Nordic Solar, which develops, builds and operates solar parks across Europe, achieved great results in 2022, both strategically, operationally and financially. The solar company ended the year with both revenue and EBITDA increasing by more than 50 per cent. During 2023, Nordic Solar will start building five new solar parks with a special focus on biodiversity all over Europe.

The Danish energy company Nordic Solar, which develops, builds, and operates solar parks in 12 European countries, ended 2022 with highly satisfactory results and an extremely promising development portfolio with planned solar park projects.

Focusing on a consolidated expansion in a rapidly growing green energy market, the company generated revenue of EUR 72.4m in 2022, corresponding to an increase of 56 per cent compared to the year before. At the same time, Nordic Solar recorded an EBITDA increase of 53 per cent compared to 2021 and an EBITDA margin of 68.1 per cent.

According to Jes Vengaard, CFO of Nordic Solar, 2022 was a year that was used not only to professionalise and further consolidate the company, but also to navigate a turbulent energy market.

“We have successfully managed to steer safely through waters dominated by the world’s first truly global energy crisis, which caused major changes in both supply and demand patterns. It has created some opportunities for us, but certainly also challenged us along the way with, among other things, increasing costs for establishing new solar parks. I am proud to be able to say that Nordic Solar is stronger than ever today with a very solid development portfolio of planned projects that we will roll out in the years to come,” explains Jes Vengaard.

Ready for future IPO
Nikolaj Holtet Hoff, CEO of Nordic Solar and founder of the company, is pleased that the 2025 strategy devised by the company in 2021 is already producing great results and is steering Nordic Solar towards an exciting future:

“We have delivered strong results in 2022  – strategically, operationally and financially, and we have come a long way on our journey towards becoming one of the Nordic countries’ leading solar companies. Since the beginning of Nordic Solar, it has been our ambition to go public and create a ‘people’s share’. In 2022, we have prepared ourselves for being able to do so as and when we and our shareholders decide on it,” says Nikolaj Holtet Hoff.

Five new solar parks on the way in 2023
Nordic Solar has a planned development portfolio of solar parks of more than 1,8 GW. In 2023 alone, Nordic Solar expects to begin building at least five new solar parks. These include solar parks in Lithuania, Sweden and Denmark.

To be continued……

Focus on increased sustainability efforts
During 2022, Nordic Solar opened its first solar park, introducing a specially developed biodiversity concept. It took place in Lysabild in Southern Jutland, and this effort will serve as a prototype for the company’s existing and future solar parks in Europe. The initiatives will increase the diversity of plants and animals in the area and will be set up before building solar parks on the land.

In connection with the publication of the 2022 financial statements, Nordic Solar will also publish this year’s sustainability report, which explains the company’s strengthening of its sustainability efforts. In recent years, Nordic Solar has worked hard to make all aspects of its business more sustainable. This process is well under way, and the company is currently making sure that all parts of the organisation are closely involved in the teamwork.

Solar energy expected to outperform other types of energy
Solar energy has, throughout 2022, maintained its leading position as the fastest growing energy source – and the global solar energy market passed an important milestone when at the beginning of the year it was able to mark installations totalling 1 terawatt on a global level. According to industry sources, this figure is expected to double in just three years.

According to the International Energy Agency, solar energy accounted for around 11 per cent of total installed energy capacity in 2021. Around 12,000 gigawatts are expected to be installed by 2050, more than half will be related to solar energy. This also means that solar energy will increase its market share from 11 per cent in 2021 to almost 40 per cent in 2050, and the technology will thus by far outperform all other types of energy.

Read the annual report for 2022 here

Read the sustainability report for 2022 here

For more information, please contact:

Camilla Rose,
Head of Communications & Sustainability, Nordic Solar A/S
Tel.: +45 28 19 29 09
[email protected]

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 dramatically, 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 359 MWp across Europe and has a portfolio of planned development projects of more than 1,8 GW. For more information, see: www.nordicsolar.eu