Q2 2024, Norsk Renewables

29 Aug 2024 12:30 CEST

In Q2, the company continued its efforts to secure future growth and
sustainability, with focus on expanding our project pipeline. Our efforts have
been concentrated in South Africa and Brazil. The development of a robust
project pipeline in South Africa and the completion of our solar PV plants in
Brazil are integral to our growth strategy.

The development of our significant project pipeline in South Africa is a key
pillar of our growth strategy, with several high-potential projects identified
that are poised to deliver substantial long-term value for our shareholders. As
these projects advance to maturity, securing additional capital will be
essential to move forward with construction and completion, aligning with the
Company’s strategic objectives.
Our business model and the potential of our South African projects have captured
strong interest from the capital market which will be explored further in the
coming period.

In Brazil, we are on the verge of completing our key projects. The successful
completion of these projects will unlock essential cash flow, which will fuel
and support our broader growth initiatives across the company.

To navigate the current market landscape and position the company for sustained
growth, we are implementing several strategic changes. These include the
reallocation of capital towards high-priority projects, the initiative of
raising capital for the South African projects, and the adjustment of our
operational strategies to better align with market demands. The reallocation of
capital is being done with a focus on maximizing returns and ensuring that our
resources are deployed where they can have the most significant impact.
In August 2024, Norsk Renewables received approval for a new grant from Norad
for up to NOK 15 million for development work in Africa.

As we look ahead, our primary objective is to strengthen our company for future
growth. By securing our project pipeline in South Africa, completing key assets
in Brazil, and making strategic adjustments to our operations, we are confident
in our ability to deliver long-term value to our shareholders and stakeholders.
The strategic steps we are taking today are laying the foundation for sustained
success, ensuring that our company remains resilient and competitive in the
years to come.

More information:
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626580_29082024 Q2 Financial Report Norsk Renewables AS .pdf