Norsk Solar obtains project financing from responsAbility for an 11 MW solar project in Vietnam

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Stavanger, Norway / Zürich, May 24, 2022Norsk Solar Vietnam Ltd secured non-recourse project financing of up to $12 million of responsAbility Investments (“responsAbility“). Norsk Solar Vietnam Ltd belongs to Nordic Impact Cooperation AS, an investment platform owned by Norsk Solar AS (“Norsk Solar“) and Finnfund, as well as Norfund.

Approximately $6 million agrees to finance part of the recently completed 11 MW Central Retail project in Vietnamthe uncommitted balance that can be drawn down for other projects in Vietnam.

“This agreement with responsAbility demonstrates the trust institutional investors have in Norsk Solar, our business model and the way we structure project finance. I’m also very proud that our commitment to sustainability is being recognized as an investment in a climate fund and I’m excited about our continued commitment. become thin Vietnam with the support of strong partners,” said Øyvind L. VesterdalCEO of Norsk Solar.

Partnering to Reduce Carbon Emissions in Emerging Markets

Increasing business and industry access to clean energy is key to achieving zero emissions goals 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 from vietnam solar sector, particularly in terms of adoption by cost-conscious C&I buyers. We are delighted to enable the current expansion of Norsk Solar, a leading supplier. By providing debt financing, the responsAbility climate funds will fill a financing gap that is crucial to creating both sustainable growth and social development,” said Antonia SchaeliDeputy Head of Climate Finance Direct Investments, responsAbility.

ResponsAbility is a leading European asset manager focusing on highly sustainable investments in emerging markets. Its Climate Finance Fund invests only in companies that demonstrate a measurable positive impact on the climate and offer attractive financial returns and meet the highest classification of the from the EU Sustainable Finance Disclosure Regulatory Act (SFDR Article 9).

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This information is subject to a disclosure obligation pursuant to Section 5-12 of the Norwegian Securities Act. This information has been published as inside information pursuant to the EU Market Abuse Regulation.

Investor Relations:

Helga CotgroveCFO

+47 907 35 246 | [email protected]

Media:

Christine Corkery Steinsholtresponsible for the communication

+47 950 95 481 | [email protected]

About Norsk Solar

Norsk Solar provides the energy needed to build a better world. We provide clean and renewable solar solutions to C&I entities in emerging markets. Our high-quality solar PV solutions produce cost-effective and reliable electricity, helping businesses achieve their sustainability goals by reducing carbon emissions.

The company was established in 2017 in Stavanger, Norway, and now has more than 30 employees representing 15 nationalities. Norsk Solar is present in Norway, Pakistan, South Africa, Brazil, Ukraine and Vietnam. Learn more at www.norsksolar.com.

About responsAbility Investments

responsAbility Investments SA is a leading impact investor specializing in private debt and private equity in emerging markets. Founded in 2003 and based in Zürichhe invested more than $12 billion since its inception and has a strong track record of performance. With more than 200 employees, collaborating from seven offices, the company invests in three distinct themes to contribute directly to the United Nations Sustainable Development Goals (SDGs): financial inclusion, to finance the growth of micro and SMEs; Climate Finance, to contribute to a net zero trajectory; and Sustainable Food, to sustainably feed an ever-growing population. responsAbility is part of M&G plcthe international savings and investment business, and helps build M&G’s capacity in impact investing.

About Nordic Impact Cooperation

The Nordic Impact Cooperation (NIC) is an investment platform jointly owned by Norsk Solar and Finnfund, the Finnish development financier and professional impact investor majority-owned by the Finnish state. NIC funds are exclusively reserved for projects developed by Norsk Solar in the C&I segment and other related projects in developing markets. Nordic Impact Cooperation has extensive requirements on environmental and social aspects with a particular focus on the United Nations sustainability goals.

On Norfund

Norfund is the Norwegian investment fund for developing countries. Our mission is to create jobs and improve lives by investing in businesses that promote sustainable development. Norfund is owned and funded by the Norwegian government and is the government’s most important tool for strengthening the private sector in developing countries and for reducing poverty.

by Norfund committed portfolio totals $3.3 billion in sub-Saharan Africa, Southeast Asia and central America. Norfund has four areas of investment: CleanEnergy, Financial Institutions, Scalable businesses and Green Infrastructure. Clean energy investments represent approximately 50% of the portfolio and 50% of the portfolio is in sub-Saharan Africa. For more information, please visit: www.norfund.no

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