Orrön Energy Announce Year End Report 2022
Highlights
• Built a portfolio of operating assets through seven acquisitions, transforming the Company’s business in Sweden and increasing annual power generation by over 500 GWh to a total of 800 GWh by year end 2022
• Established an experienced organisation and organic growth platform in Sweden with the knowledge, network and competence to operate and optimise the asset base, continue growing through acquisition and extend asset lifetimes through repowering, life extension and expansion projects
• The Karskruv project remains on track for completion by end 2023 with construction activities ahead of schedule and will deliver an additional 290 GWh of annual power generation, bringing the Company’s annual estimated power generation to 1,100 GWh from 2024 onwards
• Added new opportunities to increase the power generation capacity of the Company including greenfield projects, and expansion projects with wind, solar and battery storage within the existing asset base, with the aim of becoming a full cycle renewable company with a significant long-term growth pipeline
• In early 2023, the Company expanded its geographical footprint to France and Germany in addition to the Nordic portfolio with the intention of expanding further into Europe
Consolidated financials
• Cash flow from operating activities amounted to MUSD 13.7 for the quarter, an increase from MUSD 5.4 in the previous quarter
Proportionate financials
• Proportionate1 power generation amounted to 168 GWh for the quarter, representing a 100 percent increase compared to the previous quarter
• Achieved price for the quarter amounted to EUR 88 per MWh, resulting in proportionate EBITDA of MUSD 9.7
• Low proportionate net debt of MUSD 13.1 at year end, with debt capacity of over 250 MUSD to fund further growth
Financial Summary2
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.
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