Q3 2024 Financial Report, Norsk Renewables

27 Nov 2024 22:39 CET

Q3 Update: Advancing Growth and Sustainability

In Q3, Norsk Renewables made significant strides in securing future growth and
sustainability by advancing our project pipeline in South Africa and nearing the
completion of our solar PV plants in Brazil. These efforts are integral to our
mission of “Making the Shift to Renewable Energy Effortles” and delivering
long-term value for our shareholders.

Strategic Developments in South Africa
In August, we proudly announced our investment in Great Karoo Phase 1 (Pty) Ltd,
a project company that owns a major renewable energy initiative in South Africa.
This project, comprising 281 MWac of wind, 225MWac of solar PV and a BESS
element represents a strategic milestone in our growth journey. It marks the
first step in a broader 915 MWp portfolio we are building in the country in
partnership with Valinor and NexGrid(previous Musina Flair Generation). This
joint ventu reunderscores our commitment to South Africa’s renewable energy
transition and aligns with our strategy to create impactful, scalable energy
solutions in key markets.
Our South African projects have garnered strong interest from the capital
market, both debt and equity. Over the coming months, we plan to bring these
financing interests to firm agreements to support further development,
construction and ensure successful project execution.

Progress in Brazil
In Brazil, we are on the brink of completing our flagship solar PV projects. The
successful completion of these assets will unlock critical cash flow, providing
the financial flexibility needed to drive our broader growth initiatives and
strengthen our global portfolio.

Strategic Adjustments for Sustainable Growth
To navigate the evolving market landscape, we are implementing key strategic
changes, including reallocating capital towards high-priority projects. This
approach ensures that resources are directed where they will have the most
significant impact, maximizing returns and supporting our long-term goals.

Looking Ahead
Our focus remains on developing our project pipeline in South Africa, finalizing
key assets in Brazil, and optimizing our operations to position Norsk Renewables
for sustained success. These strategic actions are not just about meeting
immediate objectives; they are about laying the groundwork for resilience,
competitiveness, and long-term value creation. Thank you for your continued
support as we work to realize our vision for a more sustainable and renewable
future.

Warm regards,
Torbjørn Elliot Kirkeby-Garstad
CEO, Norsk Renewables

More information:
Access the news on Oslo Bors NewsWeb site

633343_Norsk Renewables Company update 27 11 2024.pdf
633343_Q3 Financial Report Norsk Renewables AS, 271124.pdf