Q1 report maintains expectations and Nordic Solar accelerates the construction of solar parks

Building and operating solar parks in Europe, Nordic Solar plans to initiate construction of 240 MWp during 2023, a large part of which was started at the beginning of the year. In line with the company’s expectations of the impact of lower electricity prices on the financial statements, revenue for the first quarter of the year stood at EUR 10.2 million. With its current 358 MWp in operation, 212 MWp under construction and a development portfolio of almost 1.7 GWp, Nordic Solar has hired Tina Mose as new CPO to ensure that the organisation is geared for the high level of activity and ambition.

Nordic Solar, which develops, builds and operates solar parks in Europe, kicked off 2023 with the construction of several of its solar park portfolio projects progressing at full speed.

Since the new year, Nordic Solar has started the construction of two solar parks in Lithuania with a total expected capacity of 180 MWp. Before the end of 2023, construction of a further 60 MWp will begin. In comparison, Nordic Solar initiated the construction of solar park projects totalling 65 MWp in 2022 and with plans to start the construction of a total of 240 MWp this year, the company is seriously ramping up its construction activities.

Nordic Solar has also added two new development projects to its portfolio. Both projects are to be built in Sweden and have a total expected capacity of 83 MWp. In other words, the company today has 358 MWp in operation, 212 MWp under construction and a development portfolio of 1,683 MWp.

Maintaining expectations for 2023
Nordic Solar exits the first quarter with revenue of EUR 10.2 million, and although it is a drop of approx. 20 per cent compared to the first quarter of 2022, it is in line with expectations:

“We have been through a period of high electricity prices, which are now decreasing, and this is naturally reflected in both revenue and earnings, despite our generally slightly higher production capacity compared to the first quarter of last year. Overall, the markets are still characterised by interest rate increases and inflation, and we are therefore satisfied with the solid results, and the financial expectations for 2023 as a whole continue to hold,” explains Jes Vengaard, CFO of Nordic Solar.

In connection with the 2022 financial statements, Nordic Solar presented its financial expectations for 2023, indicating expected revenue in the range of EUR 65-85 million (EUR 72.4 million in 2022) and EBITDA in the range of EUR 45-60 million (EUR 49.3 million in 2022). The expectations are based on the 2023 electricity prices gradually declining to the expected average level for 2024.

“Not before 2024 will we be able to see the earnings impact of the solar parks that we are starting to build now and throughout the year. But, when comparing to previous years, there is no doubt that we will see a sharp increase in construction activities during 2023,” Jes Vengaard adds.

New CPO for growing organisation
The ambitious growth plans and accompanying high level of activity have resulted in Nordic Solar becoming a high-growth organisation in the past few years, and to ensure that the organisation is prepared for such growth, Nordic Solar has stepped up measures to attract, retain and develop competent employees.

Nordic Solar just hired Tina Mose as Chief People Officer (CPO). Tina Mose comes from a position as HR Director of STARK, a DYI shop chain, and has previously played key roles at, for instance, Falck Healthcare and LanguageWire. At Nordic Solar, CEO Nikolaj Holtet Hoff is pleased to welcome Tina Mose as a new member of the management team:

“Nordic Solar continues to have great growth ambitions, and with a goal of being able to build 1 GWp per year as from 2025, we must have an organisation that can keep up with this development. With Tina Mose, we are in a strong position to scale the organisation quickly, which we need. Tina brings the necessary experience, a solid background and insight which is valuable when we, in the years to come, intend to seriously accelerate the construction of our own solar parks and strengthen the entire organisation,” says CEO Nikolaj Holtet Hoff.

Continuing European growth journey
Nordic Solar is on an ambitious growth journey, and the company aims at having a portfolio of solar parks in operation totalling 2 GWp by the end of 2025 and a project portfolio of 4 GWp. Nordic Solar has expanded rapidly since its establishment in 2010, and it is today among the 35 largest portfolios in Europe.

To read the report for the first quarter of 2023, click here

About Nordic Solar A/S
Nordic Solar is a Danish solar energy company which develops, builds and operates solar parks on an industrial scale across Europe. Since its establishment in 2010, the need and the market for green energy have increased sharply, and Nordic Solar intends to play a key role in the green transition. The company is owned by approx. 700 shareholders and employs more than 80 employees. Today, Nordic Solar operates solar parks with a total capacity of 358 MWp across Europe and has a portfolio of planned development projects of almost 1.7 GW.

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