NORSK RENEWABLES Stavanger,NORWAY -15 June 2021 ,Norsk Solar AS (NSOL), a fully integrated independent solar power producer focusing on emerging markets and corporate and industrial (C&I) in addition to utility-scale solar projects, has signed a joint development agreement to build a solar power plant inNorth Macedonia , paving way for a new sustainable business model in the country and an increased project pipeline forNorsk Solar AS in the region. "We have been actively working in the Balkan-region for years, and now our efforts are materializing.North Macedonia , with its great solar potential, but largely fossil-fuel based energy mix, creates a solid foundation for our business model of selling reliable, cheap and renewable energy to companies. Prior to finalizing the joint development agreement with our local partner, we have secured the land area and relevant licenses ahead of the expected investment and construction." says ØyvindL. Vesterdal , CEO of Norsk Solar. The solar power plant will be a joint development project with a local partner, majority owned by Norsk Solar. The project will be located nearSkopje , in close proximity to large industrial and corporate companies. The project size is 10MW and is the first of a potential larger portfolio to be built together with its local partner. "The project inNorth Macedonia will be a stepping stone for us to expand further into the Balkans, and has the potential of positioningNorsk Solar as a leading C&I player in the region, saysFilippo Comelli , EVP Project Finance and Development in Norsk Solar. Norsk Solar, prior to listing on Euronext Growth Oslo in April, 2021, raisedNOK 110 million in equity for further expansion and funding of its C&I projects. In addition, the company recently established a unique financing platform with FinnFund, called the Nordic Impact Cooperation, dedicated to Norsk Solar's C&I projects. CONTACTS 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 a fast-growing independent solar power producer, with 70 MW of assets in operation or under construction in emerging markets. The company has a project pipeline of 2 GW with a focus on corporate and industrial solar projects. Norsk Solar has offices inNorway ,Ukraine ,Nicaragua ,South Africa ,Brazil , andVietnam and currently counts more than 20 employees. Read more at: www.norsksolar.com AboutNorth Macedonia North Macedonia is a country inSouth East Europe and officially called theRepublic of North Macedonia . The country has approx 2 million inhabitants and its capital isSkopje . The country has experienced a positive GDP growth the last years, and its government has targeted renewable energy, and particular solar power, as one of the important pillars to lead the energy transformation of the country away from fossil energy.
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