About Nordic Solar

We produce electricity from solar energy, which supplies businesses and consumers in Europe.

About Nordic Solar

Nordic Solar is a Danish-owned energy company that has existed since 2010. We develop, build and operate industrial solar parks in Denmark and the rest of Europe. We do so because there is a need for more renewable energy, and we believe in the sun as part of the solution, both now and in future. Therefore, we also have great growth ambitions for the years to come. We have set the goal that, by 2025, we will be producing green solar power corresponding to the annual electricity consumption of approx. 500,000 households. This requires us to have solar parks in operation with a capacity of approx. 2 GWp and a portfolio pipeline with a capacity of 4 GWp to be built after 2025.

Our business is based on the ambition to produce green energy to the benefit of both businesses and consumers based on a responsible and scalable business model that helps ensure growth of and potential for new investments in solar park projects. Our mission is to make everyone benefit from solar energy. And our vision is to become the leading solar energy company in the Nordic countries. We see an enormous potential in using solar energy as an energy source in our society, which needs to stop using fossil fuels, demonstrating all the while a current and increasing need for electricity in everyday life.

Our mission

We make everyone benefit from solar energy

 

Our vision

We want to be the leading Nordic solar energy company

Our values

Thoroughness
Openness
Honesty
Work-life balance

CEO Nikolaj Holtet Hoff: “Climate and sustainability have truly made it to the agenda, and solar energy is gaining ground. Nordic Solar wants to play an active role in the green transition by investing in solar energy projects – from cutting the first sod to production – that supply businesses and consumers with green power.’

The story of Nordic Solar

How one project and a handful of investors had the foresight to see the potential of solar energy.

Nordic Solar began with a single solar project that our founder, Nikolaj Holtet Hoff, was made aware of. As Nikolaj had several years of experience with business valuations, he therefore naturally made a valuation of this solar project.

It turned out to be extremely interesting owing to an attractive return and with the biggest risk being the public subsidies. Consequently, Nikolaj chose to pursue the project, not only because it was financially interesting, but also because he had a great interest in the green transition, particularly solar energy.

Nikolaj Holtet Hoff: “I had a look at the project and thought solar power was super exciting. After all, at that time, we were not sure that the world would open its eyes to green energy, especially solar energy. With wind energy being more dominant, the agenda was difficult back then. I thought it was an exciting challenge to see whether we could, at a profit, invest in other forms of green energy such as solar energy.’

Nordic Solar was founded in 2010 with the help of a small group of investors. Initially, it was difficult to raise money, but, during the first few years, we completed more and more projects, which turned out to be sound and good investments. Since then, many more committed investors and skilled employees have joined, all sharing the idea behind Nordic Solar and the belief that solar energy is a good cause and an attractive investment.

“The ambition when we started in 2010 was to create a ‘people’s share’, giving many more people an actual opportunity to buy a share and invest their money in solar energy in the future.”

CEO Nikolaj Holtet Hoff.

About Nordic Solar’s business model

Our business model is simple but adds value. We develop, build and operate solar parks. At the same time, we are increasingly focusing on a divestment in full or in part of our portfolio of operational solar parks.

Back at the beginning in 2010, Nordic Solar only invested in fully constructed solar parks in operation. This has changed over the years, and with our investment strategy, we have moved further and further back in the value chain. Today, it is, to a higher extent, a commercial focal point for us to buy project rights to development projects that also include greenfield projects. We design and develop our own projects and build solar parks with our company as a turnkey contractor.

This means, among other things, that we can integrate biodiversity, thereby taking into account the local fauna and vegetation as part of the design and construction of solar parks, while at the same time deciding to let the parks be surrounded by trees and other plants for the sake of neighbours and the local environment.

Our business model is therefore not only a way of achieving our growth targets, but also of fulfilling our overall business ambitions, which are largely about promoting sustainability and responsibility.

You can read more about the individual elements of our business model here.

About Nordic Solar’s business model

Our business model is simple but adds value. We develop, build and operate solar parks. At the same time, we are increasingly focusing on a divestment in full or in part of our portfolio of operational solar parks.

Back at the beginning in 2010, Nordic Solar only invested in fully constructed solar parks in operation. This has changed over the years, and with our investment strategy, we have moved further and further back in the value chain. Today, it is, to a higher extent, a commercial focal point for us to buy project rights to development projects that also include greenfield projects. We design and develop our own projects and build solar parks with our company as a turnkey contractor.

This means, among other things, that we can integrate biodiversity, thereby taking into account the local fauna and vegetation as part of the design and construction of solar parks, while at the same time deciding to let the parks be surrounded by trees and other plants for the sake of neighbours and the local environment.

Our business model is therefore not only a way of achieving our growth targets, but also of fulfilling our overall business ambitions, which are largely about promoting sustainability and responsibility.

You can read more about the individual elements of our business model here.

Buying development rights

In 2018, we made the strategic decision to shift the focus of the value chain. That has been decisive to where we are today. We have directed a commercial focus on the purchase of project rights, which implies that we either develop projects in collaboration with a partner or invest in ready-to-build (RTB) projects or so-called greenfield development, where we typically rent land, develop the project in terms of design, various permits, etc. and build from scratch. The result is that, today, we have a solid pipeline of more than 1,800 MWp and a goal of reaching 4,000 MWp by the end of 2025.

The construction phase

As a turnkey contractor, we today handle the entire construction phase of a project. Right from the purchase of hardware to design and the entire planning process with external construction suppliers. We achieve a far more flexible and efficient day-to-day operation of our solar parks, while optimising purchases, contractor agreements, etc. As part of this strategy, we have in recent years expanded our team considerably with various in-house resources who also contribute to the development of components for the solar parks. An example is our own patented design of the substructure supporting the solar panels.

Partial divestment

The option to sell assets in whole or in part is attractive because, in this way, we are able to improve our financing options and have the opportunity to reinvest the proceeds from the sale. Therefore, this part of the business model plays an important role in the company’s value creation.

Operating assets

We operate our solar parks ourselves in close cooperation with local partners in the countries where we own solar parks. Both as regards monitoring and maintenance. We have developed a proprietary monitoring system that our engineers use to analyse performance and make accurate production measurements. In this way, we also gain continuous insights, enabling us to optimise solar energy production of not only our operational solar parks but also new projects.

Knowledge, news and press

Nordic Solar publishes interim financial statements for the third quarter

November 29th, 2023|

In Q3, the company generated revenue of EUR 21.2 million and a net profit of EUR 5.1 million. Despite increasing the capacity of its operational portfolio by 20 per cent on an annual basis, this was not sufficient to offset the impact of significantly lower electricity prices, coupled with the extraordinarily high prices in the third quarter of 2022. The company achieved considerable progress of over 900 percent for its projects under construction and has added significant strategic elements to its business strategy to support future growth. Nordic Solar is at the same time narrowing its financial outlook for the year.

Our solar parks

We have solar parks in various European countries. Both solar parks in operation and solar parks under development.

Visit the solar park page, and watch video greetings from different parks. The page will also show you a map of the solar parks and let you read more about the individual park in operation.

Brancheforeninger

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Medlem af Dansk Solkraft