In the third quarter of 2022, Danish Nordic Solar, which builds and operates solar parks throughout Europe, has increased its revenue by 55 per cent and EBITDA by 63 per cent compared to last year. The solar energy company has already achieved its objective for the whole of 2022 of a pipeline of projects of 1,750 MWp. During the past quarter, Nordic Solar has, among other things, focussed on commissioning a solar park in Lysabild with a special focus on biodiversity and plans to establish more solar parks based on the same model. Nordic Solar maintains its financial expectations for 2022.

Strong growth continued for Nordic Solar in the third quarter of the year. Compared to the same period last year, the solar energy company experienced revenue growth of 55 per cent to EUR 27.1 million compared to EUR 17.6 million last year. In the same period, EBITDA increased by 63 per cent to EUR 22.2 million.

“We are very satisfied with the results in the third quarter, where in addition to achieving the objectives of both our portfolio of solar parks in operation and of our project pipeline, a lot of effort has gone into optimising our development projects. We are for example looking into expanding our portfolio with new projects in Italy, Lithuania, and Denmark,” says Nikolaj Holtet Hoff, CEO and founder of Nordic Solar.

During the first nine months of the year, Nordic Solar entered into agreements on rights to establish new solar parks in Germany, Greece, Lithuania, Denmark, and Sweden. The new agreements have increased Nordic Solar’s pipeline to the full-year target of 1,750 MWp. With the opening of a new solar park in Lysabild, Nordic Solar has now also met the 2022 objective of having a portfolio of solar parks in operation of a total capacity of 359 MWp.

New Danish solar parks with a focus on biodiversity
In November, Nordic Solar put its newest solar park in Lysabild in Southern Jutland into operation. The solar park has been developed and established with a special focus on biodiversity and respect for nature and wildlife. At the same time, the solar park is the first full-scale EPC project completed by Nordic Solar. Nordic Solar has plans to establish more solar parks with the same focus on biodiversity.

Ambitious growth journey
Nordic Solar is on an ambitious growth journey, and according to its strategy, the aim is a portfolio of solar parks in operation totalling 2 GWp by the end of 2025. Since its establishment in 2010, Nordic Solar has expanded rapidly and with total investments of DKK 5 billion, the company is today among the 35 largest portfolios in Europe, where it develops, constructs, and operates solar parks.

Maintaining full-year revenue and return expectations
Like many others, Nordic Solar has felt both high inflation and rising interest rates, but still comes out of the quarter with impressive results:

“In Q3, we have experienced increased inflation and an interest level which has affected our establishment and operating costs, but they have been compensated for by the higher energy prices. Of course, we follow all factors closely, but it is our assessment that Nordic Solar’s business model is resistant to the strong fluctuations in the market. For that reason, we also maintain our guidance for 2022,” says Jes Vengaard, CFO at Nordic Solar.

Nordic Solar thus maintains its expectation of revenue for the year of DKK 75 million, corresponding to a 60 per cent increase on last year. EBITDA is expected to stand at EUR 53 million. Based on these financial expectations, the return to the company’s shareholders is expected to remain between 9 and 13 per cent, and the company expects to distribute dividends of DKK 3.5 per share to its shareholders.

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For more information, please contact:

Head of Communications & Sustainability, Camilla Rose
Tel.: +45 28 19 29 09
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About Nordic Solar A/S:
Nordic Solar is a solar energy company which develops, builds, and operates solar parks on an industrial scale across Europe. The company is located in Copenhagen, is owned by approx. 700 shareholders, and employs 65 employees of 8 different nationalities. Since Nordic Solar was established in 2010, the company has focused on sustainable solar energy delivering returns to the company’s shareholders and green electricity to end users and companies. Nordic Solar has invested a total of DKK 5 billion in solar parks throughout Europe. For more information, see:

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