Norsk Solar experiences continued growth in key markets and secures 1.8 MW rooftop solar project in Vietnam

Stavanger, Norway/Ho Chi Minh City, Vietnam, 23 September 2022: Norsk Solar AS (“Norsk Solar”, OSEBX ticker: NSOL), an independent solar power producer focused on commercial and industrial (C&I) projects in emerging markets, has entered into a long-term power purchase agreement (“PPA”) with Lineage Logistics, one of the world’s leading and most innovative temperature-controlled industrial REIT and logistics solutions providers. The PPA is signed by Norsk Solar Vietnam, which is owned by Nordic Impact Cooperation, a joint investment platform established by Norsk Solar, Norfund, and Finnfund. 

The project includes investment and construction of three rooftop solar PV plants for Lineage Logistics' refrigerated storage facilities in Song Than, Ho Chi Minh City and Bac Ninh, Vietnam. The plants will generate 1.8 MW of clean power and offset more than 19,650 tonnes of CO2 emissions equivalent throughout the systems’ lifetimes. 

“Norsk Solar is proud to be a solar power provider to Lineage Logistics, a world leader in refrigeration and logistics solutions. This agreement is a step forward toward becoming a preferred independent producer of renewable energy to the commercial market in Vietnam, and demonstrates that the corporate PPA is an attractive option for corporate energy buyers,” said Øyvind L. Vesterdal, CEO of Norsk Solar.

Growth and pipeline maturation in Vietnam, Brazil, and South Africa

Norsk Solar now has more than 13 MW of solar PV power in its portfolio in Vietnam and has brought on solar industry veteran, Rakesh Iruppattil, as Country Manager to lead operations and develop opportunities in Southeast Asia.

There is continued strong demand for solar power in the C&I segment in all key markets: Vietnam, Brazil and South Africa. Worldwide, the company has 70 MW in operation and 39 MW under construction and backlog. Since the company update published in April 20, 2022, the pipeline has matured to include 800 MW of projects in the development stage and a total opportunity pipeline of 1.3 GW.

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.

For investors and analysts:

Sindre Stovner, Interim CFO

+47 917 86 431    | stovner@norsksolar.com

For press and media: 

Christine Corkery Steinsholt, Head of Communications
+47 950 95 481 | christine@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 emerging 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 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 25 employees representing 15 nationalities. Norsk Solar has offices in Norway, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com

About Lineage Logistics

Lineage Logistics is one of the world’s leading temperature-controlled industrial REITs and logistics solutions providers. It has a global network of over 400 strategically located facilities totaling over 2 billion cubic feet of capacity which spans 20 countries across North America, Europe and Asia-Pacific. Lineage’s industry-leading expertise in end-to-end logistical solutions, its real estate network, and development and deployment of innovative technology help increase distribution efficiency, advance sustainability, minimize supply chain waste, and most importantly, as a Visionary Partner of Feeding America, help feed the world. In recognition of the company’s leading innovations and sustainability initiatives, Lineage was a 2022 U.S. Best Managed Company, No. 3 in the 2022 CNBC Disruptor 50 list, No. 17 in the 2021 CNBC Disruptor 50 list, the No 1. Data Science company, and 23rd overall, on Fast Company’s 2019 list of The World’s Most Innovative Companies, in addition to being included on Fortune’s Change The World list in 2020. (www.lineagelogistics.com)