar in offering
capital and competence that contribute to increased access to affordable, clean
energy, enabling job creation and avoiding CO2-emissions", says Inge Stølen,
Senior Investment Manager in Norfund.  


Meeting the increasing corporate demand for clean electricity: 

Norfund's current investment and Finnfund's existing partnership with Norsk
Solar via NIC demonstrate that Nordic state impact investors are supporting the
energy transition with innovative financing platforms for distributed generation
and non-utility investments. Under NIC, EUR 15 million has been earmarked
exclusively for Norsk Solar projects within the C&I segment and other related
projects across developing markets. Adding Norfund as a new partner in Vietnam
will further support Norsk Solar's expansion and help meet the rapidly growing
corporate demand for electricity.  

"Our mission, to give companies the power to choose renewable energy, is in full
alignment with Norfund's goal of reducing poverty and fighting climate change.
By joining forces we can do even more to support sustainable growth in
developing countries, help create new jobs and reduce emissions while also
securing long-term recurring revenues for all investors," says Vesterdal.   
 

Will offset up to 200,000 tonnes of carbon emissions: 

Vietnam is one of the countries where investments in renewable power solutions
can benefit the climate most, as more than half its electricity supply is from
coal. The Norsk Solar power plants that Norfund is investing in will generate
over 300,000 MWh of clean electricity and contribute to offsetting more than
198,000 tonnes of CO2 emissions over the systems' lifetimes. 


Investor Relations: 
Helga Cotgrove, 
CFO, Norsk Solar 
+47 907 35 246  
hc@norsksolar.com 
 

Media: 
Christine Corkery Steinsholt 
Head of Communications, Norsk Solar 
+47 950 95 481 
christine@norsksolar.com 

Per Kristian Sbertoli  
Head of Public Affairs, Norfund   
+47 930 89 103 
per.kristian@norfund.no 


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


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 emerging
markets. Our high-quality solar PV solutions produce cost-efficient and reliable
electricity, helping companies meet their sustainability targets by cutting 
carbon emissions. Norsk Solar has over 100 MW in operation or under development
in emerging markets and is a fast-growing independent solar power producer,
targeting 2 GW under management in 2025. 
 
The company was established in 2017 in Stavanger, Norway, and today has more
than 30 employees representing 15 nationalities. Norsk Solar has a presence in
Norway, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com. 

 
About Norfund 
Norfund is the Norwegian Investment Fund for developing countries. Our mission
is to create jobs and to improve lives by investing in businesses that drive
sustainable development. Norfund is owned and funded by the Norwegian Government
and is the Government's most important tool for strengthening the private sector
in developing countries, and for reducing poverty.  

Norfund's committed portfolio totals 3.3 billion USD in Sub-Saharan Africa,
South-East Asia, and Central America. Norfund has four investment areas: Clean
Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure.
Investments in Clean Energy account for about 50% of the portfolio and 50% of
the portfolio is in Sub-Saharan Africa.   For more information, please visit:
www.norfund.no