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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 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.
Orrön Energy reported a significant USD 12.9 billion gain from the Aker BP transaction, marking its transition into a pure-play renewables company. The company achieved 83 GWh in net power generation with an average power price of EUR 127 per MWh. Orrön boasts a strong financial position with MUSD 124 in cash and no debt. Operationally, the Metsälamminkangas wind farm is fully operational, and the Leikanger hydropower plant exceeded expectations with 53 GWh generated. The Karskruv wind farm is on track to add 290 GWh by year-end.
On August 1, 2022, Orrön Energy Holding AB announced a recommended public offer for Slitevind AB shareholders to tender their shares at SEK 125 each. The acceptance period runs from August 2 to August 23, 2022, with expected settlement around August 31, 2022. The Offer Document is available on their website. Orrön Energy has retained SEB Corporate Finance as a financial adviser, with other legal and tax advisory roles assigned. This offer bolsters Orrön Energy's strategy to enhance shareholder value through expansion in the renewable energy sector.
Orrön Energy Holding announces a recommended public offer to acquire Slitevind AB shares for SEK 125 each, representing a 30% premium over the recent trading average. The offer is endorsed by Slitevind's Board and major shareholders controlling 49.5% of shares. The transaction aims to enhance Orrön’s growth in the Nordics, increasing net power generation to over 1 TWh annually. The acceptance period starts on 2 August 2022 and ends on 23 August 2022. Orrön plans to fund the acquisition through existing reserves and a credit facility.
Orrön Energy announces the passing of former Board member Lukas H. Lundin on July 26, 2022, at age 64 after a two-year battle with brain cancer. A key figure in the Lundin Group, Lukas was influential in the successful transition of Lundin Energy into Orrön Energy. His leadership and vision helped the company grow, employing over 15,000 people and achieving a market capitalization exceeding USD 11 billion. The Lundin family vows to carry on his legacy, emphasizing their commitment as long-term shareholders and their focus on building the companies' successes.