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(Stavanger, NORWAY - 26 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 clients, has signed a LOI
(Letter of Intent) with one of the largest retailers globally for the deployment
of solar energy systems on sites in selected markets.
The retailer is a European multinational, and one of the largest global
companies within its segment with more than 10.000 commercial sites across the
globe. The company has ambitions on significantly lowering its CO2 footprint and
expand its renewable energy consumption the following decade.
Earlier in 2021, Norsk Solar signed a PPA with another retailer, Central Retail.
The 11 MW solar project currently under construction in Vietnam will be the
biggest single-client solar project in the country. The LOI underlines Norsk
Solar's position within the C&I segment globally and has the potential to
accelerate growth in multiple markets.
"The LOI contains commercial terms and includes a binding, exclusive development
period, where we together with the retailer will explore deployment of solar
power plants on several of their sites. This enables a lower carbon footprint at
a significantly reduced electricity cost for the client. We see this as a
testament to the attractiveness and the scalability of our business model across
markets" says CEO Øyvind L. Vesterdal.
The C&I segment is one of the fastest-growing in the solar industry, and Norsk
Solar has been able to attract several of the strongest brand names. The new
client will add to a growing pipeline of C&I projects for Norsk Solar. Due to
competitive reasons, Norsk Solar cannot disclose the new client until a binding
agreement is signed. This is expected during Q4, 2021.
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.
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