Highlights Q1 2024
Due to the seasonality in power production, Q1 revenues and profitability are significantly lower than Q2 and Q3. Power production in Q1 was 1 254 MWh, 27 per cent below budget, due to lower than expected irradiation, but this has limited impact on the yearly production since Q1 is only representing 11 per cent of expected full-year production.
EBITDA for the period came at a loss of NOK 3.6 million. Dutch operations delivered a positive EBITDA of NOK 0.1 million, Italy and Singapore had a positive EBITDA of NOK 0.2 million, while Norway had an EBITDA loss of NOK 3.9 million due to Norwegian project development costs.
Energeia delivered the concession application for the Seval Skog power plant to NVE on 4 March. NVE has started the application approval procedure and a public town-hall meeting is scheduled for 17 June.
YTD 2024 Energeia has delivered notification, including a proposal for environmental impact assessment, for an additional 370 MWdc of solar PV power plants projects in Norway to NVE.
Net cash flow in Q1 2024 was negative with NOK 2.6 million, decreasing Group cash position to NOK 28.2 million at the end of the period.
Energeia AS has decided to terminate the management agreement with EAM Solar ASA . Going forward both Group of companies will focus on their core business. The termination period is 12 months and Energeia will assist the board of EAM to establish a self-sufficient governance structure during this period.
For further information, please contact:
CEO, Viktor Jakobsen, email: viktor@energeia.no and telephone: +47 916 11 009
Deputy CEO, Jarl Egil Markussen, email: jarl@energeia.no and telephone: +47 480 23 214
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.