Stavanger/Oslo, Norway, 25 April 2023 - The Board of Directors of Norsk Solar AS
has approved the annual accounts for 2022 and the Annual Report 2022 has been
published. 
 
Norsk Solar is well-established as a fast-growing independent solar power
producer (IPP) for commercial and industrial off-takers in targeted high-growth
markets. Over the last twelve months, Norsk Solar has achieved multiple
important milestones:

·	Welcomed Norfund as a shareholder in Nordic Impact Cooperation AS, which has
reached a total of USD 31.2m in assets under management
·	Secured commitments from Norad for NOK 20m in project development support plus
NOK 20m in risk premium support
·	Pre-invested to have exclusivity for more than 420 MWp in projects with
investment decisions starting in 2023, subject to final positive due diligence
and transaction closing
·	Began construction on the first 18 out of 37 MWp in Brazil
·	Successfully reached Financial Close with responsAbility for the first
project in Vietnam, of USD 4.7m non-recourse debt
·	Successfully reached Financial Close with Valora Investimentos for the first
project in Brazil, of USD 10m green bond (CRI).
·	Signed PPA with global corporate offtaker Lineage for a rooftop project in
Vietnam
·	Built a world-class engineering and procurement team located in Madrid,
Spain
·	Saw all projects for Central Retail enter commercial operation and
production

"2022 has been a year of steady progress for Norsk Solar. Despite a very
challenging capital market, Norsk Solar has secured financing for its projects,
building track record and securing real value, preparing for further growth on
the path to making Norsk Solar EBITDA positive. Corporate demand for renewable
energy solutions in our markets has increased, and I am satisfied with the
progress of projects in construction and new developments the project pipeline.
We are also seeing the benefit of the flexibility and robustness of Norsk
Solar's business model containing real value assets," said Øyvind L. Vesterdal,
CEO in Norsk Solar.  

 
Investor Relations:  
Øyvind Vesterdal
CEO  
+47 900 70 126 | ov@norsksolar.com 
 

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
high-growth 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 and is an
established independent solar power producer in high-growth markets.

The company was established in 2017 in Stavanger, Norway, and today has
approximately 40 employees located in Norway, Spain, South Africa, Brazil, and
Vietnam. 

Read more at www.norsksolar.com.
 
*** 
Important information 
This information is subject to a duty of disclosure pursuant to Section 5-12 of
the Norwegian Securities Trading Act.  This information was issued as inside
information pursuant to the EU Market Abuse Regulation.