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 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.
Orrön Energy reported a robust Q3 2022, marking its first quarter as a pure play renewables company. Key highlights include:
- Cash flow from operating activities of MUSD 5.4 and net cash of MUSD 10.8.
- Proportionate power generation of 83 GWh at EUR 177 per MWh, leading to a proportionate EBITDA of MUSD 10.8.
- Estimated annual power generation increased to 700 GWh with projections rising to 1,100 GWh by 2024.
- Acquisition of Slitevind and other transactions added over 500 GWh of estimated annual power generation.
Orrön Energy AB has announced the formation of its Nomination Committee for the 2023 Annual General Meeting (AGM) scheduled for May 4, 2023, in Stockholm. The committee comprises members including Ian H. Lundin and Grace Reksten Skaugen. Key responsibilities include making recommendations on the election and remuneration of board members and auditors. Shareholders can propose motions to the committee until January 30, 2023. Orrön Energy is positioned for growth within the renewables sector, leveraging its asset portfolio in the Nordics.
Orrön Energy AB has completed acquisitions that add approximately 30 GWh of net annual production in Sweden's price area SE3. The transactions, worth 9 MUSD, increase Orrön's ownership to 67% in the 36 MW wind farm Näsudden Väst and 37% in the 27 MW wind farm Stugyl, both located in Gotland. Expected yearly net production is projected at 750 GWh in 2023 and over 1 TWh annually from 2024 with the full operation of the Karskruv project. CEO Daniel Fitzgerald emphasizes the strategic rationale behind these acquisitions.
On August 1, 2022, Orrön Energy announced a public offer to acquire Slitevind's shares for SEK 125 each. By the end of the acceptance period on September 5, 2022, Orrön secured 96.5% of Slitevind's shares, resulting in a compulsory buy-out procedure for remaining stakeholders. Settlement for shares tendered during this period is expected around September 13, 2022. Slitevind's shares are to be delisted from Nasdaq First North Growth Market. Orrön Energy is set to enhance its asset portfolio through this acquisition.
Orrön Energy announced a recommended public offer for Slitevind AB, proposing SEK 125 in cash per share. The offer has been accepted by shareholders holding 91.0% of Slitevind’s shares. All conditions for the offer's completion have been met, with settlement for shares tendered expected by August 31, 2022. The acceptance period has been extended to September 5, 2022, allowing more shareholders to participate. Additionally, Orrön Energy plans a compulsory buy-out for remaining shares and intends to delist Slitevind from Nasdaq First North Growth Market.
Orrön Energy Holding AB announced a recommended public offer to acquire all shares in Slitevind AB for SEK 125 per share. The initial acceptance period for the offer ended on 23 August 2022, with preliminary counts indicating that approximately 91% of shareholders accepted the offer. The completion of the offer depends on Orrön Energy acquiring more than 90% of Slitevind's shares. The final count of shares tendered is expected to be released on or around 24 August 2022.