Nordic Solar’s Q1 loss widens due to lower power production, prices

Danish solar company Nordic Solar A/S reported a 45% year-on-year increase in its loss for the first quarter of 2024 to EUR 6.1 million (USD 6.61m) and blamed it on reduced electricity production and lower electricity prices.

Revenue in the first three months of the year, came in at EUR 7.6 million, down from EUR 10.2 million a year earlier. The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped 43% to EUR 2.96 million, the company’s interim financial statement shows.

“Revenue in the first quarter of 2024 was impacted by lower electricity prices and production levels as a consequence of lower-than-expected irradiation due to poor weather across Europe and unusually high curtailment in solar parks in Poland. Combined with higher staff costs, this led to reduced profitability of the operational portfolio,” said CEO Nikolaj Holtet Hoff.

At the end of March, Nordic Solar’s portfolio of operational assets stood at 469 MWp across 23 sites, while its project pipeline reached 2,083 MWp across 36 projects.

Looking ahead, Nordic Solar reaffirmed its annual forecast for revenue of EUR 57 million-69 million and EBITDA of EUR 36 million-48 million in 2024.

(EUR 1 = USD 1.084)

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