Norsk Renewables (NSOL) Q3 2024 earnings summary

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.