Norsk Renewables

Happy Heritage Day to all our South African colleagues and friends!

“Energy demand continues to increase” This week Pareto hosted our 31st annual Energy Conference in Oslo with record high 2,000 participants, 162 presenting companies, and >1,800 investor meetings. The mood was more upbeat than expected given the soft oil price backdrop, but the focus was naturally more on robustness than growth among both E&Ps and service providers. Within renewables, developers highlighted hybrid projects while increasing attention was paid to funding, as the public market discount remains wide. Pareto Securities States that there is a strong momentum in solar and batteries. Big companies are observing growing momentum for hybrid renewables projects, combining solar PV with battery storage and wind. Norsk Renewables CEO Torbjørn Elliot Kirkeby-Garstad said in his speech that the company is placing a significant focus on South Africa (SA) moving forward, seeing the region as a key growth market. They have secured several partnership agreements and off-take plans in South Africa, positioning themselves well for expansion in the region and is currently experiencing a strong growth phase, with promising prospects for continued development and scaling in the renewable energy sector.

Our esteemed colleague, Adam Griffin, recently represented Norsk Renewables at a round table conference in Cape Town. The event was arranged with the Norwegian Minister of Foreign Affairs and the Norwegian Ambassador to South Africa, following the release of the Government of Norway's African Strategy. It was encouraging to see the Minister's interest in meeting with Norwegian companies operating in South Africa to gain a deeper understanding of both the challenges and opportunities in the region. Adam, as expected, had ample speaking time to share valuable insights—something that comes as no surprise to those of us who know him at Norsk Renewables! 😊 Thank you for your time and contribution, Adam!

Norsk Renewables expands presence in South Africa through strategic investment in a renewable energy project Norsk Renewables AS is pleased to announce an investment into Great Karoo Phase 1 (Ptw) Ltd, a project company, that holds ownership of a major renewable energy project in South Africa. This project includes a 300 MW wind project and a 300 MW solar PV project, both in the Northern Cape province. This constitutes an important first step of the previous mentioned 915 MW Joint Venture between Norsk Renewables, Valinor, and NexGrid (previously named Musina Flair Generation). The Great Karoo Phase 1 (Ptw) Ltd. is a partnership between Norsk Renewables, Valinor, and NexGrid. The project company shareholding will be as follows: Valinor will hold 43%, NexGrid 40%, and Norsk Renewables 17% of the shares. Norsk Renewables’ involvement in the project company strengthens its strategic position in the South African renewable energy market, expanding beyond its existing 315 MW solar PV project in the northern part of the country. The investment aligns with the company’s strategy to diversify its energy portfolio, incorporating wind and solar power as well as battery energy storage systems.  “We are excited to finalize this agreement, which marks a significant milestone in our growth journey. By investing a stake in this Great Karoo Phase 1, Norsk Renewables not only broadens its renewable energy portfolio but also reinforces its commitment to sustainable development in South Africa. We look forward to working closely with Valinor and NexGrid to bring these projects to fruition,” said Torbjørn Elliot Kirkeby-Garstad, CEO of Norsk Renewables.  The investment underscores Norsk Renewables’ strategy of pursuing growth opportunities in high-potential markets and play a critical role in addressing South Africa’s energy needs, leveraging the combined expertise and resources of its partners. 

When attending the ONS in Stavanger, Norway (Hall 9, both 9450) we almost forget that the world is flourishing in other parts of the world with part of our Brazilian team attending Intersolar, Sao Paulo. Great to be represented by these fantastic guys!

Great to be back, ONS! Looking forward to see you in Hall 9, stand 9450 - right by the ONS Centre Court entrance! Welcome!

Norsk Renewables is setting a high standard in ESG (Environmental, Social, and Governance) practices, and was recognized as "Best in Class" by our financial partner, Valora Investimentos, in Brazil. We see this as a significant achievement. When asked if we wanted to help creating a Handbook we said yes, of course! It is not only a testament to our expertise but also a way to contribute positively to the broader industry. It's clear that our team's hard work and dedication are making a real impact leading the way in sustainable practices! Congratulations!

We are passionate about the clean energy transition! Being a vertically integrated independent power producer (IPP) with a commercial offering of solar, wind and storage, we significantly impact CO2 reduction and enable sustainable growth.

ONS is approaching! Norsk Renewables Rafael Cola, EVP Commercial, looks forward to reconnecting with old friends from the industry, meeting potential partners, and engaging with the Valinor family of great companies. You can meet him in Hall 9, at stand 9450! Warm Welcome!

Even though we are in the middle of the summer, Norsk Renewables is constantly working on developing new projects and we are thrilled that "The Solar Energy Global Markt Report" states that the solar energy market size has grown exponentially in recent years. It will grow from $131.02 billion in 2023 to $169.81 billion in 2024 at a compound annual growth rate (CAGR) of 29.6%. The growth observed in the historical period can be attributed to various factors. These include concerns regarding energy security, heightened environmental awareness prompting shifts toward sustainable energy sources, government incentives encouraging the adoption of renewable energy, efforts toward achieving energy independence, policies supporting net metering for energy generation, and the increasing emphasis on corporate sustainability initiatives. Each of these elements contributed significantly to the observed growth and development within the energy sector during that period. The solar energy market size is expected to see exponential growth in the next few years. It will grow to $418.15 billion in 2028 at a compound annual growth rate (CAGR) of 25.3%. The anticipated growth in the forecast period is expected to stem from several key factors. These include efforts towards grid modernization, a continual rise in electricity demand, the impact of urbanization and the shift towards distributed generation, the influence of global climate agreements on renewable energy adoption, and the proliferation of community solar programs. Additionally, major trends projected for this period encompass advancements in solar panel technologies, the adoption of solar tracking systems for optimized efficiency, increased focus on digitalization and smart grid integration within the energy sector, the emergence of floating solar installations, and the growing popularity of hybrid energy systems. These trends are poised to shape the trajectory of the energy industry and contribute to its growth in the forecast period. We are looking forward to Making the Shift to Renewable Energy Effortless!