Commencement of subscription period for subsequent offering

Norsk Renewables AS – Commencement of subscription period for subsequent offering

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN CANADA, JAPAN, AUSTRALIA, HONG KONG, SOUTH AFRICA, NEW ZEALAND, THE UNITED STATES, OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

Stavanger, 8 April 2024: Reference is made to the stock exchange notice published by Norsk Renewables AS (the "Company") on 5 April 2024, regarding the board of directors' resolution to carry out a subsequent offering of up to 23,200,000 new shares (the "Subsequent Offering").

The Subsequent Offering consists of an offer by the Company to issue up to 23,200,000 new shares (the "Offer Shares"), each with a nominal value of NOK 0.01, at a Subscription Price of NOK 0.30 per Offer Share (the "Subscription Price"), being equal to the subscription price in the Private Placement. Subject to all Offer Shares being issued, the Subsequent Offering will result in NOK 6,960,000 in gross proceeds to the Company. The net proceeds to the Company from the offering will be used for general corporate purposes.

The subscription period for the Subsequent Offering will commence today, 8 April 2024, at 09:00 hours (CEST) and expire on 19 April 2024 at 16:30 hours (CEST) (the "Subscription Period").

The shareholders of the Company as of 15 February 2024 (being registered as such in Euronext VPS, the Norwegian Central Securities Depository (the "VPS") on 19 February 2024 pursuant to the VPS' standard two days' settlement procedure (the "Record Date")), who (i), do not have a pro-rata share of the Private Placement which is equal to or higher than the minimum order and allocation in the Private Placement (3.1325% of the shares outstanding in the Company), (ii) were not allocated Offer Shares in the Private Placement, and (iii) are not resident in a jurisdiction where such offering would be unlawful or would (in jurisdictions other than Norway) require any prospectus, filing, registration or similar action ("Eligible Shareholders"), will be granted non-transferable subscription rights (the "Subscription Rights") that, subject to applicable law, give a right to subscribe for and be allocated Offer Shares in the Subsequent Offering at the Subscription Price. The Subscription Rights will be registered on each Eligible Shareholder's VPS account. The board of directors may, at its sole discretion, resolve exemptions from the eligibility criteria.

Each Eligible Shareholder will be granted 1.785574 Subscription Rights for every existing share in the Company registered as held by such Eligible Shareholder as of the Record Date, rounded down to the nearest whole Subscription Right. Each Subscription Right will, subject to applicable law, give the right to subscribe for and be allocated one (1) Offer Share in the Subsequent Offering. Over-subscription will be permitted. Subscription without Subscription Rights will not be permitted.

The Subscription Rights must be used to subscribe for Offer Shares prior to expiry of the Subscription Period on 19 April 2024 at 16:30 hours (CEST). Subscription Rights that are not used to subscribe for Offer Shares before the expiry of the Subscription Period will have no value and will lapse without compensation to the holder.

Notification of allocation is expected on or about 22 April 2024. Payment for allocated Offer Shares falls due on or about 24 April 2024. Subject to timely payment of the entire subscription amount in the Subsequent Offering, the Company expects that the share capital increase pertaining to the Subsequent Offering will be registered with the Norwegian Register of Business Enterprises and announced on NewsWeb on or about 30 April 2024. The allocated Offer Shares will be tradable on Euronext Growth Oslo after the Offer Shares are delivered to the VPS accounts of the subscribers who have been allocated Offer Shares, expected on or about 2 May 2024.

The completion of the Subsequent Offering is subject to (i) the board of directors resolving to approve the Subsequent Offering and issue the Offer Shares, (ii) due payment of the Offer Shares by the subscribers, (iii) registration of the share capital increase pertaining to the Subsequent Offering with the Norwegian Register of Business Enterprises (the "NRBE"), and (iv) the allocated Offer Shares being validly issued and registered in the Norwegian Central Securities Depository (Euronext Securities Oslo or the "VPS").

Pareto Securities AS is acting as sole global coordinator and bookrunner (the "Manager").

Advokatfirmaet Thommessen AS acts as legal counsel to the Company in connection with the Subsequent Offering.

For more information, please contact:

Ingrid Sara Grimstad Amundsgård

EVP Sustainability, HSE, Communications & Investor Relations

ingrid.sara@norskrenewables.com

+ 47 90135533

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Norsk Renewables AS in brief:

Norsk Renewables AS is a vertically integrated independent power producer with approximately 100 MW of solar power in operation or under construction, combined with a 1 GW secured portfolio under development. Expanding commercial offerings with wind and storage projects is in line with the company`s strategy to replace consumers' energy consumption with 100% renewable power.

Important information

The release is not for publication or distribution, in whole or in part directly or indirectly, in or into Canada, Japan, Australia, Hong Kong, South Africa, New Zealand, or the United States (including its territories and possessions, any state of the United States and the District of Columbia). This release is an announcement issued pursuant to legal information obligations. It is issued for information purposes only and does not constitute or form part of any offer or solicitation to purchase or subscribe for securities, in the United States or in any other jurisdiction. The securities mentioned herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “US Securities Act”). The securities may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the US Securities Act.

The Company does not intend to register any portion of the offering of the securities in the United States or to conduct a public offering of the securities in the United States. Copies of this announcement are not being made and may not be distributed or sent into Canada, Japan, Australia, Hong Kong, South Africa, New Zealand, or the United States.

This announcement is an advertisement and is not a prospectus for the purposes of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on prospectuses to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (as amended) as implemented in any Member State. The issue, subscription or purchase of shares in the Company is subject to specific legal or regulatory restrictions in certain jurisdictions. Neither the Company nor the Manager assume any responsibility in the event there is a violation by any person of such restrictions. The distribution of this release may in certain jurisdictions be restricted by law. Persons into whose possession this release comes should inform themselves about and observe any such restrictions. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

The Manager is acting for the Company and no one else in connection with the offering and will not be responsible to anyone other than the Company providing the protections afforded to their respective clients or for providing advice in relation to the offering and/or any other matter referred to in this release.

Forward-looking statements: This release and any materials distributed in connection with this release may contain certain forward-looking statements. By their nature, forward-looking statements involve risk and uncertainty because they reflect the Company’s current expectations and assumptions as to future events and circumstances that may not prove accurate. A number of material factors could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements.