Highlights Q3 2024
Nine months 2024 group revenues were NOK 53.6 million and EBITDA was NOK 1.3 million.
The Netherlands contributed with 88 per cent of group consolidated revenues. 20 per cent from power production and 68 per cent from energy installation and services. Energeia Netherlands delivered a nine-month EBITDA of NOK 8.6 million.
Nine months operating cost of the Norwegian operations was NOK 19.8 million, of which NOK 7.7 million was capitalized as development cost of projects. With management revenues of NOK 4.6 million, Norwegian operations resulted in a negative EBITDA of NOK 7.6 million.
Energeia has invested NOK 64 million in project development of solar PV power plants in Norway since 2022. NOK 20.2 million has been capitalized as development costs. The development portfolio with agreements consists of 18 projects.
9 projects are in various stages of formal concession application process with the Norwegian Water Resources and Energy Directorate (NVE). The 9 projects represent a combined portfolio of approximately 580 MW installed capacity, 700 MWh in annual power production, and NOK 4 billion in gross investment.
Energeia delivered the first formal notice to NVE in 2021, and the first concession application in December 2022. Energeia is still waiting for a decision on the concession applications from NVE. With a continuous delay in public authority processes to receive concessions, Energeia may consider to conduct temporary cost reduction measures in the Norwegian operation.
As previously announced, Energeia may need to secure additional liquidity to support a continued project development in Norway.