With a need for capital to support green investments in the Nordics, Luxembourg based AVG has brought the lead round of capital for Norsk Solar (25,000,000 NOK), supported with two Nordic based development financial institutions (DFIs) to be announced later this month.
Norway’s supply of new innovation in green technologies and infrastructure has been growing rapidly over the last 5 years but there is a has been lack of financial capital to lead the rounds. AVG has set up the Nordic ESG and Impact Fund SCSp in order to invest directly in companies and projects stemming from this growth and grow these companies globally.
AVG, along with its investment, will also supply additional support through its global network of EPC companies and access to reinsurance protection to help lower the cost of capital for DFIs and the equity shareholders. The goal of the Fund is to invest in Climate Solutions and support the growing market of ESG and Impact investments.
Norsk Solar is a Norwegian based EPC company that is a spinout of Norsk Vind Energi, established in 1996, which core focus has been wind energy. Norsk Vind Energi, in 2017, launched Norsk Solar AS to capture the rapidly growing distributed solar business model.
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