The Danish company Nordic Solar, which builds and operates solar parks across Europe, has improved its revenue by 75 per cent compared to the same period last year. Accelerating production capacity with three brand new solar parks contributes to the energy company’s revenue of DKK 283 million in the first six months of the year. In terms of the com-pany’s operations, the inflation-driven higher start-up costs for the company’s new solar parks are offset by increased energy prices.
The energy company Nordic Solar delivers strong results for the first half of the year. In the first six months of the year alone, revenue increased by 75 per cent to DKK 283 million compared to the same period last year. EBITDA for this period increased by 81 per cent to DKK 201 million.
“We are satisfied with the interim report for the first half of the year and the company’s activities as a whole, which, in addition to our three-brand new solar parks in operation, are of course also driven by higher energy prices that com-pensate for the increasing start-up costs related to new projects,” says Nordic Solar’s CFO Jes Vengaard.
Since its establishment in 2010, Nordic Solar has expanded rapidly and with total investments of DKK 4 billion, the company is today among the 50 largest portfolios in Europe, across which it has established and is operating solar parks.
In the first half of the year, the three new solar parks in operation in Poland and Portugal added 113 MWp to Nordic Solar’s total production capacity, which is expected to reach 359 MWp this year.
During the first half of the year, Nordic Solar entered into agreements about rights to establish new solar parks total-ing a capacity of 703 MWp in Germany, Greece, Lithuania, Denmark, and Sweden. The new agreements have in-creased Nordic Solar’s pipeline to 1,700 MWp, and the company is now close to this year’s target of 1,750 MWp.
Maintaining full-year revenue and return expectations
While the cost structure of solar parks in operation remains fairly unchanged despite the challenging market condi-tions, pipeline projects are more affected by price increases, inflation, and interest rate increases. The changes have a negative effect on total start-up costs, but the effect of the expected higher energy prices will compensate for such additional costs.
“We obviously keep a close eye on all factors, but it is our experience and expectation that Nordic Solar’s business model is resistant and will remain relatively unaffected by the market developments. Therefore, we still expect to meet our guidance figures for 2022,” says Jes Vengaard. 2
Nordic Solar thus maintains its expectation of revenue for the year of DKK 559 million, corresponding to a 60 per cent increase on last year. Shareholder returns are still expected to constitute between 9 and 13 per cent, just as the com-pany anticipates distributing dividends of DKK 3-4 per share to shareholders.
Ambitious growth strategy towards 2025
Nordic Solar has embarked on an ambitious growth journey towards 2025. In 2021, the company implemented a new business strategy in support of the future plans, which are ultimately aiming at achieving an operational portfolio of 1 GWp by the beginning of 2025.
Se the H1 report here: https://nordicsolar.eu/en/about-nordic-solar/financial-reports/
For more information, please contact:
Camilla Rose, Head of Communication & Sustainability
Tel.: +45 28 19 29 09