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Norsk Solar secures project financing from responsAbility for 11 megawatt solar rooftop project in Vietnam

May 20225 min readClimate Finance

Stavanger, Norway / Zurich 24 May 2022 — Norsk Solar Vietnam Ltd has secured non-recourse project financing of up to USD 12 million from responsAbility Investments AG (“responsAbility”), the Swiss sustainable asset manager focusing on impact investing. Norsk Solar Vietnam Ltd is owned by Nordic Impact Cooperation AS, an investment platform owned by Norsk Solar AS (“Norsk Solar”) and Finnfund, as well as Norfund. The funding will allow Norsk Solar to finance commercial & industrial (C&I) solar projects in Vietnam. Increasing C&I access to clean power is key to reaching the zero-emissions targets Vietnam is working to implement. The transaction takes place through two climate funds managed by responsAbility.

Norsk Solar Vietnam has received non-recourse project financing of up to USD 12 million from responsAbility. Norsk Solar Vietnam is owned by Nordic Impact Cooperation AS, an investment platform owned by Norsk Solar and Finnfund, as well as Norfund. Approximately USD 6 million is committed to financing part of the recently competed 11 MW (megawatt) Central Retail solar rooftop projects, that the C&I developer Norsk Solar has implemented across 10 shopping clusters. Central Retail is a leading player in the supermarket sector in the country. Additional capital from the two responsAbility managed climate funds is earmarked for further C&I projects in the country.

Increasing C&I access to clean power is key to reaching the zero-emissions targets Vietnam is working to implement. Vietnam is one of the countries where investments in renewable power solutions can benefit the climate most, as more than half its electricity supply is from coal. The Central Retail project will offset up to 200 000 tonnes of carbon emissions over the systems lifetime.

Øyvind L. Vesterdal, CEO in Norsk Solar, said: «This agreement with responsAbility demonstrates the confidence that impact investors have in Norsk Solar, our business model and how we structure project financing. I am also very proud that our commitment to sustainability is recognized as a climate fund investment and am excited about our continued growth in Vietnam with the backing of strong partners».

Antonia Schaeli, Deputy Head Direct Investments Climate Finance, responsAbility, said: «Our investment in Norsk Solar demonstrates our commitment to sustainable energy. We see great potential in Vietnam’s solar sector, especially with respect to the adoption by C&I off takers who are keen to minimize costs. We are excited to enable their current expansion of Norsk Solar, a leading provider. By providing debt financing, responsAbility’s climate funds will fill a financing gap that is crucial to create both sustainable growth and social development».

This transaction aligns with responsAbility’s goals to support and foster the growth of the development of the C&I segment in Southeast Asia where local bank financing is generally not yet readily accessible for these projects. Vietnam rooftop solar recorded extraordinary growth with more than 9 GW (gigawatt) installed in 2020 and will continue to be an attractive market having larger than 20 GW rooftop solar potential given that the country is the centre of manufacturing facilities and industrial estates of local firms and multinational corporations.

responsAbility Climate Finance supports renewable energy and energy efficiency projects and companies to promote access to reliable, clean, and affordable energy in developing and emerging countries while catalyzing sustainable development and contributing to the UN SDGs.

About responsAbility Investments AG responsAbility Investments AG is a leading impact investor focused on private debt and private equity across emerging markets. Founded in 2003 and headquartered in Zurich, it has invested over USD 12 billion since inception and has a strong performance track record. With over 200 employees, collaborating from seven offices, the company invests across three distinctive themes to directly contribute to the United Nations Sustainable Development Goals (SDGs): Financial Inclusion, to finance the growth of Micro & SMEs; Climate Finance, to contribute to a net zero pathway; and Sustainable Food, to sustainably feed an ever-growing population. responsAbility is part of M&G plc, the international savings and investments business, and contributes to enhancing M&G’s capabilities in impact investing.

About Norsk Solar Norsk Solar delivers the power to build a better world. We provide clean, renewable solar solutions to C&I entities in emerging markets. Our high-quality solar PV solutions produce cost-efficient and reliable electricity, helping companies meet their sustainability targets by cutting carbon emissions.

With projects in operation or preparing for construction equalling more than 107 MW, Norsk Solar is growing rapidly as an independent solar power producer in emerging markets, targeting 2 GW under management in 2025.

The company was established in 2017 in Stavanger, Norway, and today has more than 30 employees representing 15 nationalities. Norsk Solar has a presence in Norway, Pakistan, South Africa, Brazil, Ukraine and Vietnam. Read more at

About Nordic Impact Cooperation The Nordic Impact Cooperation (NIC) is an investment platform co-owned by Norsk Solar and Finnfund, the Finnish development financier and professional impact investor majority owned by the Finnish state. NIC funds are exclusively earmarked for Norsk Solar-developed projects within the C&I segment and other related projects across developing markets. Nordic Impact Cooperation has extensive requirements on environmental and social aspects with great focus on the UN Sustainability Goals.

About Norfund Norfund is the Norwegian Investment Fund for developing countries. Our mission is to create jobs and to improve lives by investing in businesses that drive sustainable development. Norfund is owned and funded by the Norwegian Government and is the Government’s most important tool for strengthening the private sector in developing countries, and for reducing poverty.

Norfund’s committed portfolio totals 3.3 billion USD in Sub-Saharan Africa, South-East Asia, and Central America. Norfund has four investment areas: Clean Energy, Financial Institutions, Scalable Enterprises and Green Infrastructure. Investments in Clean Energy account for about 50% of the portfolio and 50% of the portfolio is in Sub-Saharan Africa. For more information, please visit:

Contact Norsk Solar

Investor Relations: Helga Cotgrove, CFO +47 907 35 246 Media: Christine Corkery Steinsholt, Head of Communications +47 950 95 481

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This information was produced by responsAbility Investments AG together with its partners to the best of its knowledge and belief. However, responsAbility Investments AG provides no guarantee with regards to its content and completeness and does not accept any liability for losses which might arise from making use of this information. The opinions expressed in this information material are those of responsAbility Investments AG at the time of writing and are subject to change at any time without notice. If nothing is indicated to the contrary, all figures are unaudited. This material is provided for information purposes only. It does not constitute an offer or a recommendation to buy or sell financial instruments or services and does not release the recipient from exercising his/her own judgment. It is expressly not intended for persons who, due to their nationality or place of residence, are not permitted access to such information under local law.

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