Increased power production capacity and solid construction pipeline

28 Aug 2024 09:05 CEST

Småkraft, Europe’s largest small-scale hydroelectric producer, is today
releasing its results for the first half of 2024. The production capacity grew
by 43 GWh to 2133 GWh in the half year, and with 325 GWh of signed contracts for
modifications of existing and constructions of new powerplants, the expansion is
set to continue.

In the first half of 2024, power production reached 860 GWh, marking an 11
percent rise compared to the same period the previous year. The decrease in
electricity prices limited power revenue, resulting in a 26 percent decline in
adjusted operating profit (adj. EBITDA) to EUR 12.8 million.

Impacted by power price hedging and currency effects, profit after tax for the
half year was EUR 2.2 million up from EUR -0.5 million in the corresponding
period last year.

“Småkraft is currently the largest developer of renewable energy production in
Norway, and I am happy to report that we continue to expand our capacity as
planned. We work closely with landowners and local municipalities to further
utilize smaller water streams in a sustainable and environmentally friendly way
and backed by a robust financial position, supported by our owners, we will
continue to grow significantly also in the years to come,” says CEO Terje
Vedeler in Småkraft.

Småkraft currently has more than 20 power plants under construction, and during
the first half of 2024, 29 landowner contracts for development of power stations
were signed. In March Småkraft joined forces with Sunnhordland Kraftlag to
develop three powerplants with a total capacity of 89 GWh through a joint
venture. Småkraft draws on various sources of financing, and during the first
half, the main bank facility was successfully refinanced for another period of
three years. The loan is EUR 160 million
and represents a EUR 17.5 million increase in loan capital.
For Småkraft, a healthy balance between energy production and the environment is
crucial, and Småkraft strives to continuously limit environmental risks and
impact during both construction and production. The Fosstveit powerplant in
Agder was reopened in 2024 following significant investments to eliminate
negative consequences for the local biodiversity.

“The Fosstveit project demonstrates our commitment to preserving nature and
biodiversity. Even though modifying the plant required a significant investment,
we are confident it will yield both environmental and financial benefits in the
future,” says Terje Vedeler.

Please find enclosed the First half report 2024 for Småkraft.

For more information, please contact: Terje Vedeler, CEO, + 47 907 26 568

Facts about Småkraft AS:
• Owns and operates 235 small-scale hydroelectric power plants in Norway and
Sweden.
• Production capacity of 2.1 TWh annually.
• Collaborates with more than 1,100 landowners
• 32 employees across offices in Bergen, Sandnes, Harstad, Verdal, Dale, Førde
and Gävle, Sweden.

More information:
Access the news on Oslo Bors NewsWeb site

626414_2024-08-27-Smakraft-AS-PwC-Halvtårsrapport.pdf
626414_Småkraft 1H 24 interim report.pdf