Nordic Impact Cooperation’s (NIC) board of directors has taken a positive investment decision for the construction of six solar PV plants with a capacity of 18MW, in Brazil.

NIC is an investment company that is jointly owned by Norsk Solar, Norfund and Finnfund.

The facilities are part of the earlier announced 37MW development agreement signed with corporate offtaker Órigo Energia, a renewable energy firm in Brazil.

Out of the 37MW in the development agreement, power purchase agreements with 25-year tenure have been signed for 24.

Norsk Solar CEO Øyvind L. Vesterdal said: “Norsk Solar is pleased with today’s investment decision, and we are eager to move forward with construction of the first power plants in the Órigo Energia development agreement along with our partners. There is no time to waste in meeting Brazil’s soaring energy demand with reliable, affordable clean power.”

The 18MW Norsk Solar project is the second investment made by NIC since its establishment and is its first investment in Brazil.

NIC is an investment company with €19m allocated for investments in Norsk Solar-developed projects within the C&I segment and other related projects in high-growth markets.

Recently, Norfund, the Norwegian Investment Fund for Developing Countries, joined Finnfund and Norsk Solar as a partner in NIC.

Following the investment decision, the board of directors in Norsk Solar gave a notice to proceed to the construction phase.

GDSolar is appointed as the development and construction partner.

The total CAPEX is $21.2m.


mage: The investment decision was taken for the construction of six solar PV plants with a capacity of 18MW. Credit: BIld av StockSnap från Pixabay.