Norsk Solar starts commercial operation of first solar power plants in Vietnam
4. January 2022
Photo: Norsk Solar’s Hạ Long project in Quảng Ninh Province, Vietnam.
Stavanger, Norway 30 December 2021
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 years.
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 2021.
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 30 employees representing 15 nationalities. Norsk Solar has offices in Norway, Ukraine, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.
Investor Relations Contact:
CFO, Norsk Solar
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Christine Corkery Steinsholt
Head of Communications, Norsk Solar
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