June 11, 2023


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The President works for Norsk Solar

Øyvind L. Vesterdal is Norsk Solar’s third-largest owner, but he won’t be CEO anymore. Instead, Torbjørn Elliot Kirkeby-Garstad steps in — and right on the spot.

Vesterdal helped found the company in 2017, and has served as CEO since the beginning.

In 2021, during the height of the euphoria for growth companies, Norsk Solar is listed in Oslo Børs. Since then, the course has been unfortunate, down more than 60 percent.

Since the new year, the company has become 30 percent less valuable.

But after news of the director’s change broke Tuesday morning, shareholders sat back to lick their wounds. At 1 p.m., the stock rose more than 9 percent to NOK 2.51.

Norsk Solar develops and operates solar parks in emerging markets such as Vietnam, Pakistan and Brazil. Norsk Solar also has operations in Ukraine, but the operation will not be affected by the war.

Last year ended with a loss of NOK 67 million on a turnover of NOK 14 million.

He thinks the successor is a boost

– I am pleased to announce Torbjørn as our new CEO. I have done my part for this fine company and, after careful dialogue with the Board of Directors, I am proud to hand over the reins to a suitable successor. With Torbjørn’s strategic focus and experience, I am confident in Norsk Solar’s growing ability to execute and develop new and existing projects. This is a clear boost for the company that should lead to significant growth, Vesterdal says in a press release.

Kirkeby-Gärstad must have 16 years of experience as an investor in renewable energy. Vesterdal will help him until August to make the transition smoother.

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Finansavisen was unable to obtain any comment from Vesterdal.