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Stavanger, NORWAY,18 April 2021: Norsk Solar AS (OSE: NSOL), a fully integrated
independent solar power producer  opens trading 19 April 2021 on Euronext Growth
(Oslo), operated by the Oslo Stock Exchange. 

"We are  focusing on the corporate and industrial market in emerging markets, as
well as utility clients. There is an increasing demand from large multinational
companies to deploy green and fossil free alternatives for their power
consumption, and solar is usually their best option. Norsk Solar has developed
and deployed an efficient and scalable business model, making the company well
positioned to grow significantly in the coming years," says CEO Øyvind L.
Vesterdal.

Norsk Solar is one of the fastest growing global solar companies with over 59 MW
in operation, and a 11 MW large solar project currently under construction in
Vietnam, which will be the largest C&I single-client solar production in the
country. In addition, the company has a pipeline of over 1 GW. 

The listing follows a successful private placement raising NOK 110 million in
new equity capital, positioning the company for strong growth going forward. The
shares in the new issue were sold at NOK 9.50 per share, equivalent of a
post-money capitalization of NOK 710 million for Norsk Solar.

"The corporate and industrial segment is expected to be the fastest growing
solar segment in the years to come, and we intend to position ourselves on the
top. The private placement and subsequent listing will enable Norsk Solar to
take the next step in building a leading global solar power producer within the
corporate and industrial segment. We now have the necessary tools to expand at
our preferred pace, and our goal is to reach a revenue of at least NOK 3 billion
by 2025. Our competitive advantages are capital structuring, solutions, and our
highly-skilled international team," says Vesterdal. 

Among the investors in the private placement are the Luxembourg-based Fund
Nordic ESG and Impact Infrastructure, the renewable energy developer Empower,
IKM Gruppen, Kraft Fondene, and notable Monaco-based family offices. 

The strong focus on corporate and multinational clients have opened up new
markets for the company. It is in the process of establishing its first local
partnership in the Maldives, which subject to establishment would start with
developing a 100 kWh combined floating and rooftop power plant, aiming to expand
to another 2 MW. The solutions in Maldives would be made using floating
technology supported by Innovation Norway. 


Contact persons:

Øyvind L. Vesterdal, Chief Executive Officer, +47 900 70 126,
ov@norsksolar.com  

Helga Cotgrove, Chief Financial Officer, + 47 907 35 246,
hc@norsksolar.com 

ABOUT Norsk Solar AS 

Norsk Solar is one of the leading global independent solar power producers, with
70 MW of assets built and in operations and under construction. In addition, the
company has more than 1 GW in pipeline of projects, where the main focus is
within C&I. Norsk Solar has offices in Norway, Ukraine, Nicaragua, South Africa,
Brazil and Vietnam, and currently counts 19 employees.

Read more at:

www.norsksolar.com

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange