Oslo, 08.11.2023
Norsk Solar, a Norwegian Independent Power Producer in renewable energy, is
pleased to announce the signing of a non-binding term sheet ("Term Sheet") for a
potential purchase of a significant minority shareholding in an established and
growing Vietnamese IPP, providing access to both operating assets as well as a
significant development portfolio in Southeast Asia.

The Term Sheet will be entered by Nordic Impact Cooperation AS ("NIC"), where
Norsk Solar holds 33,98%, and marks a significant milestone in Norsk Solar's and
NIC's expansion efforts in the region.

The Term Sheet will create opportunities for Norsk Solar and NIC to leverage its
expertise, technology and resources to strengthen the renewable energy landscape
and reduce CO2 and combat climate change. Vietnam, with its growing energy
demand and commitment to renewable energy sources, provides a promising
environment for such initiatives and it will be important for Norsk Solar to get
a stronger foothold in the market. NIC currently holds 11 MW of operating assets
in Vietnam.

The CEO of Norsk Solar, and Chairman of NIC, Torbjørn Elliot Kirkeby-Garstad
shares: "This Term Sheet is well aligned with our strategy and underlines our
ambitious growth plans. We are very excited about the potential this investment
gives us and are thrilled to establish a foothold together with a local
partner". 

About Norsk Solar: 
Established in 2017 as a developer of solar renewable energy projects focused on
the C&I market. The Company currently has ownership interests in a portfolio of
100 MW in operation or under construction in Vietnam, Brazil, Pakistan, and
Ukraine. Norsk Solar has 40 employees and is headquartered in Stavanger, with
offices in Vietnam, Brazil, and South Africa.  

For media inquiries, please contact: 

Ingrid Sara Grimstad Amundsgård 
Ingrid.sara@norsksolar.com