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NSOL: Norsk Solar and Finnfund establish unique financing platform for impact investing in developing countries.
Norsk Solar and Finnfund establish unique financing platform for impact
investing in developing countries
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(Stavanger, NORWAY - 30 April 2021) Norsk Solar AS (NSOL, OSE: NSOL), a fully
integrated independent solar power producer focusing on emerging markets and
corporate and industrial (C&I) in addition to utility-scale solar projects,
today announce the establishment of a joint Investment Company with Finnfund, a
development financier and impact investor.
"This is a historic moment. The support and credibility of Finnfund provides
Norsk Solar with a significant advantage in financing smaller C&I projects.
Norsk Solar is now the world's first solar power producer that can provide clean
energy to companies across the globe from solar power plants that are co-owned
by an impact investor majority owned by a Nordic state. This is a unique value
proposition towards our clients who typically are multinationals in need of
reliable and cheaper power while reaching their sustainability goals," says
Øyvind L. Vesterdal, CEO of Norsk Solar.
The Investment Company is named «Nordic Impact Cooperation AS». The initial
total capital contribution in the investment vehicle, between the parties, will
amount to an investment of up to NOK 150 million. Such funds are exclusively
earmarked for Norsk Solar's projects within the C&I segment and other related
projects across developing markets.
"Finnfund expects our projects to be profitable, socially and environmentally
responsible and produce measurable development impact in their target countries.
The way in which developing countries meet their rapidly growing energy needs
will be critical to curbing climate change. We share the same values with Norsk
Solar, and the establishment of the Nordic Impact Cooperation is a way to ensure
greater impact together," says Finnfund's Senior Investment Manager Tuomas
Norsk Solar, which was recently listed on the Oslo Stock Exchange, has
successfully raised NOK 110 million in equity for further expansion and funding
of its projects. The Nordic Impact Cooperation AS established together with
Finnfund will provide Norsk Solar unique access to additional funds for
investing, building and operating solar projects in emerging markets.
Norsk Solar recently signed a Power Purchase Agreement in Vietnam with Central
Retail, positioning the Norwegian company as a fast-growing solar power producer
within the C&I segment in the region. During 2021, Norsk Solar is expecting
further growth from projects in several markets in South East Asia, Africa,
Europe, and Latin America.
The Nordic Impact Cooperation has a planned investment of NOK 150 million, but
there is potential to grow. The Investment Company will unlock solar power for
companies across several markets, being a testament to the Nordic cooperative
business model of building a sustainable world by investing in responsible and
profitable projects in developing countries, while maintaining integrity and
transparency in the way business is conducted.
"Previously it was difficult to obtain debt and equity financing for smaller C&I
projects. Typically a developer had to reach a minimum financing size of USD
10-15 million to attract the traditional financing pools, diminishing the
opportunity for independent power producers and corporates to collaborate in
establishing smaller capital investment projects. What we have achieved with
Finnfund is unique and provides Norsk Solar with an advantage in financing,
building and operating solar power plants for C&I clients across emerging
markets," says Helga Cotgrove, CFO of Norsk Solar.
The signing of the agreement will be celebrated at an event attended by
Finland's ambassador to Norway Mikael Antell at the Embassy of Finland in Oslo
at 10:00 a.m. CEST today.
Øyvind L. Vesterdal, Chief Executive Officer, +47 900 70 126,
Helga Cotgrove, Chief Financial Officer, + 47 907 35 246,
About Norsk Solar AS
Norsk Solar is a fast-growing independent solar power producer, with 70 MW of
assets built and in operation or under construction in emerging markets. The
company has a project pipeline of 2 GW, where its focus is on C&I assets. Norsk
Solar has offices in Norway, Ukraine, Nicaragua, South Africa, Brazil, and
Vietnam, and currently counts more than 19 employees. Read more at:
Finnfund is a Finnish development financier and professional impact investor. We
build a sustainable world by investing in responsible and profitable businesses
in developing countries. Each year we invest 200-250 million euros in 20-30
projects, emphasising renewable energy, sustainable forestry, sustainable
agriculture and financial institutions. Today Finnfund's investments and
commitments total about 957 million euros, half of them in Africa. The company
has about 90 employees. For more information, please visit www.finnfund.fi
The information in this announcement is considered to be inside information
pursuant to the EU Market Abuse Regulation.
This stock exchange announcement was published by CFO Helga Cotgrove at 30 April