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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.
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Orrön Energy AB has released its report detailing payments made to governments in 2022. This comprehensive overview highlights the company's financial contributions and is available for download at www.orron.com. As an independent renewable energy company, Orrön Energy is part of the Lundin Group and focuses on cash-generating assets in the Nordics while pursuing growth opportunities in Europe. The company is well-positioned for future growth, backed by significant financial capacity and experienced management.
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Orrön Energy AB has announced its Annual General Meeting (AGM) set for 4 May 2023, at Södra Teatern, Stockholm. Shareholders can vote in person, through a proxy, or by postal voting, with deadlines for registration and voting set for 27 April 2023. The agenda includes key items such as the election of board members, approval of financial statements, and a proposal for a long-term incentive plan (LTIP) involving 7 million share options for management. The meeting will also address the issuance of up to 7.35 million warrants to secure obligations under the LTIP, permitting the board to authorize new share issues up to 28.5 million shares, potentially leading to a 10% dilution.
Orrön Energy AB announces its expansion into the UK, securing grid connections for early-stage renewable energy projects. Following previous expansions to France and Germany, this initiative adds solar and battery storage projects to its European portfolio. The UK expansion aims to create a long-term growth pipeline, complementing the company's Nordic operations. Led by a knowledgeable development team, Orrön Energy's entry into the UK market marks a significant strategic move in its goal to strengthen its presence across the renewable energy lifecycle.
Orrön Energy achieved significant growth in annual power generation, increasing from 300 GWh to 800 GWh through strategic acquisitions in Sweden.
They report a projected power generation of 1,100 GWh starting in 2024 due to the Karskruv project, which is on schedule for completion by the end of 2023.
In Q4, cash flow from operating activities rose to MUSD 13.7, up from MUSD 5.4. Proportionate revenue reached MUSD 15.3 with an EBITDA of MUSD 9.7.
Orrön plans to expand its footprint in Europe, targeting projects in France and Germany while enhancing operations in the Nordics.
Orrön Energy AB will release its financial report for the fourth quarter and full year 2022 on February 15, 2023, at 07:30 CET. Following this, a Capital Markets Day presentation will occur at 14:00 CET, featuring CEO Daniel Fitzgerald and CFO Espen Hennie. The session will cover recent developments and future growth strategies, including a Q&A segment. The presentation will be accessible via this link.