(Stavanger, NORWAY - 28 June 2021) Norsk Solar AS (NSOL), a vertically
integrated, independent solar power producer across emerging markets and focused
on corporate and industrial (C&I) and utility-scale solar project has entered
into a development agreement for 37 MWp to provide clean energy to Órigo
Energia. Norsk Solar will finance, build, own, and operate the solar projects
portfolio of 12 projects.
"This agreement is a natural next step in the Norsk Solar business plan and
focus in Brazil following our recent market entry. The team has done a
tremendous job in targeting clients within the C&I space that has a demand for
cheaper and more predictable energy. The agreement underlines the interest for
the Norsk Solar value proposition and our unique position in this market. These
are the first projects out of a fast-growing project pipeline that exceeds our
initial ambitions", says Øyvind L. Vesterdal, CEO of Norsk Solar.
The agreements for the projects are set to 25 years tenor. The overall
investment size totals around NOK 250 million. The projects will be built in
the State of Minas Gerais and are expected to reach Financial Close after the
"The Brazilian corporate and industrial market for solar is in rapid growth and
we see great potential for our value proposition. We further see that with these
first projects in Brazil, we have established a strong local brand and secured a
good market entry position. Our ambition is to become one of the leading solar
power producers for C&I clients in the Country over the next few years." says
Mauro Benedetti, Country Manager for Brazil in Norsk Solar.
The development and construction of the projects will be done in partnership
with GDSolar, a pioneer and leader in the development of solar energy in Brazil
with 61 operational plants and 202 MWp installed capacity.
The partnership with GDSolar will enhance NORSK SOLAR's reputation in the
Brazilian market and is a strong support for the brand's international
positioning. "We will apply all our experience in order to offer greatest
sustainable energy efficiency for our customers. They are anticipating the
economic recovery movement expected for next year. With this, they will acquire
not only clean energy, but also a competitive advantage, considering the
scenario that the traditional energy sector is signalling for this period", says
Alexandre Gomes, CEO of GDSolar.
Norsk Solar will be the majority owner of the assets, with a 90% stake while
GDSolar will keep 10% and support the operations of the plants along the PPA
The off taker Órigo Energia was established in 2010, As pioneer in the Brazilian
sector of distributed generation they currently provide clean energy, through
the management of cooperatives, to more than 15,000 customers, including
households and small businesses. Origo's shareholders include TPG ART, a global
American investment firm with more than USD 91 billion under management, Mitsui,
the multi-billion Japanese conglomerate and the Brazilian impacting investment
fund manager MOV, will distribute and manage the energy of the new plants.
"This generated energy will be distributed in the form of credits to our
customers, in line with our commitment to democratize access to clean energy in
Brazil, making it accessible to everyone, especially those at the base of the
social pyramid", comments the CEO of Órigo Energia, Surya Mendonça, who adds:
"The savings provided by this distributed generation model is quite significant
for families, especially in the challenging time we live in and considering the
significant rise in the electricity need that the country is facing".
The projects are well aligned to the investment mandate of the financing
platform established by Norsk Solar and Finnfund earlier this year, Nordic
Impact Cooperation AS.
The signing ceremony between Norsk Solar and Órigo Energia will be facilitated
by the Norwegian Honorary Consulate in São Paolo and the Brazil Embassy to
Norway in Oslo in respect of the Covid-19 pandemic.
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 in operation or under construction in emerging markets. The company has a
project pipeline of 2 GW with a focus on corporate and industrial solar
projects. Norsk Solar has offices in Norway, Ukraine, Nicaragua, South Africa,
Brazil, and Vietnam and currently counts more than 20 employees. Read more at:
Brazil is one of the largest countries in South America with more than 211
million inhabitants. Its capital is Brasilia, and its largest city is São Paolo.
The country has one of the biggest economies in the world, and is the
eight-largest by PPP. Norsk Solar has established its office in Sao Paolo to
address the enormous growth in solar power production over the next years.
Brazil plans a offensive strategy to shift away from fossil fuels and intro
renewables, with solar as one of the main technologies to drive this trend.