Norsk Solar signs pact to solarize sites of the world’s largest retailer

STAVANGER, NORWAY: Norsk Solar AS has signed a LOI (Letter of Intent) with one of the largest retailers globally for the deployment of solar energy systems on sites in selected markets.

The retailer is a European multinational, and one of the largest global companies within its segment with more than 10,000 commercial sites across the globe.

The company has ambitions on significantly lowering its CO2 footprint and expand its renewable energy consumption the following decade.

Earlier in 2021, Norsk Solar signed a PPA with another retailer, Central Retail. The 11 MW solar project currently under construction in Vietnam will be the biggest single-client solar project in the country.

The LOI underlines Norsk Solar’s position within the C&I segment globally and has the potential to accelerate growth in multiple markets.

“The LOI contains commercial terms and includes a binding, exclusive development period, where we together with the retailer will explore deployment of solar power plants on several of their sites. This enables a lower carbon footprint at a significantly reduced electricity cost for the client. We see this as a testament to the attractiveness and the scalability of our business model across markets” says CEO Øyvind L. Vesterdal.

The C&I segment is one of the fastest-growing in the solar industry, and Norsk Solar has been able to attract several of the strongest brand names. The new client will add to a growing pipeline of C&I projects for Norsk Solar.

Due to competitive reasons, Norsk Solar cannot disclose the new client until a binding agreement is signed. This is expected during Q4, 2021.

Norsk Solar is a fast-growing independent solar power producer, with 70 MW of assets built and in operation or under construction in emerging markets. The company has a project pipeline of 2 GW, where its focus is on C&I assets. Norsk Solar has offices in Norway, Ukraine, Nicaragua, South Africa, Brazil, and Vietnam, and currently counts more than 19 employees.

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