Norsk Solar proceeds with 18 MW of solar projects in Brazil

Norwegian firm Norsk Solar AS (FRA:62L) announced today that the board of directors of Nordic Impact Cooperation AS (NIC) has made an investment decision for the construction of solar photovoltaic (PV) plants in Brazil with a combined capacity of 18 MW.

Following the decision, Norsk Solar issued a notice to proceed to the construction phase together with partner GDSolar which is in charge of the construction, operation and business modelling of the solar assets.

The project's CAPEX totals USD 21.2 million (EUR 20.8m).

The 18-MW bundle, comprising six solar parks, is the second investment made by NIC. The company is owned by Norsk Solar, the Norwegian government investment fund for developing countries Norfund and Finnish state-owned impact investor Finnfund.

The six projects are part of a 37-MW solar development agreement Norsk Solar signed a year ago with Brazilian renewable energy company Origo Energia. The latter is also the off-taker of the solar output.

Origo Energia has already signed power purchase agreements (PPAs) tied to 24 MW of the total 37 MW in development. The contracts have a 25-year term, Norsk Solar said.

(USD 1 = EUR 0.985)

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