Ocean Sun

Legal Proceedings Report • Oct 22, 2021

Ocean Sun receives Notice to Proceed from Statkraft for the reconstruction of the floating PV project in Albania

Ocean Sun receives Notice to Proceed from Statkraft for the reconstruction of the floating PV project in Albania

Statkraft has on the 22nd of October 2021 granted Ocean Sun a Notice to Proceed (NTP) regarding the reconstruction of the first floater on the Banja hydro powerplant in Albania.

About the project:

Ocean Sun and Statkraft have signed an agreement to construct a 2 MWp floating solar power plant on Statkraft’s 72-megawatt hydropower plant in Banja, Albania. The first 0.5 MWp floater was successfully built and connected to the Albanian grid in June 2021. However, only a few weeks later the floater experienced an incident during a tornado, partly submerging the ring and two connected barges. Following the incident, Ocean Sun has conducted a thorough root cause analysis and proposed design modifications and new operational practices that have been verified by expert meteorologist and naval architects from well reputed third-party institutions. The first floater will be reconstructed shortly and the remaining 1.5 MWp is expected in a second phase during 2022.

About Ocean Sun:

By combining the Norwegian maritime expertise and knowledge within photovoltaics, Ocean Sun has developed an innovation that offers a bold solution to our global energy needs. The patented technology is based on solar modules mounted on hydro-elastic membranes and offers cost and performance benefits not seen in any other floating PV system today. With offices in Oslo, Singapore and Shanghai, Ocean Sun is embarking on its vision to be the world's leading technology provider of floating solar.

For further details, please contact:

Børge Bjørneklett, CEO of Ocean Sun, +47 90195778

Karl Lawenius, CFO of Ocean Sun, +47 45633881

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