NORSK RENEWABLES Stavanger/Oslo, Norway ,25 April 2023 - The Board of Directors ofNorsk Solar AS has approved the annual accounts for 2022 and the Annual Report 2022 has been published. Norsk Solar is well-established as a fast-growing independent solar power producer (IPP) for commercial and industrial off-takers in targeted high-growth markets. Over the last twelve months, Norsk Solar has achieved multiple important milestones: · Welcomed Norfund as a shareholder in Nordic Impact Cooperation AS, which has reached a total ofUSD 31.2m in assets under management · Secured commitments from Norad forNOK 20m in project development support plusNOK 20m in risk premium support · Pre-invested to have exclusivity for more than 420 MWp in projects with investment decisions starting in 2023, subject to final positive due diligence and transaction closing · Began construction on the first 18 out of 37 MWp inBrazil · Successfully reached Financial Close with responsAbility for the first project inVietnam , ofUSD 4.7m non-recourse debt · Successfully reached Financial Close with Valora Investimentos for the first project inBrazil , ofUSD 10m green bond (CRI). · Signed PPA with global corporate offtaker Lineage for a rooftop project inVietnam · Built a world-class engineering and procurement team located inMadrid, Spain · Saw all projects for Central Retail enter commercial operation and production "2022 has been a year of steady progress for Norsk Solar. Despite a very challenging capital market, Norsk Solar has secured financing for its projects, building track record and securing real value, preparing for further growth on the path to making Norsk Solar EBITDA positive. Corporate demand for renewable energy solutions in our markets has increased, and I am satisfied with the progress of projects in construction and new developments the project pipeline. We are also seeing the benefit of the flexibility and robustness of Norsk Solar's business model containing real value assets," said ØyvindL. Vesterdal , CEO in Norsk Solar. Investor Relations: Øyvind Vesterdal CEO +47 900 70 126 | ov@norsksolar.com About Norsk Solar Norsk Solar delivers the power to build a better world. We provide clean, renewable solar solutions to corporate and industrial (C&I) entities in high-growth markets. Our high-quality solar PV solutions produce cost-efficient and reliable electricity, helping companies meet their sustainability targets by cutting carbon emissions. Norsk Solar has over 100 MW in operation or under development and is an established independent solar power producer in high-growth markets. The company was established in 2017 in Stavanger,Norway , and today has approximately 40 employees located inNorway ,Spain ,South Africa ,Brazil , andVietnam . Read more at www.norsksolar.com. *** Important information 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.
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