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Brazil: Norsk Solar starting construction of solar project Orgio II in Brazil


29 Sep 2023

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Norsk Solar has announced the construction start of the second solar project in Brazil with the signing of the Engineering, Procurement and Construction (EPC) agreement and a Financing Agreement for the construction of the 9 MW solar park, Origo 2.

The project has a total capex of approx. MNOK 129 (MBRL 59) to be financed by Norsk Solar and MNOK 63 (MBRL 29) in non-recourse project debt by Valora Invest.

This occasion marks a significant step forward for Norsk Solar`s mission to promote clean energy alternatives and reduce the carbon footprint.

'The Brazilian corporate and industrial market for solar is in rapid growth and we see great potential for our value proposition. We further see that we are establishing a strong brand and securing a good market entry position with these first projects in Brazil. Our ambition is to grow substantially as a solar power producer for C&I clients in the Country over the next years.' says Mauro Benedetti, Country Manager for Brazil in Norsk Solar.

The key highlights of this development:

EPC Agreement: Norsk Solar has entered into an EPC agreement with the reputable contractor, America Energia, known for its expertise in delivering solar energy projects. This partnership ensures the seamless execution of the solar park`s construction phase, encompassing thorough planning, procurement, and engineering building on the experience of being the executing party in Norsk Solar's first project in Brazil.

Financial Agreement: Norsk Solar has entered into a Financing agreement with the reputable finance institution Valora Invest The financial agreement provides the necessary debt funding to bring this transformative project to life. This investment underlines the confidence of financial partners in the viability and long-term sustainability of Norsk Solar initiatives and builds on eminent cooperation during the first project in the country, the Origo I.

Solar Park Construction: With these agreements in place Norsk Solar is ready to commence the construction of the new 9 MW solar park, which is expected to have a positive impact on the local economy and the environment.

The CEO of Norsk Solar, Torbjørn Elliot Kirkeby-Garstad states: 'We are very happy to start construction of our second solar plant in Brazil. The team has worked very hard to bring Origo II to financial close and with this milestone we are confirming our fast-growing pipeline in Brazil'.

Original announcement link

Source: Norsk Solar





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