Norsk Solar AS - Q4 2022 Financial Report

22 Mar 2023 07:00 CET

Stavanger, 22 March 2023: The Board of Directors of Norsk Solar AS ("Norsk
Solar", OSEBX ticker: NSOL) has approved the accounts for the fourth quarter of
2022, and the Q4 Financial Report has been published.

In the fourth quarter, Norsk Solar's consolidated EBITDA was NOK -10.8 million,
compared to NOK -14.0 million in the same period last year. EBITDA ended at a
negative NOK 43.3 million year to date compared to negative NOK 28.1 million for
the same period last year. This is mainly due to (1) credit loss provision
related to Ukraine accumulated to NOK 12.8 million, (2) increased operating
expenses due to organizational growth and (3) deconsolidation effect from the
Vietnam project, being reflected in income from associated from August. Adjusted
EBITDA YTD without one-offs related to Ukraine is negative NOK 30.5 million.

Construction start on 18 MW solar PV plant in Brazil

During Q4, Norsk Solar reached an important milestone, breaking ground on the
first sites of the company's portfolio of projects in Brazil. The plants have a
production capacity of 18 MWp and will generate 25 years of recurring revenue
from corporate offtaker Origo Energia.



"Norsk Solar continues to execute on our strategy to grow within the commercial
sector in target markets. Our growing track record and strong partnerships are
helping us finance and secure maturing opportunities in the pipeline," said
Norsk Solar CEO, Øyvind L. Vesterdal.



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



Contact:

Øyvind L. Vesterdal. CEO
+47 900 70 126 | ov@norsksolar.com

More information:
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