Norsk Solar AS – Q3 2022 Financial Report

Stavanger, 30 November 2022: The Board of Directors of Norsk Solar AS ("Norsk Solar", OSEBX ticker: NSOL) has approved the accounts for the third quarter of 2022, and the Q3 Financial Report has been published.
     

In the third quarter, Norsk Solar’s consolidated EBITDA was NOK –21.8 million, compared to NOK –3.8 million in the same period last year. The decrease was mainly due to a recognized credit loss provision related to trade and other receivables in Ukraine of NOK 14.8 million. Adjusted for the credit loss provision this quarter, EBITDA ended on negative NOK 7.0 million. 

New power purchase agreement in Q3

Norsk Solar announced the signing of a PPA with Lineage Logistics during the third quarter. The company will invest, build and own two rooftop power plants that will provide 1.8 MW of clean power for the operation of refrigeration facilities in Vietnam. This brings Norsk Solar’s total capacity in long-term offtake agreements with C&I customers in core markets to 37 MW. 

“Norsk Solar continues to execute on our strategy to grow within the commercial sector in target markets. In Q3 we saw strong production numbers, readiness for construction, a new PPA and matured our pipeline of quality projects,” said Norsk Solar CEO, Øyvind L. Vesterdal.

Norsk Solar has also published an updated Company Presentation that investors can download from the company website. 

This information is subject to the disclosure requirements pursuant to Section 5 -12 of the Norwegian Securities Trading Act.

For investors and analysts: 

Sindre Stovner, Interim CFO, Norsk Solar 
+47 917 86 431 | stovner@norsksolar.com

For press and media: 

Christine Corkery Steinsholt, Head of Communications
+47 950 95 481 | christine@norsksolar.com