Norsk Solar protects funding for 18 MW of fresh solar in Brazil

• Norwegian company Norsk Solar AS (FRA:62 L) revealed today that it has received greater than BRL 50 million (USD 9.8 m/EUR 9m) in non-recourse project financial obligation for the installation of 18 MW of solar capacity in Brazil.

Specifically, the funding was safeguarded through the concern of a 15-year Certificado de Recebiveis Imobiliarios (CRI) green bond supported by local asset manager Valora Investimentos.

The solar portfolio has received an equity investment from Norsk Solar along with from the Norwegian government mutual fund for establishing countries Norfund and Finnish state-owned impact financier Finnfund, by means of its Nordic Impact Cooperation platform firm.

Norsk Solar claimed building and construction at the 6 websites of the solar portfolio is currently underway. Once finished, the 18-MW bundle will certainly supply its output under a 25-year power purchase agreement (PPA) with Brazilian renewable energy company Origo Energia.

"The ingenious funding devices used by the CRI framework will allow a strong and efficient development of our pipe in the Geração Distribuída GD (dispersed generation). This transaction verifies the solid passion of Brazilians and also international capitalists right into the regional solar market," stated Mauro Benedetti, Country Manager Norsk Solar-- Brazil.