Non-regulatory press releases NOT FOR DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, TOU.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN OR INTOTHE UNITED STATES ,AUSTRALIA ,CANADA ORJAPAN , OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL Stavanger, NORWAY,18 April 2021 :Norsk Solar AS (OSE: NSOL), a fully integrated independent solar power producer opens trading19 April 2021 on Euronext Growth (Oslo), operated by theOslo 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 ØyvindL. 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 inVietnam , 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 raisingNOK 110 million in new equity capital, positioning the company for strong growth going forward. The shares in the new issue were sold atNOK 9.50 per share, equivalent of a post-money capitalization ofNOK 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 leastNOK 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 notableMonaco -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 theMaldives , 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 inMaldives would be made using floating technology supported by Innovation Norway. Contact persons: ØyvindL. Vesterdal , Chief Executive Officer, +47 900 70 126, ov@norsksolar.comHelga Cotgrove , Chief Financial Officer, + 47 907 35 246, hc@norsksolar.com ABOUTNorsk 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 inNorway ,Ukraine ,Nicaragua ,South Africa ,Brazil andVietnam , and currently counts 19 employees. Read more at: www.norsksolar.com
Click here for more information
© Oslo Bors ASA, source