Norsk Solar AS - 2H 2021 financial report

Stavanger, 23 March 2022: The Board of Directors of Norsk Solar AS (“Norsk Solar”, OSEBX ticker: NSOL) has approved the annual accounts for the second half of 2021, and the 2H 2021 Financial Report has today been published. 

During the period, consolidated revenues ended at NOK 6.8 million (9.2). Norsk Solar's 2H consolidated EBIT was NOK -23.2 million (-9.6), driven by increased costs for project development activity, combined with an almost doubling of the number of employees, in line with the company’s growth plan. The consolidated net loss for 2H 2021 ended at NOK -20.6 million (-23.4) in line with expectations. Cash by the end of the year was NOK 86.8 million.  

Completion of Vietnam project and organizational growth

Highlighted activities in the period included the completion of a 11 MW rooftop solar project in Vietnam, the signing of a 37 MW development agreement in Brazil, and recruitment of several key roles necessary for growth.

"Norsk Solar is well on our way to becoming the go-to provider of solar solutions in targeted emerging markets. Throughout 2021 we doubled our team and are positioned for rapid growth. With a strong pipeline of C&I projects and financing partners who are ready to co-invest in upcoming projects, I am fully confident that we are on-track to reaching our goal of 2 GW under management in 2025," says Øyvind L. Vesterdal, CEO of Norsk Solar.  

For the full year 2021, Norsk Solar’s consolidated revenues and EBIT reached NOK 13.6 million (11.7) and NOK -32.2 million (adjusted for one-offs) (-12.4), respectively.

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