Norsk Solar, a fully integrated independent solar power producer focusing on emerging markets and corporate and industrial (C&I) in addition to utility-scale solar projects, has signed a joint development agreement to build a solar power plant in North Macedonia, paving way for a new sustainable business model in the country and an increased project pipeline for Norsk Solar in the region.
'We have been actively working in the Balkan-region for years, and now our efforts are materializing. North Macedonia, with its great solar potential, but largely fossil-fuel based energy mix, creates a solid foundation for our business model of selling reliable, cheap and renewable energy to companies. Prior to finalizing the joint development agreement with our local partner, we have secured the land area and relevant licenses ahead of the expected investment and construction.' says Řyvind L. Vesterdal, CEO of Norsk Solar.
The solar power plant will be a joint development project with a local partner, majority owned by Norsk Solar. The project will be located near Skopje, in close proximity to large industrial and corporate companies. The project size is 10MW and is the first of a potential larger portfolio to be built together with its local partner.
'The project in North Macedonia will be a stepping stone for us to expand further into the Balkans, and has the potential of positioning Norsk Solar as a leading C&I player in the region,' says Filippo Comelli, EVP Project Finance and Development in Norsk Solar.
Norsk Solar, prior to listing on Euronext Growth Oslo in April, 2021, raised NOK 110 million in equity for further expansion and funding of its C&I projects. In addition, the company recently established a unique financing platform with FinnFund, called the Nordic Impact Cooperation, dedicated to Norsk Solar’s C&I projects.