Orrön Energy AB report for the nine months ended 30 September 2022
Orrön Energy owns renewables assets directly and through joint ventures and associated companies and is presenting proportionate financials to showcase 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.
Highlights
- Orrön Energy’s first quarter as a pure play renewables company delivered strong financial results with cash flow from operating activities of MUSD 5.4, and net cash of MUSD 10.8 at the end of the period
- Proportionate1 power generation amounted to 83 GWh for the third quarter 2022 at an average achieved price of EUR 177 per MWh including Slitevind AB’s (publ) (“Slitevind”) production from 1 September 2022, resulting in a proportionate EBITDA of MUSD 10.8
- With the addition of Slitevind from September 2022, and the additional five transactions completed or signed post the reporting period end, the Company has increased its estimated annual power generation by over 500 GWh since 1 July at an average acquisition price of MUSD 0.9 per MW installed capacity
- Estimated annual power generation for Orrön Energy’s asset base is currently 700 GWh, further increasing to 800 GWh in 2023 bringing the total power generation in 2024 to 1,100 GWh once Karskruv is online
- The Karskruv project remains on track to deliver an additional 290 GWh of annual power generation from 2024
All power generation estimates assume average meteorological conditions and may vary from period to period
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