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Norsk Renewables
Norsk Renewables (NSOL) investor relations material
Norsk Renewables has been delisted
Norsk Renewables Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary27 Nov, 2024
Executive summary
Vertically integrated independent power producer with solar, wind, and storage, focusing on South Africa, Brazil, and Vietnam.
Advanced project pipeline in South Africa, including Great Karoo (281 MWac wind, 225 MWac solar) and Nyakallo Solar Park (262 MWac), as part of a 915 MWp portfolio with Valinor and NexGrid.
Nearing completion of flagship solar PV projects in Brazil, expected to unlock critical cash flow and support global growth.
Majority owner Valinor (67%) supports a game-changing utility-scale portfolio in South Africa.
Experienced management team with over 50 years of combined renewables and emerging markets experience.
Segment performance
South Africa: 97 MW operational/under construction, 1,180 MWac in active development, and 500 MWac in screening pipeline.
642 MW of advanced offtake pipeline, with 366 MW of signed PPA Heads of Terms and 276 MW in progress.
Brazil: Flagship solar PV projects near completion, expected to enhance cash flow and financial flexibility.
Ukraine: Semypolky plant fully operational but faces challenging conditions and continued write-offs on receivables.
Sale of Origo 2 to Nordic Impact Cooperation AS, reducing PP&E by NOK 35.3 million.
Financial highlights
Q3 2024 net loss of NOK 6.2 million, an improvement of NOK 9.7 million from Q3 2023, mainly due to lower costs and improved finance income.
EBITDA for Q3 was minus NOK 6.3 million, up from minus NOK 13.4 million in Q3 2023.
Year-to-date loss of NOK 38.0 million, improved from NOK 43.5 million last year.
Revenue in Q3 2024 was NOK 6.9 million, mainly from the Semypolky plant and management fees.
Total assets at 30 Sep 2024: NOK 148.4 million; equity attributable to owners: NOK 27.7 million.
Update on South Africa project financing agreements
Expected impact of Brazil projects on cash flow
Mitigating risk from Ukraine unpaid receivables
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Frequently asked questions
Norsk Renewables AS, formerly known as Norsk Solar, is a Norway-based independent power producer specializing in renewable energy solutions. The company focuses on developing, building, owning, and operating solar photovoltaic power plants, which supply clean energy to commercial clients and state utilities under long-term contracts. Its portfolio includes both operational projects and those under construction, with additional development in solar, wind, and energy storage. The company is headquartered in Stavanger, Norway, and its shares are listed on the Oslo Stock Exchange.
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