Stavanger, 31 August 2022: The Board of Directors of Norsk Solar AS ("Norsk Solar", OSEBX ticker: NSOL) has approved the annual accounts for the second quarter of 2022, and the Q2 2022 Financial Report has been published.
      

In the second quarter of 2022, Norsk Solar's consolidated EBITDA was NOK -2.6 million, compared to NOK -6.4 million in the same period last year.

Revenue in Q2 ended at NOK 5.7 million, an increase from NOK 4.4 million during Q2 2021. Total consolidated production during the quarter was 24% higher than the same period last year, due to the addition of power plants in Vietnam that began producing in 2022.

The revenue from Vietnam, combined with an unrealized currency gain, stabile operating costs and the maturation of projects in the pipeline resulted in a net profit of NOK 2.4 million in Q2.

"We have consistently increased production and are advancing projects under development. During the second quarter we were focusing on getting the first plants in Brazil ready for construction. We are also excited about the strengthening of our partnership with Norfund, putting us in a solid financial position to invest in and deploy on new projects as they reach maturation," said Norsk Solar CEO, Øyvind L. Vesterdal.

Subsequently to the quarter, Norfund, the Norwegian Investment Fund for Developing Countries, joined Norsk Solar and Finnfund as an equity partner in Nordic Impact Cooperation AS. In July, the Board of Directors of Nordic Impact Cooperation also announced an investment decision for six solar PV plants with a capacity of 18 MW in Brazil. 

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

About Norsk Solar

Norsk Solar delivers the power to build a better world. We provide clean, renewable solar solutions to corporate and industrial (C&I) entities in emerging markets. Our high-quality solar PV solutions produce cost-efficient and reliable electricity, helping companies meet their sustainability targets by cutting carbon emissions.  Norsk Solar is an independent solar power producer with over 100 MW in operation or under development in high-growth markets, targeting 2 GW under management in 2025. 
 
The company was established in 2017 in Stavanger, Norway, and today has more than 30 employees representing 15 nationalities. Norsk Solar has a presence in Norway, South Africa, Brazil, and Vietnam. Read more at www.norsksolar.com.