Norsk Solar (the "Company") announces the following Company Updates: 
 
o	Strategic move beyond solar energy 
Norsk Solar is evolving from being a solar energy provider to a technologically
agnostic independent renewable power producer. This is required to achieve our
vision of supplying our customers with renewable energy for up to 100% of their
energy needs. Furthermore, Norsk Solar will increase its focus on scale going
forward, either through single larger projects or through a portfolio approach
to smaller projects. Norsk Solar will continue to focus on Vietnam, Brazil, and
South Africa as core markets. 
 
o	Norsk Solar sees significant organic and inorganic growth in our South Africa
portfolio, and strengthens relationship with Valinor  
Norsk Solar has developed a portfolio of solar power projects in South Africa,
whereby the largest and most mature to date is a 315 MW solar PV project located
in the northern part of 
South Africa. Norsk Solar has secured land lease rights, completed the initial
Environmental 
Impact Assessment and is now working on the in depth Environmental & Social
Impact Assessment. The project has received its Cost Estimation Letter ("CEL")
from the authorities, which is an important milestone in the viability of the
project.  
 
Valinor, the owner of 46,86% of the shares in Norsk Solar, has developed a
portfolio in South Africa along with its local partner Musina Flair Generation.
The most mature projects in this portfolio consist of a 300 MW solar PV project
as well as a 300 MW wind project, both located in the Northern Cape province.
These projects have secured land lease rights, 4 out of 5 sites have received
Environmental Authorizations and are awaiting their CEL. Valinor, Musina Flair
Generation, and Norsk Solar have today agreed on a term sheet for combining
these two projects with Norsk Solar's 315 MW solar project in South Africa into
a joint venture. This transaction is intended as an equity-in-kind settlement
which will see the creation of a joint development company between the partners
in South Africa. Norsk Solar will, subject to due diligence and finalization of
the transaction, own 26% of the JV. This gives Norsk Solar rights to a large
portfolio combining solar, wind and battery energy storage systems, and is an
important step in the revised strategy of the company. Norsk Solar will be the
project developer of the 915 MW portfolio with support from its JV partners. The
Financial Close is planned to take place within the next 12-24 months. Norsk
Solar will continue its close collaboration with Valinor as the largest owner in
the combined portfolio. This is further strengthened through a Memorandum of
Understanding signed with a sister company, Norsk Vind, which is Norway's
largest private wind power company. Norsk Vind will provide critical access to
competence, experience and capacity within the wind domain.  
 
"We are excited to move beyond solar energy with our significant organic and
inorganic growth in South Africa and we are very pleased with strengthening our
relationship with Valinor and other sister companies in the group," says Norsk
Solar CEO Torbjørn Elliot Kirkeby-Garstad. 
 
 
	o 	Strengthening relationship with Norfund and Finnfund  
Through the joint ownership in the Nordic Impact Cooperation ("NIC"), Norsk
Solar (34%), Norfund (33%) and Finnfund (33%) have agreed to expand their
relationship in Vietnam with a joint development agreement, making Norsk Solar
better positioned to accelerate its growth in Vietnam. Norsk Solar will continue
to manage both the growth efforts and the asset management in the country on
behalf of NIC.  
 
Norsk Solar is happy to announce that NIC has made an investment decision,
subject to certain 
CPs, on the Órigo II project, which will be transferred to, and jointly financed
by, the NIC 
Platform. The off-taker Órigo Energia is the leader in the Distributed
Generation market in Brazil. Norsk Solar, in partnership with NIC, has
successfully commissioned the first 18 MW and started constructing the next 9 MW
in the 37 MW Órigo portfolio. Furthermore, Norsk Solar has an ongoing dialogue
with Órigo Energia to include additional development projects to the pipeline. 
 
o	Name change and Notice of Extraordinary General Assembly 
To reflect Norsk Solar's strategic move beyond solar energy, the Board has
suggested changing the name of Norsk Solar to Norsk Renewables. The name change
is subject to approval by the shareholders in an extraordinary general assembly.
  
 
o	Appointed Pareto Securities as financial advisor  
In order to evaluate the best strategic and financial options for the Company
going forward, Norsk Solar has engaged Pareto Securities ("Pareto"). The Company
will explore different structures to realize the project pipeline described
above, and intends to initiate discussions with potential industrial, strategic,
and financial partners. No assurances can be given as to the outcome or timing
of this process. The Company does not intend to make any further public comment
regarding this process until it has been completed or the Company determines
that disclosure is required or appropriate. 
 
"We really look forward to working with Pareto exploring different structures to
realize our project  pipeline with potential industrial, strategic, and
financial partners", adds Kirkeby- 
 	Garstad. 
 
 
Attached to this press release is an updated company presentation.  
 
 
              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 head quartered in Stavanger, with
offices in Vietnam, Brazil, and South Africa.  
 
Media Contact: 
Ingrid Sara Grimstad Amundsgård  
Tel: +47 9013 5533 
Ingrid.sara@norsksolar.com