Nordic group invest in a Norsk Solar-developed solar PV-project in Vietnam

• Nordic Impact Cooperation is an unique financing system for impact investing in establishing nations established earlier this year in between Finnfund, the Finnish Fund for Sustainable Development, and Norway's Norsk Solar. On 20 August the team made its very first investment decision right into a Norsk Solar-developed solar PV-project in Vietnam, according to this news from Finnfund.

In March this year, Norsk Solar authorized an 11 MW long-term electrical power acquisition contract valued at around NOK 100 million with Central Retail in Vietnam, one of southeast Asia's largest retail empires, to provide solar power to numerous shopping centers in Vietnam over the following two decades. The project is among the largest single-client roof solar PV systems in Vietnam as well as under the contract, Norsk Solar will build bigger planetary systems on firms' roofing system surface areas from Hanoi in the north to Ho Chi Minh City in the south so that renewable energy is created and also consumed in your area.

Nordic Impact Cooperation has currently made a positive financial investment decision for the project as well as will certainly spend about USD 1.4 million, which in return offers ownership of 55 percent of the project. The staying ownership is held by Norsk Solar to include an additional Nordic state-owned DFI as an investor. The project is already under construction with all supply and also EPC agreements authorized and also launched, as well as is expected to reach business procedures in Q4, 2021.

The project will generate over 300,000 MWh of tidy electricity over the life time of the project; equal to balancing out greater than 120,000 tonnes of CO2 emissions over the system lifetime.