Norsk Solar secures project financing from responsAbility for 11 MW solar project in Vietnam
Stavanger, Norway / Zurich, 24 May 2022 – Norsk Solar Vietnam Ltd has secured non-recourse project financing of up to USD 12 million from responsAbility Investments (“responsAbility”). Norsk Solar Vietnam Ltd is owned by Nordic Impact Cooperation AS, an investment platform owned by Norsk Solar AS (“Norsk Solar”) and Finnfund, as well as Norfund.
Approximately USD 6 million is committed to finance part of the recently completed 11 MW Central Retail project in Vietnam, with the uncommitted remainder available for drawdown for further projects in Vietnam.
“This agreement with responsAbility demonstrates the confidence that institutional impact investors have in Norsk Solar, our business model and how we structure project financing. I am also very proud that our commitment to sustainability is recognized as a climate fund investment and am excited about our continued growth in Vietnam with the backing of strong partners,” said Øyvind L. Vesterdal, CEO in Norsk Solar.
Partnering to reduce carbon emissions in emerging markets
Increasing corporate and industrial access to clean power is key to reaching the zero-emissions targets Vietnam is working to implement. The Central Retail project will offset up to 200 000 tonnes of carbon emissions.
“Our investment in Norsk Solar demonstrates our commitment to sustainable energy. We see great potential in Vietnam’s solar sector, especially with respect to the adoption by C&I off takers who are keen to minimize costs. We are excited to enable their current expansion of Norsk Solar, a leading provider. By providing debt financing, responsAbility’s climate funds will fill a financing gap that is crucial to create both sustainable growth and social development,” said Antonia Schaeli, Deputy Head Direct Investments Climate Finance, responsAbility.
ResponsAbility is a leading European asset manager that focuses on highly sustainable investments in emerging markets. Its Climate Finance Fund invests solely in companies that demonstrate a measurable positive impact on the climate and provide attractive financial returns and meet the highest classification in the EU’s Sustainability Finance Disclosure Regulation act (SFDR Article 9).
This information is subject to a duty of disclosure pursuant to Section 5-12 of the Norwegian Securities Trading Act.This information was issued as inside information pursuant to the EU Market Abuse Regulation.
Helga Cotgrove, CFO
+47 907 35 246 | email@example.com
Christine Corkery Steinsholt, Head of Communications
+47 950 95 481 | firstname.lastname@example.org
About Norsk Solar
Norsk Solar delivers the power to build a better world. We provide clean, renewable solar solutions to 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 cuttingcarbon emissions.
The company was established in 2017 in Stavanger, Norway, and today has more than 30 employees representing 15 nationalities. Norsk Solar has a presence in Norway, Pakistan, South Africa, Brazil, Ukraine and Vietnam. Read more at www.norsksolar.com.
About responsAbility Investments
responsAbility Investments AG is a leading impact investor focused on private debt and private equity across emerging markets. Founded in 2003 and headquartered in Zurich, it has invested over USD 12 billion since inception and has a strong performance track record. With over 200 employees, collaborating from seven offices, the company invests across three distinctive themes to directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. responsAbility is part of M&G plc, the international savings and investments business, and contributes to enhancing M&G’s capabilities in impact investing.
About Nordic Impact Cooperation
The Nordic Impact Cooperation (NIC) is an investment platform co-owned by Norsk Solar and Finnfund, the Finnish development financier and professional impact investor majority owned by the Finnish state. NICfunds are exclusively earmarked for Norsk Solar-developedprojects within the C&I segment and other related projects across developingmarkets. Nordic Impact Cooperation has extensive requirements on environmentaland social aspects with great focus on the UN Sustainability Goals.
Norfund is the Norwegian Investment Fund for developing countries. Our missionis to create jobs and to improve lives by investing in businesses that drivesustainable development. Norfund is owned and funded by the Norwegian Governmentand is the Government’s most important tool for strengthening the private sectorin developing countries, and for reducing poverty.
Norfund’s committed portfolio totals 3.3 billion USD in Sub-Saharan Africa,South-East Asia, and Central America. Norfund has four investment areas: CleanEnergy, Financial Institutions, Scalable Enterprises and Green Infrastructure.Investments in Clean Energy account for about 50% of the portfolio and 50% ofthe portfolio is in Sub-Saharan Africa. For more information, please visit:www.norfund.no