An energy company owned by private investors

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Green energy for 9,300 households in 2017

In 2017, Nordic Solar Energy produced 32,544 MWh of sustainable energy, equivalent to the annual consumption of approx. 9,300 households, or 16,345 tons of CO2. Each year an account of each shareholders share of this sustainable energy production is established.

The company owns a total of 68 MWp solar energy production, distributed across 8 countries in the EU. The portfolio is comprised of 9 Belgian Solar facilities with a collective capacity of 8.2 MWp, a facility in Germany of 1 MWp, 49% of a 2 MWp facility in Spain, 1 MWp in Italy, another 3.3 MWp i n Italy, 13.2 MWp in England, 2.8 MWp in France, 2.3 MWp in Portugal, a larger portfolio of 24.2 MWp consisting of 26 facilities in Belgium, and a portfolio of 10 MWp in Poland. Other investments are currently under negotiation in France, Portugal, Poland and Italy.

The company aspires to a return of above 6% p.a. on the entire solar energy portfolio, including transaction costs. The return is to be seen in context with the risk connected to each single investment as well as the general level of return in the financial market. An internal rate of return (IRR) of 6% over the 20-year project lifespan on a German solar park, for example, can be an attractive investment in the current market. A conservative approach to budgets and no accounting for scrap value on solar parks means a high degree of security for future returns.

1-2 times a year it is possible for new as well as existing shareholders to buy stock in Nordic Solar Energy at the applicable rate, to the extent the company has identified suitable investment assets in terms of new solar parks.

The investment policy outlines NSEs investments, and can be adjusted accordingly, in order to properly reflect stockholder interest and market development. An essential element in new investments is the limited risk the company stockholders wish to take on. For instance, the company does not currently wish to invest in e.g. Greece, Bulgaria and Romania where the risk is assumed to greater than in the rest of the EU.

Nordic Solar Energy strives for a circle of shareholders as diversified as possible, and all shareholders are co-owners of the company on equal terms. The Board of Directors is elected annually at the General Assembly.

Nordic Solar Energy is comprised of a group of stockholders that through The Board of Directors apply the framework for the company operations and development. The key concepts in the company are – transparency, stability and responsibility.

A prerequisite for any new investment is applicable capital available to the company. As dividends from existing parks are paid to NSE stockholders each year, new investments will demand a previous loan commitment or capital influx from stockholders, banks or new investors. In relation to this, it is essential that a fair system for determining stock value exists. As NSEs stocks are not issued publically, and thereby do not have an official trading price, the stock price is determined by the board in connection with new capital increases.

Once a year dividend is paid to stockholders, once it has been adopted at the General Annual Assembly.

2011: 0.8 € pr. share
2012: 0.7 € pr. share
2013: 0.9 € pr. share
2015: 0.8 € pr. share
2016: 0.7 € pr. share
2017: 0.6 € pr. share
2018: 0.7 € pr. share (budget)

Fair Value pr. share since Jan. 2012

Vision, mission and strategy

Nordic Solar Energy wishes to create a public share in solar energy.
The company will establish itself as the preferred solar energy company for investors with a diversified portfolio of solar parks in the EU.
The vision is achieved through ongoing implementation of a series of capital increases as well as investments in solar energy. The goal is to have established 100 MWp Solar energy facilities over the next few years, with a corresponding equity of 93 – 133 million euro. It is the aspiration of the company to publish Nordic Solar Energy trough an Initial Public Offering, to the extent that this will create further value to the stockholders of the company.


Lease of land:

20 years, to be extended 10 years
Solar panels:
GermanSolar AG Crystalline
Power One
German Solar Project GmbH
O&M subcontractor:
BayWa r.e.
Grant Thornton GmbH
0.2843 (€/kWh for 20 years)

The first solar park of the company, Zerre V solar park (hereinafter »Zerre V«), was constructed as a turnkey project and was connected to the German power grid in June 2010.

The projected return on investment is measured over 20 years. In this valuation, only the production of the 20-year lifespan under which the park has established contract is factored in. The park is expected to have a lifespan of 30-40 years, and the possibility to prolong the land lease contract from the current 20 years with a further 10 years exist. After the first 20 years of operating with a high fixed price of electricity, the company can thereby produce and sell electricity at market prices. This earning potential is not factored in, and the scrap value of the park is thereby 0 euro in the valuation of the asset.

Lease of land:
40 years
Solar panels:
Trina Solar Crystalline
Fagor FSI-100
Celemin Energy s.l.
O&M subcontractor:
0.44 + secured against inflation
(€/kWh for 30 years)

NSEs second investment is a 49% investment in a solar park close to Alicante in Spain; 29% was assumed per July 1st 2011 and a further 20% in June 2013. The park is Established by the Danish company European Energy in 2008 and European Energy continues as co-owner of the park, responsible for day-to-day maintenance as well as administration. The cooperation with European Energy works impeccably and a stockholder agreement ensures that NSE is included in making all considerable decisions.

The Beniarbeig park was, as all solar parks established in Spain in 2008-2010, affected by a government intervention in December 2010. A cap was established on the production which was allowed to be sold over a period of time. To Beniarbeig, the intervention had a limited effect on the rate of return for the project, and when NSE invested, the effects of the change was already known. Spain has per Jan. 1st 2013 introduced a general tax on energy, which has affected the value of this investment negatively.

On July 12th 2013 a new law has been passed in Spain, regulating the maximal return an energy-producing array can obtain through subsidies from Feed-in-Tariffs.

Lease of land:
Unlimited; NSE owns the land
Solar panels:
Q-cells model ES-200 P60 polycrystalline
Codam srl
O&M subcontractor:
BayWa r.e.
Studio Baldanzini
0.346 (€/kWh for 20 years)

The third solar park of the company is constructed by Italian Codam srl and was connected the Italian power grid in July 2011. In this valuation, only the 20-year production with which the park has contracted is factored in revenue calculations. The facility’s life expectancy is 30-40 years and NSE owns the land itself. After the first 20 years operation with a high fixed price of electricity, the company can thus produce and sell power at market prices. This possibility for revenue is not included in the valuation of the solar park, and the scrap value of the park is thereby 0.

Lease of land:
20 years
Solar panels:
Suntech Multi-crystalline
Danfoss + SMA
Oskomera Solar Power
Solutions B.V.
O&M subcontractor:
BayWa r.e.
Grant Thornton
0.35 on 3.55 MWp and
0.33 on 4.65 MWp (€/kWh for 20 years)

In 2013, NSE invested in its fourth solar park, comprised of 9 solar facilities in Flandern with 8.2 MWp combined. The park was connected to the Belgian power grid during 2010 and 2011.

The facilities are rooftops, located in 6 different locations with 9 individual roof-renting agreements. In this project evaluation, only the 18 years the production holds the contract for, is factored into the return calculation. The facilities can after this period revert to the owner or be renegotiated.


Lease of land:
20 years with possible 5 year extension
Solar panels:
REC 260PE poly-crystalline
Central inverter SMA Sunny Central 900CP XT
Goldbeck Solar GmbH
O&M subcontractor:
Goldbeck Solar Limited
Grant Thornton
0.17 (€/kWh for 20 years)

The largest investment of the company is a solar facility of 13.2 MWp near Oxford, north of London. The facility was connected to the UK power grid during March 2015, in time to fall under the so-called ROC 1.4 connection agreement. The facility is constructed by the experienced entrepreneur Goldbeck, who Nordic Solar Energy collaborates with closely.

The facility is a freestanding ground mounted solar park, established on non-agrarian land under a 26-year lease agreement. In this calculation, only the contracted 26 years of production is factored in. The facility is expected to have a lifespan of 30-40 years, and a scrap value after this period is not considered in this conservative estimate.

Lease of land:
20 years with possible 5 year extension
Solar panels:
Jinko JKM300M-72 Mono-crystalline
Central inverter SMA Sunny Central 760CP XT
Voltalia SA
O&M subcontractor:
Voltalia SA
0.322 (€/kWh for 20 years)

The company’s sixth investment is a solar park between Marseilles and Nice of 2.8 MWp. The facility was connected to the French electricity grid in April 2013 with an agreement for power distribution company EDF to offtake the electricity. The solar park is established by the large French developer and entrepreneur Voltalia SA.

Montmayon is a single ground-mounted solar park, located in a mountainous region with a 20+5 year land lease agreement. In the valuation, the 25 years of production for which the Power Purchase Agreement secures is factored in, with sale of electricity at market price from the time the feed-in tariff expires in year 2032 and to year 2041. The scrap value is conservatively estimated at 0 thereafter.


Lease of roof:
15 years
Solar panels:
Sopray Energy SR-156P-230 and ET Solar ET-P660230 Poly-crystalline
Central inverter Bonfiglioli RPS 340 TL
O&M subcontractor:
BayWa r.e.
Studio Baldanzini
0.308 (€/kWh for 20 years)

The company’s seventh investment is a solar park 42 km Southeast of Milan of 3.3 MWp. The facility is connected to the Italian electricity grid in June 2011 with an agreement for power distribution company ENEL to offtake the electricity. The solar park is established on a single roof on top of a logistics-hub owned by supermarket-chain Carrefour, and is developed by a leading company in the solar energy industry ET Solar

Chignolo Po is one single solar park, located in a commercial area with a 20 year roof lease agreement since 2011. In the valuation of the plant, the remaining 15 years of production for which the Power Purchase Agreement secures is factored in, with sale of electricity at market price + feed-in tariff, expiring in year 2030. Thereafter, scrap value is not factored in.

Lease of land:
20 years
Solar panels:
Jinko JKM 260PP-60
Sinvert 1000 MS TL
Martifer Solar
O&M Subcontractor:
MRG – Roberto, Graça & Associados, SROC, Lda
0.255 (€/kWh for 20 years)

The eighth investment by the company is a solar facility in Vilares, just Northeast of Porto of 2.3 MWp. The park was connected to the Portuguese electricity grid in July 2016, with an agreement to offtake the electricity from the local distributor. The park is constructed by the Portuguese developer and O&M operator Martifer Solar, where the O&M-division was later purchased by the large French developer Voltalia SA, who continues the daily administration of operations.

Trofa is a single ground-mounted solar park located in a forest region, with a 20-year land lease agreement, where part of the surrounding land is owned by NSE as well. In the return calculation of the project, the 20 years of production for which the project has a Feed-in Tariff contract has been factored in, with no further sale of electricity at market price after 2036. Hereafter the scrap value has conservatively been estimated at EUR 0.

Lease of land:
6-14 years
Solar panels:
Jinko solar, TP, Solarfun, Trinasolar, Hanwha, CEEG
String: SMA, PowerOne, Danfoss, Fronius
Central: Vacon, Xantrex, Fronius, SolarMax
Invictus, Martifer, Ikaros, Oskomera, Airclima, Engie
O&M Subcontractor:
BayWa r.e.
0.374 (€/kWh for 6-14 years)

The company’s largest investment in 2017 is a portfolio of roof-mounted solar facilities spread out across Flandern and Brussels of a total 24.225 MWp. They were connected to the Belgian power grid between December 2009 and as late as in May of 2017. The facilities each have contracts with both the roof owner and the local grid operator regarding the offtaking of electricity. The many facilities were gathered into one single portfolio over a longer period of time by the Belgian developer and O&M operator Orka, before NSE purchased the entire portfolio.

The portfolio consists of 24 roof-mounted solar facilities, ranging in sizes from 5,004 KWp and all the way down to 72 KWp pr. facility. The facilities are mounted on industrial roofs, in mainly northern and central Belgium, with roof rental agreements with each respective roof owner. Apart from the value derived from the sale of green certificates awarded from the production of electricity, a portion of the electricity is also sold directly to the building owner/leaseholder. The return calculation for the portfolio is based on the 6 to 14 years for which each facility holds a contract for production of electricity, without any sale of electricity to the grid after year 2031. After this, the scrap value is estimated at EUR 0.

Lease of land:
20+10 years
Solar panels:
BYD P6C-30
Huawei SUN2000-36KTL
PBDI S.A., ELWAR Sp. z.o.o.
O&M Subcontractor:
Rödl & Partner GmbH
0.092 (€/kWh for 15 years)

The company’s first investment in Poland is a 10 MWp portfolio of ground-mounted solar parks in two clusters of 6×1 MWp (Mierki) and 4×1 MWp (Dobrcz). The parks are connected the Polish electricity grid during the spring of 2018 and were constructed while the company negotiated the purchase agreement and the final takeover where the portfolio was connected. The parks are constructed by the Polish EPC PBDI S.A., and the clusters each have secured a lease agreement with the land owners and the local distributors, Energa Operator S.A. og Enea Operator S.A. respectively, regarding the distribution of electricity.

The portfolio receives a tariff apart from the sale of electricity, based on the Polish auction system (CfD) for the production of green electricity. The valuation of the parks considers the 15-year period for which the portfolio has secured the CfD contract, and a sale of electricity at market price after year 2033. After the estimated portfolio lifetime of 30 years, the scrap value is considered at 0.

Invest in Nordic Solar Energy

  • High stable return and continuous dividend

  • Hedging of risk in the portfolio

  • No developer-risk

  • Solid group of shareholders

  • Conservative budgeting

  • Liquidity in shares

  • Future IPO

  • Founder and executive invests own funds


The Board

Christian Sagild
Christian SagildChairman

Born 1959, Actuary, cand. act. from University of Copenhagen, 1985.

35 years of professional experience within pension and finance, from 2006 Group Director in Topdanmark (Life/Pension, HR, IT etc.), CEO in Topdanmark from 2009-2017

Board member Ambu A/S (Chairman of Auditors committee)
Man. Director Sagild ApS
Board member SGD Invest A/S
Board member Royal Unibrew

Previous entrusted positions

Board member Johannes Fog A/S
Chairman of a number of companies within Topdanmark
Board member in the industry association Forsikring og Pension
Chairman of the board of directors Forsikring og Pension

Marinus Boogert
Marinus BoogertDeputy Chairman

Born 1969, Master in Business, University of Groningen

12 years experience in the solar industry, in Shell Solar among others

From 2008, Founder and Managing Director in Onestone Solar Holding B.V.

Previous employment

Scheuten Solar Holding BV, NL, Director sales & marketing
Shell Solar: Man. Director South Africa, Director sales Southern Europe/Middle East/Africa, Director sales Off-grid
Nuon Duurzame Energie, NL, Product Manager
Dikema T.O.P., NL, Business Development
Shell Solar Energy BV, NL, Director Sales
Lamco Int. Trading Inc., Filippinerne, Director
Victron UPS Ltd., Hong Kong, Man. Director Pacific region
Probos Bedrijfsondersteuning, NL, Man. Director/Founder

NSE Management A/S
Eindelÿk Zon B.V. (Co-owner/Founder)
Phocus Holding B.V. (Co-owner)
Solesta B.V. (Managing Director)
SMPF Pte Ltd. (Owner/Founder)
Onestone Solar Holding (Managing Director)

Per Thrane
Per ThraneBoard Member

Born 1949, Civil Engineer from the Technical University of Denmark

1981 Founder and former Managing Director of Thrane & Thrane, world leader in satellite communications equipment. Noted on NASDAQ OMX in 2001-2012. 600 employees and revenue of EUR 160 mill.

BB Electronics A/S (Deputy Chairman)
BB Electronics Holding A/S (Deputy Chairman)
Force Technologies
DBC Marine ApS
Per Thrane Holding ApS
Per Thrane Holding II ApS
Gentofte Kommunes Havne (Chairman)
Poseidon Shipbuilding ApS
Tandlæ – Holding A/S
Dentalteamet Holding A/S

Frank Schyberg
Frank Schyberg Board Member

Born 1962, educated within Insurance (Level 5), Bank educated

Managing Director, QI Energy Nordic

Previous employment

• Managing Director, Senior Partner, Signium International, Denmark
• Managing Director, Institute for Career Development
• Managing Director, Stepstone
• Head of Recruitment, Attention/Adecco
• Positions in the financial sector (1983-1998)

Jobconsulting ApS (Executive Management)
Jobconsulting Holding ApS (Founder/Owner/Executive Management)
VL Gruppe 10
Theis Vine ApS
IQ Energy Nordic ApS

Iben Mai Winsløw
Iben Mai WinsløwBoard Member

Born 1967, Law degree from University of Copenhagen

Lawyer with bar before the High Court, Member of the Council of The Danish Bar and Law Society

Founder of the Society for Building Committee for Solar Energy, and lawyer for companies in the solar energy industry

Founder of Winsløw law firm

Member of the Bar and Law Association
Byggesocietetet København (Deputy Chairman)
I/S Gotham City
K/S Gotham City II (Chairman)
Gotham City II Komplementar ApS (Executive Management)
Windspace A/S
Dark Hill ApS (Managing Director)
Core Bolig VI P/S
Heather Valley ApS (Managing Director)
Core Bolig VI Investoraktieselskab Nr. 1
Virumgårdsvej 25 A/S (Chairman)



Per Thrane (Thrane & Thrane)
Den faberske fond (Ejvind Sandal)
Allan Feldt (Aqua D’or)
Kenneth Ramstrup (Tidl. Pandora)
Eigild Bødker Christensen (Color Print)
Michael Moesgaard Andersen
Andreas Kjærgaard (Hjerting Laks)
Fam. Rosenkilde (Ikast Beton)
Frederik Heegaard (Novasol)
IMK Fond
Erik Juhler
Jan Overgaard (Persano)
Jesper Aggerholm
Frank Schyberg
Marinus Boogert
Familien Aagaard (Troldekugler)
Christian Hoff
Johan Langgassner
Nikolaj Hoff
Anders Søgaard-Jensen


Per Thrane Holding
AHF Holding
Feldt Holding

Andersen Advisory Group
AWK Holding
Lima Holding
Furesøen Holding
Imk Almene Fond og Imk Erhvervsstøttefond
Juhler Holding
Pif Holding
Jobconsulting Holding
Focus Holding
Zen Capital
Lille Fix Holding
LL Multi Asset & LL Premium Option Fund

Investors invest

Company Funds
Free Funds

The NSE Management team 

Nikolaj Hoff
Nikolaj HoffManaging Director

Mobile: (+45) 20 31 61 30

Master of Economics, University of Copenhagen
Gudme Raaschou. M&A
ANP / AT Kearney. Management consultant
Carli Gry International, Corporate controller
VELCAP (VELUX Group) Business development
Faber France (VELUX Group). Sales & marketing director
Faber A/S Marketing & product development director
SR Private Brands A/S, Founder and CEO
Semler Holding
Marianne Dulong

Previous entrusted positions

• Steffen Rønn Fondsmæglerselskab, Chairman
• Restaurationselskabet Nørrebro Bryghus A/S, Chairman
• Bryggeriet Baldersbrønde A/S, Chairman
• Ticket to Heaven A/S, Chairman
• Unidrain A/S
• Mammamia Danmark A/S, Chairman
• Solarstocc GmbH
• Selskaber i Semler Group

Anders Søgaard-Jensen
Anders Søgaard-JensenSales Director

Mobile: (+45) 20 66 86 18

Bank Trained Market Economist
BG Bank, Børs, Bond dealer
ABN Amro, Bond dealer
IBM Account manager
Estatum Client executive
Capinordic Bank Client executive
Proadvisor group Client executive
Maria Lønborg-Andersen
Maria Lønborg-AndersenChief Financial Officer

Mobile: (+45) 60 12 61 17

Cand. Merc. Aud. (Chartered Accountant), Copenhagen Business School
KPMG, Accountant
Coca-Cola Nordic Beverages A/S, Financial Analyst
UUNET Denmark (Now Verizon), Business Planning Manager
End2End, VP Commercial Finance
Experian A/S, CFO
Data Respons A/S, Finance Director
SPX Flow Technology A/S, Finance Director
Verifone A/S, Finance Director
Holger Bang
Holger BangInvestment Director

Tlf.: (+45) 30 38 10 71

M.Sc. Business Administration, Copenhagen Business School (CBS)
CEMS MIM, Copenhagen Business School (CBS) and WU Wien

2005 – 2007
TDC, Graduate
2007 – 2008
TDC, Project Manager
2008 – 2010
European Energy A/S, Area Manager Germany
2010 – 2016
European Energy A/S, Director of M&A
2016 – 2017
European Energy A/S, Chief Investment Officer

Frederik Villiam Hoff
Frederik Villiam HoffInvestment Manager

Tlf.: (+45) 61 46 99 91

MSc in International Business & Politics, Copenhagen Business School (CBS)

2008 – 2009
Department of Strategic Management & Globalization (CBS), Research Assistant
Ministry of Foreign Affairs of Denmark, Trainee, Private Sector Development Program
2011 – 2012
Novozymes, Financial Analyst

Tim Gadatsch
Tim GadatschLegal Director, Rechtsanwalt, LL.M.

Mobile: (+45) 53 83 24 07

Maîtrise en droit, Université Paris I Panthéon-Sorbonne
LL.M. (Köln / Paris I), University of Cologne
First Legal State Examination, University of Cologne
Master of Arts in EU International Relations and Diplomacy Studies, College of Europe, Bruges
Second Legal State Examination, Superior Court of Justice Berlin
2010 – 2012
Assistant Attorney (Legal Clerkship) with positions at CMS Hasche Sigle, the Federal Chancellery of Germany and the German Embassy in Denmark
2013 – 2015
European Energy A/S, Legal Manager
2015 – 2016
German Engineering Federation (VDMA), European Office, Legal and Trade Advisor
2016 – 2018
European Energy A/S, Senior Legal Manager
Anette Engstrøm
Anette EngstrømChief Accountant

Mobile: (+45) 27 87 14 45

Economist in Accounting, Helsingør Business School
1989 – 1993
DSB Business Travel, Copenhagen
Ticket Office Employee
1993 – 1995
Greenland Travel, Nuuk
Head of Departement for Business Travels
1995 – 1997
Albatros Travel, Copenhagen
Head of Departement for Ticket Office
1997 – 1999
Familile Ferie Bornholm, Rønne
Account Manager
1999 – 2001
Rø Golf Court, Rø
Business Manager
2001 – 2005
Asserbo Golf Club, Frederiksværk
Club Manager
2005 – 2007
Intergolf of Scandinavia A/S, Tikøb
Chief Accountant & Administration
2007 – 2016
Lemco ApS, Hellebæk
Chief Accountant & Administration
2016 – 2017
Woolspire ApS, Copenhagen
Chief Accountant & Administration
Jan Guštinčič
Jan GuštinčičTechnical Manager

Mobile: (+45) 27 10 30 18

MSc in Sustainable Energy Systems, Chalmers University of Technology, Gothenburg
European Association for the Storage of Energy, Policy Assistant
United Nations Framework for Climate Change Convention, Technical Assistant
Snow Energy and Forte Renewables, Sales and Project Development Engineer
Max Hilligsøe Nørgaard
Max Hilligsøe NørgaardSenior controller

Mobile: (+45) 61 65 41 44

MSc Political Science, Aarhus University (AU)
HD Financial and Management accounting, Copenhagen Business School (CBS)
2010 – 2011
Controller, Ministry of Social Affaris
2011 – 2013
Consultant, Deloitte Process Solutions
2013 – 2017
Controller, Nordisk Film A/S
2017 – 2018
Business Controller, Telenor Danmark A/S
Marta Káradóttir
Marta KáradóttirSales & Marketing Coordinator

Tlf.: (+45) 20 54 80 18

BA (Hons) International Business with Spanish, European Business School (EBS), London (UK)

MSc International Business & Marketing, Reykjavik University (RU)

The Representation of the Faroes in Reykjavik, Assistant Project Manager
2013 – 2018
Nordic Style Magazine, Editor & Content Coordinator
Design Center Iceland, PR & Marketing Coordinator
2015 – 2017
Tempo EHF, Market Research & Data Analysis
2017 – 2018
Getty Images, Account Executive

Yassine Chahi
Yassine ChahiInvestment Associate

Tlf.: (+45) xx xx xx xx xx

Open Position
Open PositionController

Tlf.: (+45) XX XX XX XX

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