Norsk Solar inks PPA for 1.8 MW of rooftop solar projects in Vietnam

Norwegian firm Norsk Solar AS (FRA:62L) has signed a power purchase agreement (PPA) with warehousing and logistics management company Lineage Logistics tied to the construction of 1.8 MW of rooftop solar capacity in Vietnam.

A total of three photovoltaic (PV) systems will be built atop Lineage Logistics' refrigerated storage facilities in Song Than, Ho Chi Minh City and Bac Ninh.

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Norsk Solar expects that the solar plants will be capable of offsetting carbon dioxide (CO2) emissions equivalent to more than 19,650 tonnes throughout their lifetimes.

“This agreement is a step forward toward becoming a preferred independent producer of renewable energy to the commercial market in Vietnam, and demonstrates that the corporate PPA is an attractive option for corporate energy buyers,” Norsk Solar's CEO, Oyvind L Vesterdal, said.

At present, the solar company, which focuses on the Vietnamese, Brazilian and South African commercial and industrial (C&I) sectors, has 70 MW in operation and 39 MW under construction worldwide. Its portfolio in Vietnam includes more than 13 MW of solar power.

The PPA was signed by Norsk Solar Vietnam, a subsidiary of Nordic Impact Cooperation, the joint investment platform between Norsk Solar, the Norwegian government’s investment fund Norfund and the Finnish state’s majority-owned impact investor Finnfund.