Norsk Solar AS, an independent solar power producer focused
on commercial and industrial (C&I) projects in high-growth markets, has been
granted a "Certificado de Recebíveis Imobiliários" (CRI) from the Brazilian
asset manager Valora Investimentos. The green bond will provide over 50,000,000
BRL (ca. 10,000,000 USD) in financing in the form of non-recourse project debt
for Norsk Solar's 18 MW solar plant in Brazil. Construction on six sites
included in the project are underway.
When complete, the project will produce 18 MW of renewable power and generate
recurring revenue for 25 years, under the terms of the power purchase agreement
(PPA) with corporate offtaker Órigo Energia. The project will offset
approximately 257,400 tonnes of CO2 emissions equivalent over the systems'
lifetimes.
"Norsk Solar is proud to help Brazil reach its decarbonization goals by
increasing access to solar power. The green bond is an innovative mechanism for
climate investment, and a useful part of our project financing toolkit,
providing an attractive leverage, extended tenor and lower interest costs,
improving future cash distributions," said Řyvind L. Vesterdal, CEO in Norsk
Solar.
The 15-year green bond structured for the financing of the solar projects has
been issued with the support of the Brazilian asset manager Valora
Investimentos.
The project has successfully received the equity investment from Norsk Solar and
its project partners, Norfund and Finnfund via the platform company, Nordic
Impact Cooperation.
"The innovative financing tools offered by the CRI structure will allow a strong
and efficient development of our pipeline in the Geraçăo Distribuída GD
(distributed generation). This transaction confirms the firm interest of
Brazilians and international investors into the local solar market," said Mauro
Benedetti, Country Manager Norsk Solar - Brazil.
"We are very happy to have contributed to the first project finance debt
structure of Norsk Solar in Brazil. Financing clean energy projects is one of
Valora's main goals in the infrastructure segment." Said Cristina Tamaso, co
-head of infrastructure and ESG investments from Valora Investimentos.
