Norsk Solar AS - Q3 2022 Financial Report

30 Nov 2022 07:00 CET

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 (https://norsksolar.com/investor
-relations/).



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

More information:
Access the news on Oslo Bors NewsWeb site

576983_Q3_2022_Financial_Report_Norsk_Solar_AS_1_.pdf