Nordic Impact Cooperation makes first investment in Vietnam
Finnfund and Norsk Solar's joint venture, Nordic Impact Cooperation, is investing approximately $1.4 million in a solar project in Vietnam. The project is one of the largest single-client rooftop solar installations in the country.
Finnish development financier Finnfund and Norwegian solar power company Norsk Solar have made their first investment decision in Vietnam through their joint venture, Nordic Impact Cooperation. The investment is directed towards an 11 MW solar project developed by Norsk Solar, to be installed on the rooftops of Central Retail in Vietnam.
The joint venture, Nordic Impact Cooperation, was established in April 2021 by Finnfund and Norsk Solar to facilitate the adoption of clean energy by commercial and industrial businesses in developing countries. The company has allocated 15 million euros in capital to scale Norsk Solar's pipeline of solar power projects.
Nordic Impact Cooperation will invest approximately $1.4 million in the Vietnam project, acquiring a 55% ownership stake. Norsk Solar will retain the remaining ownership, with plans to include another Nordic state-owned development finance institution. The project is already under construction and is expected to be operational by the fourth quarter of 2021.
This solar power installation is among Vietnam's largest single-client rooftop projects, and it is projected to generate over 300,000 MWh of clean electricity over its lifetime, offsetting more than 120,000 tonnes of carbon dioxide emissions.