Norsk Solar AS ("Norsk Solar", OSEBX ticker: NSOL), a vertically integrated,
independent solar power producer focused on corporate and industrial entities in
emerging markets, has finalized building 11 MW in solar PV power from on-site
rooftop power plants for off-taker Central Retail in Vietnam ("Central Retail")
with commercial operations date ("COD") now reached for the first sites. The
remaining sites are expected to reach COD over the coming weeks.
Norsk Solar, has delivered a complete turnkey solution consisting of 11 MW
rooftop solar PV power plants at Central Retail locations across Vietnam.
" Central Retail is an example of a company that understands the urgency to
transition to renewable power and has set an ambitious sustainability agenda.
Norsk Solar is proud to partner with Central Retail in Vietnam and helping them
reach their sustainability goals while ensuring significant savings", said
Øyvind L. Vesterdal, CEO of Norsk Solar.
Despite the recent increase in investments in renewables in Vietnam during
2020-2021, Vietnam remains a net importer of coal, with an underdeveloped grid
that hampers further renewable utility energy growth. By providing businesses
the power to choose solar, Norsk Solar avoids such challenges by developing,
investing, building, owning, and operating solar power plants that provide clean
energy to the businesses directly. Over the systems lifetimes, the power plants
will generate over 300,000 MWh of clean electricity. More than half of the
electricity produced in Vietnam is coal-based, and this project will contribute
to offsetting more than 198,000 tonnes of CO2 emissions over a period of 25
Vietnam a key market for Norsk Solar's expansion and growth:
Solidifying its foothold in Vietnam brings Norsk Solar a significant step closer
to achieving its targets for growth and climate impact. The 11 MW Central Retail
project is also the first investment made by Nordic Impact Cooperation AS, a
joint investment platform between Norsk Solar and Finnfund, a development
financier and professional impact investor owned by the Finnish state.
"Completing our first solar power plants in Vietnam is a major milestone for
Norsk Solar. Despite a number of Covid-related challenges related to
development, logistics, and construction, we have successfully delivered ten
rooftop solar PV plants at properties across Vietnam. In addition to proving our
current capabilities, we are now increasing our presence and capabilities to
execute additional projects. Our partnership with Finnfund is key to this
acceleration and a testament to Norsk Solar's ability and ambitions. We are
excited about the opportunities ahead in Vietnam and are ready to help more
companies in South East Asia transition to renewables," said Filippo Comelli,
EVP Project Development and Project Finance at Norsk Solar.
Norsk Solar is developing an extensive pipeline of projects in South East Asia,
utilizing the experience, knowledge and network that the company has gained
since first entering the market in 2020 and establishing a permanent presence in
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
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 offices in
Norway, Ukraine, South Africa, Brazil, and Vietnam. Read more at
Investor Relations Contact:
CFO, Norsk Solar
+47 907 35 246
Christine Corkery Steinsholt
Head of Communications, Norsk Solar
+47 950 95 481