GlobeNewswire by notified

Report for the three months ended 31 March 2024



  • Power generation in the first quarter amounted to 274 GWh, which is a record high quarterly production for the Company.
  • Sale of the 50 percent interest in the non-core Leikanger hydropower plant in April 2024 for MEUR 53, demonstrating the value of the Company’s underlying asset base and enabling recycling of capital into higher return opportunities.
  • Acquired a greenfield portfolio in January 2024 of up to 180 MW of wind and battery projects in Finland, with land secured for all wind turbine locations and initiation of the first permitting process during the first quarter.
  • Continued to mature the greenfield portfolio, including signing binding land agreements for the first 500 MW of solar and battery projects in Germany and progressing pre-permit work in Germany and in the UK.

Consolidated financials – 3 months

  • Cash flows from operating activities amounted to MEUR 3.0.

Proportionate financials – 3 months

  • Achieved electricity price amounted to EUR 49 per MWh, resulting in proportionate EBITDA of MEUR 5.1.
  • Proportionate net debt of MEUR 91.2, with significant liquidity headroom available through the MEUR 190 revolving credit facility.
  • Increased liquidity headroom by MEUR 30 following the sale of the Leikanger hydropower plant in April 2024.

Financial Summary

Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to show the net ownership and related results of these assets. The purpose of the proportionate reporting is to give an enhanced insight into the Company’s operational and financial results.

Expressed in MEUR
1 Jan 2024-
31 Mar 2024
3 months
1 Jan 2023-
31 Mar 2023
3 months
1 Jan 2023-
31 Dec 2023
12 months
Consolidated financials
Operating profit (EBIT)-1.01.6-17.0
Net result-2.60.0-7.6
Earnings per share – EUR-0.010.00-0.03
Earnings per share diluted – EUR-0.010.00-0.03
Proportionate financials1
Power generation (GWh)274214765
Average price achieved per MWh – EUR496647
Operating profit (EBIT)0.02.6-11.0

1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more details see section Key Financial Data in the Q1 Report 2024.

Comment from Daniel Fitzgerald, CEO of Orrön Energy AB
“We continued to deliver against our strategy in the first quarter 2024, with revenue growth supported by strong operational performance and higher electricity prices. Notwithstanding the exclusion of the Leikanger asset, following its reclassification to asset held for sale in January, we achieved the Company’s highest quarterly power generation of 274 GWh, with good uptime across our asset base and Karskruv online for the full quarter. I am very pleased to see that Karskruv delivered high availability during its first months of operation, and this asset will continue to contribute significant long-term cash flow to the business. We achieved prices of almost EUR 50 per MWh for the quarter, with electricity prices at higher levels at the beginning of the quarter, then impacted by lower prices in March as energy demand eased and Europe filled its gas storage facilities towards the end of the winter months.

We announced the sale of the Leikanger asset in April and the sales price clearly demonstrates the underlying value and attractiveness of our assets to external buyers, and the gap between our share price and the value of our assets. We are always focussed on the best ways to create value and through this divestment we have successfully unlocked significant value from a non-core asset at an attractive price, enabling us to recycle capital into higher return projects. The estimated free cash flow from Leikanger for 2024 was approximately MEUR 2.5 (assuming an achieved price of around EUR 50 per MWh) and the sales price of MEUR 53 represents more than 20 years of undiscounted free cash flow. The proceeds from the sale strengthens our balance sheet, increases our financial capacity to fund growth and enables us to create more value for shareholders over the long term. Following the sale of Leikanger, we are reducing our estimated annual power generation for 2024 from 1,100 GWh to 1,000 GWh.

Maturing our Development Portfolio
During the quarter, we continued to mature our pipeline of onshore wind, solar and battery storage projects and to add more early-stage projects into our Swedish portfolio. At the end of the first quarter, we had received approved building permits for 37 MW of battery projects in Sweden. We acquired a Finnish portfolio of projects, where land has been secured and the permitting process has already been initiated for the largest project. Our development teams continue to lay the foundations for future growth, where, having already secured over 30 GW of grid capacity in the UK, we have secured exclusive access and binding land agreements on multiple projects in the UK and Germany. Given the scarcity of large-scale projects across these countries and the low breakeven cost of our onshore portfolio, I expect these projects to deliver material value for the Company as we monetise projects at key milestones.

Power generation and financial performance
We delivered in line with our expenditure guidance and achieved proportionate revenues of MEUR 13.5, proportionate EBITDA of MEUR 5.1 and ended the period with a proportionate net debt position of MEUR 91.2. In the beginning of 2024, we increased our revolving credit facility from MEUR 150 to MEUR 190. Following completion of the Leikanger sale in early May, our finance facility reduced to MEUR 170 and combined with the sale proceeds of MEUR 53, this leads to a MEUR 30 increase in our liquidity headroom to MEUR 130, giving us ample firepower for acquisitions and growth.

Starting the year in a strong position
We delivered our highest quarterly power generation, good financial results and good progress on our development pipeline. Our focus remains unchanged, creating long-term value for shareholders, and the sale of Leikanger is a perfect example of this and allows us to recycle capital into higher return opportunities. Looking forward, we will continue maturing and growing our project portfolio, adding organic growth opportunities into our pipeline and I am confident that we will be able to continue executing on value accretive opportunities going forwards.”

Listen to Daniel Fitzgerald, CEO and Espen Hennie, CFO commenting on the report and presenting the latest developments in Orrön Energy and its future growth strategy at a webcast held on 14 May 2024 at 14.00 CEST. The presentation will be followed by a question-and-answer session.

Registration for the webcast presentation is available on the website and the below link:

For further information, please contact:

Robert Eriksson
Director Corporate Affairs and Investor Relations
Tel: +46 701 11 26 15

Jenny Sandström
Communications Lead
Tel: +41 79 431 63 68

Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: “ORRON”) renewable energy company within the Lundin Group of Companies. Orrön Energy’s core portfolio consists of high quality, cash flow generating assets in the Nordics, coupled with greenfield growth opportunities in the Nordics, the UK, Germany and France. With financial capacity to fund further growth and acquisitions, and backed by a major shareholder, management and Board with a proven track record of investing into, leading and growing highly successful businesses, Orrön Energy is in a unique position to create shareholder value through the energy transition.

Forward-looking statements
Statements in this press release relating to any future status or circumstances, including statements regarding future performance, growth and other trend projections, are forward-looking statements. These statements may generally, but not always, be identified by the use of words such as “anticipate”, “believe”, “expect”, “intend”, “plan”, “seek”, “will”, “would” or similar expressions. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that could occur in the future. There can be no assurance that actual results will not differ materially from those expressed or implied by these forward-looking statements due to several factors, many of which are outside the company’s control. Any forward-looking statements in this press release speak only as of the date on which the statements are made and the company has no obligation (and undertakes no obligation) to update or revise any of them, whether as a result of new information, future events or otherwise.


To view this piece of content from, please give your consent at the top of this page.
To view this piece of content from, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified


LEADING EDGE MATERIALS APPOINTS KURT BUDGE AS CHIEF EXECUTIVE OFFICER Vancouver, May 19, 2024 – Leading Edge Materials Corp. (“Leading Edge Materials” or the “Company”) (TSXV: LEM) (Nasdaq First North: LEMSE) (OTCQB: LEMIF) (FRA: 7FL) is pleased to announce the appointment of Mr. Kurt Budge as Chief Executive Officer. Chairman Lars-Eric Johansson noted: “The Board is very happy to welcome Kurt to the Company in the role as Chief Executive Officer given his considerable experience leading junior mining companies and especially his knowledge of working in Sweden. The Rare Earth Elements at Norra Kärr makes the project an obvious candidate as a Strategic Project as defined by the EU Critical Raw Materials Act and the Company is focused on applying for this designation. The Exploitation Concession application and environmental work for Norra Kärr are also key priorities. The Company has other Strategic Raw Materials in its portfolio, Natural Graphite at the established mine at Woxna in Swe

Inside Information: Manu Skyttä starts as the President and CEO of Aspocomp Group Plc20.5.2024 08:00:00 CEST | Press release

Aspocomp Group Plc, Inside Information, May 20, 2024, at 9:00 a.m. (Finnish time) Mr. Manu Skyttä, MSc, Aeronautical Engineering, who was appointed as the new President and CEO of Aspocomp Group Plc in February, starts his position today. The Company issued a release on the appointment of Manu Skyttä on February 15, 2024. “We are pleased with the appointment of Mr. Manu Skyttä,” says Ms. Päivi Marttila, Chairman of the Board of Directors. “Manu’s energy and his passion for change and growth, together with his wide experience from different business functions, give him strong competence to develop Aspocomp into the next phase,” adds Päivi Marttila. For further information, please contact Päivi Marttila, Chairman of the Board of Directors, tel. +358 400 285 358. ASPOCOMP GROUP PLC Päivi Marttila Chairman of the Board of Directors Aspocomp – heart of your technology A printed circuit board (PCB) is used for electrical interconnection and as a component assembly platform i

Hexagon Purus and Hino Trucks Introduce Tern: A Pioneering Electric Heavy-Duty Truck20.5.2024 07:00:00 CEST | Press release

Las Vegas, NV, May 20, 2024 – Today at the Advanced Clean Transportation (ACT) Expo, Hexagon Purus in partnership with Hino Trucks, proudly announces the launch of Tern, a dedicated zero-emission truck brand along with their inaugural vehicle model, the RC8, a groundbreaking battery electric Class 8 tractor tailored for the U.S. market. This innovative semi-tractor leverages Hexagon Purus' years of development of zero-emission drivetrains for heavy-duty trucks and represents a driver-preferred option for fleets that are electrifying practical routes. A product of the new long-term agreement between Hexagon Purus and Hino Trucks, valued at up to approximately $2 billion, Tern is designed to deliver a seamless transition to electrification for the U.S. commercial vehicle sector. Manufactured in Hexagon Purus' new facility in Dallas, Texas, the Tern RC8 is scheduled for serial production in late 2024. Built on Hino's proven XL Series 4x2 chassis and equipped with Hexagon Purus' cutting-ed

Udstedelse af RSU program18.5.2024 11:34:18 CEST | pressemeddelelse

I overensstemmelse med bemyndigelsen fra generalforsamlingen den 18. april 2024 har bestyrelsen i dag indført et incitamentsprogram for selskabets bestyrelse. Incitamentetprogrammet er designet og struktureret omkring konceptet med at fastholde medlemmer af bestyrelsen samtidig med at der skabes incitament til en positiv aktiekursudvikling og virksomhedens resultater til gavn for selskabets aktionærer. Incitamentsprogrammet inkluderer Restricted Share Units ("RSU'er"), som giver ret til at deltagerne tildeles et antal aktier svarende til antallet af optjente RSU'er mod betaling af udnyttelseskursen. Programmet er underlagt en række betingelser som deltagerne skal overholde og som betyder at selskabet maksimalt vil skulle udstede 2.025 aktier til kurs 1.056 DKK forudsat at alle betingelser overholdes samt at den enkelte vælger at udnytte sine RSUér. Den beregnede værdi af programmet til den samlede bestyrelse ved brug af Black & Scholes er opgjort til DKK 350.146. Vestingkursen er bereg

Constellation Brands Announces Updated Time of Presentation at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 202418.5.2024 01:05:50 CEST | Press release

VICTOR, N.Y., May 17, 2024 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announces an updated time that Bill Newlands, President and Chief Executive Officer, and Garth Hankinson, Executive Vice President and Chief Financial Officer, will participate in a previously announced fireside chat at the Bernstein 40th Annual Strategic Decisions Conference on Wednesday, May 29, 2024 in New York, NY. The presentation is scheduled to begin at 4:30 p.m. EDT and is expected to cover the company’s strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future. A live, listen-only webcast of the presentation will be available on the company’s investor relations website at under the News&Events section. When the presentation begins, financial information discussed in the presentation, and a reconciliation of reported GAAP financial measures with comparable and other non- GAAP financial mea

HiddenA line styled icon from Orion Icon Library.Eye