Danish solar company Nordic Solar A/S reported a Q3 performance dip, with a 50.5% year-on-year decline in net profit, primarily attributed to significantly lower electricity prices. Despite an uptick in operational capacity and increased power production, the impact of reduced electricity prices from the previous year's highs took a toll, according to Nordic Solar.
As of the end of Q3 2023, the company boasted 390 MWp of operational solar capacity across Europe, representing a 20% year-on-year increase. Power plants generated 165 GWh of electricity during the reporting period, marking a 14% rise compared to the previous year. The portfolio of projects in development and under construction also expanded to 1,915 MWp from 1,784 MWp in the corresponding period a year earlier.
In response to the year-to-date revenue, Nordic Solar revised its full-year forecast downward, expecting revenues between EUR 57 million (USD 62.6m) and EUR 63 million, narrowed from the previous range of EUR 57 million to EUR 67 million. The EBITDA range has also been adjusted to EUR 34 million to EUR 39 million, from the previous forecast of EUR 32 million to EUR 39 million.
Nordic Solar additionally announced strategic actions, expressing plans to invest more in the development of its own greenfield projects and battery energy storage solutions over the next three to five years. This move aims to enhance resilience to energy price fluctuations and boost competitiveness. The company intends to raise capital in early 2024 to secure additional funding during 2024-2025.
