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.