Norsk Solar secures financing for 18 MW of fresh solar in Brazil

Norwegian firm Norsk Solar AS (FRA:62L) announced today that it has received more than BRL 50 million (USD 9.8m/EUR 9m) in non-recourse project debt for the installation of 18 MW of solar capacity in Brazil.

Specifically, the funding was secured through the issue of a 15-year Certificado de Recebiveis Imobiliarios (CRI) green bond supported by local asset manager Valora Investimentos.

The solar portfolio has received an equity investment from Norsk Solar as well as from the Norwegian government investment fund for developing countries Norfund and Finnish state-owned impact investor Finnfund, via its Nordic Impact Cooperation platform company.

Norsk Solar said construction at the six sites of the solar portfolio is already underway. Once completed, the 18-MW bundle will deliver its output under a 25-year power purchase agreement (PPA) with Brazilian renewable energy company Origo Energia.

“The innovative financing tools offered by the CRI structure will allow a strong and efficient development of our pipeline in the Geração 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.

(BRL 1.0 = USD 0.197/EUR 0.181)

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