Orrön Energy Release Consolidated Financials for 2024
London, February 12, 2025, (Oilandgaspress) –––• 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.
Year End Report 2024
Highlights
The Company added a total of 50 GWh of annual long-term proportionate power generation through acquisitions in 2024, reflecting a five percent increase in long-term power generation, of which 20 GWh was added in the fourth quarter.
• Power generation amounted to 907 GWh for the year, in line with the updated outlook, and power generation of 287 GWh during the fourth quarter marks the Company’s highest ever quarterly production.
• Reached the ready-to-permit milestone for the Company’s first large-scale project in the UK, a 1.4 GW solar and 500 MW battery project, and initiated a sales process to assess divestment options.
• Achieved carbon neutrality for Scope 1 and 2 carbon emissions.
Consolidated financials – 12 months
• Cash flows from investing activities amounted to MEUR 32.6 and was positively impacted by the sale of the Leikanger hydropower plant in the second quarter.
• Cash flows from operating activities amounted to MEUR -6.3.
Proportionate financials – 12 months
• Achieved electricity price amounted to EUR 34 per MWh, which resulted in a proportionate EBITDA of MEUR 7.0.
• Proportionate net debt of MEUR 65.0, with significant liquidity headroom available through the MEUR 170 revolving credit facility.
Proportionate financials – 12 months
• Achieved electricity price amounted to EUR 34 per MWh, which resulted in a proportionate EBITDA of MEUR 7.0.
• Proportionate net debt of MEUR 65.0, with significant liquidity headroom available through the MEUR 170 revolving credit facility
| Expressed in MEUR | 1 Jan 2024- 31 Dec 2024 12 months | 1 Oct 2024- 31 Dec 2024 3 months | 1 Jan 2023- 31 Dec 2023 12 months | 1 Oct 2023- 31 Dec 2023 3 months |
| Consolidated financials | ||||
| Revenue | 25.7 | 7.1 | 28.0 | 8.4 |
| EBITDA | -1.6 | -2.5 | -5.1 | -0.9 |
| Operating profit (EBIT) | -17.5 | -6.3 | -17.0 | -4.4 |
| Net result | -13.3 | -6.6 | -7.6 | 8.0 |
| Earnings per share – EUR | -0.05 | -0.02 | -0.03 | 0.03 |
| Earnings per share diluted – EUR | -0.05 | -0.02 | -0.03 | 0.03 |
| Proportionate financials1 | ||||
| Power generation (GWh) | 907 | 287 | 765 | 226 |
| Average price achieved per MWh – EUR | 34 | 30 | 47 | 43 |
| Operating expenses per MWh – EUR | 17 | 14 | 18 | 16 |
| Revenue | 30.7 | 8.7 | 36.2 | 9.6 |
| EBITDA | 7.0 | 0.1 | 5.3 | 1.3 |
| Operating profit (EBIT) | -12.9 | -4.8 | -11.0 | -3.2 |
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 Year End Report 2024.
Comment from Daniel Fitzgerald, CEO of Orrön Energy AB
“2024 marks another year of good progress despite challenging market conditions. We added around 50 GWh of long-term annual power generation through value-accretive acquisitions in Sweden, strengthened our balance sheet with the sale of the Leikanger hydropower asset, and launched our first sales process in the UK having reached the ready-to-permit stage on a project with 1.4 GW solar generation capacity and a 500 MW battery. In response to the volatile market conditions experienced in 2024, we initiated voluntary production curtailments across a portion of our portfolio, and started providing ancillary services to the market via some of our windfarms. These initiatives have helped us to reduce the impact of negatively priced hours and take advantage of alternative revenue streams. We remain focused on delivering profitable growth and are consistently looking for ways to improve performance during challenging market environments.
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