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Orrön Energy AB (LNEGY) reports developments in renewable power generation, project sales, and greenfield energy development. The company is an independent, publicly listed renewable energy business within the Lundin Group of Companies, with cash-flow-generating assets in the Nordics and growth opportunities in the Nordics, the UK, Germany, and France.
Recurring updates cover proportionate power generation, realised electricity prices, solar project disposals, grid connections, municipal approvals, and battery or solar development milestones. Company news also includes annual and quarterly financial reports, shareholder meetings, dividend resolutions, board remuneration, ESG metrics, EU Taxonomy alignment, and other governance matters.
Orrön Energy AB (publ) has announced a decrease in its total number of shares and votes as of 30 August 2024. The company's share count now stands at 285,905,187, following the retirement of 19,427 shares as decided during an extraordinary general meeting on 7 August 2024.
Orrön Energy, listed on Nasdaq Stockholm under the ticker 'ORRON', is an independent renewable energy company within the Lundin Group. The company's portfolio includes cash-generating assets in the Nordics and growth opportunities across the Nordics, UK, Germany, and France. With strong financial capacity and backed by experienced management, Orrön Energy is well-positioned to create shareholder value through the energy transition.
Orrön Energy AB (LNEGY) reported its financial results for the six months ended 30 June 2024. Power generation increased by over 20% to 456 GWh compared to the same period last year, despite being 10% below expectations due to weak wind speeds. The company significantly strengthened its balance sheet by divesting the Leikanger hydropower plant for MEUR 53, reducing proportionate net debt to MEUR 46. Orrön Energy acquired a 500 MW portfolio of early-stage solar and battery projects in Sweden and continued to mature projects from its 40 GW pipeline. Proportionate EBITDA reached MEUR 11.8, with an achieved electricity price of EUR 42 per MWh. The company now expects to deliver between 900 and 1,000 GWh of power generation in 2024, depending on wind speeds in the second half of the year.
Orrön Energy AB held an Extraordinary General Meeting (EGM) on August 7, 2024, in Stockholm. The EGM approved two key resolutions: 1) Amending the Articles of Association to allow for digital general meetings, and 2) Retiring 19,427 treasury shares through a share capital reduction and a bonus issue of SEK 236.36.
Following the share retirement, Orrön Energy's total number of shares and votes will be 285,905,187. The company will issue a press release confirming the new share count after registration with the Swedish Companies Registration Office. Orrön Energy, listed on Nasdaq Stockholm as 'ORRON', is an independent renewable energy company within the Lundin Group, focusing on high-quality assets in the Nordics with growth opportunities across Europe.
Orrön Energy AB (Nasdaq Stockholm: ORRON) has announced the release date for its Q2 2024 financial report. The report will be published on Thursday, August 8, 2024, at 07:30 CEST, followed by a webcast at 14:00 CEST. During the webcast, CEO Daniel Fitzgerald and CFO Espen Hennie will comment on the report and discuss recent developments in the company.
Orrön Energy is an independent, publicly listed renewable energy company within the Lundin Group. Its core portfolio includes high-quality, cash flow generating assets in the Nordics, along with growth opportunities in the Nordics, UK, Germany, and France. The company is well-positioned for growth and acquisitions in the energy transition sector.
Orrön Energy AB has announced an Extraordinary General Meeting (EGM) on August 7, 2024, at IVA Konferenscenter in Stockholm. The meeting will start at 14:00 (CEST), with registration opening at 13:30 (CEST). Shareholders can vote in person, by proxy, or through postal voting. Key agenda items include the amendment of the Articles of Association to allow digital meetings and the reduction and subsequent increase of share capital through the retirement of 19,427 treasury shares. Shareholders must confirm attendance by August 1, 2024, through various means provided. Detailed proposals and additional documents are accessible on Orrön Energy's website and at their Stockholm office.
On May 15, 2024, Orrön Energy AB held its Annual General Meeting (AGM) in Stockholm. The AGM approved the 2023 financial statements and discharged the Board of Directors and CEO from liability. It was resolved that no dividends will be paid for 2023, and the remuneration report and revised nomination committee process were approved. Board members Grace Reksten Skaugen, Jakob Thomasen, Peggy Bruzelius, William Lundin were re-elected, and Mike Nicholson was newly elected. The AGM approved an Employee Long-Term Incentive Plan (LTIP) for options up to 5,300,000 shares, and authorized the Board to issue new shares or convertible debentures up to 28,500,000 shares. Further, Ernst & Young AB was re-elected as the Company’s auditor, and shareholders rejected a minority proposal.
Orrön Energy reported record-high Q1 power generation of 274 GWh. The company sold its 50% stake in Leikanger hydropower plant for MEUR 53 in April 2024, enhancing liquidity.
Orrön acquired a portfolio of wind and battery projects in Finland and progressed solar and battery projects in Germany and the UK. Q1 financials showed MEUR 3.0 cash flow from operations and MEUR 5.1 EBITDA with significant liquidity headroom of MEUR 190.
Despite a lower revenue of MEUR 12.3, Orrön aims for long-term growth through strategic divestments and new project developments.
Orrön Energy AB will release its Q1 2024 financial report on May 14, 2024, followed by a webcast where the CEO and CFO will discuss the report and developments. Orrön Energy, listed as 'ORRON' on Nasdaq Stockholm, is an independent renewable energy company with a strong portfolio in the Nordics and growth opportunities in the UK, Germany, and France.
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