Brief: Orron Energy Delivers In Line With Guidance For The Reporting Period

Orron Energy AB

08/11/2023 07:11

Nov 8 (Reuters) - Orron Energy AB  ORRON.ST :
    * OUR BUSINESS CONTINUED TO GROW DURING Q3, ADDING SCALE TO
OUR
GREENFIELD PIPELINE AND ADDITIONAL PRODUCTION INTO OUR PORTFOLIO
    * I AM PLEASED TO SEE PROGRESS IN OUR UK BUSINESS WHERE WE
HAVE
SECURED A PIPELINE OF OVER 30 GW OF GRID CONNECTIONS FOR SOLAR
AND BATTERY PROJECTS
    * ORRÖN ENERGY’S OPERATING PORTFOLIO CONSISTS OF
HIGH-QUALITY,
CASH GENERATING RENEWABLE ENERGY ASSETS IN THE NORDICS WITH AN
ESTIMATED  POWER GENERATION OF 800 GWH IN 2023
    * WE HAVE ALSO SEEN GREAT PROGRESS AT KARSKRUV PROJECT WHERE
WE
ARE EXPECTING HANDOVER AT END OF NOVEMBER
    * THE WIND FARM KARSKRUV, WHICH IS UNDER DEVELOPMENT IN
SOUTHERN
SWEDEN, IS IN FINAL COMMISSIONING  STAGES, WITH COMMERCIAL
HANDOVER EXPECTED AT THE END OF NOVEMBER 2023
    * MARKET CONDITIONS WERE NOT FAVOURABLE DURING Q3 2023 WHERE
RENEWABLES SECTOR FACED CONTINUED HEADWINDS, WITH SUSTAINED LOW
ENERGY PRICES, RISING INTEREST RATES AND INCREASING INFLATIONARY
PRESSURE
    * ONCE ONLINE, KARSKRUV IS SET TO INCREASE THE ESTIMATED
ANNUAL
POWER GENERATION TO 1,100 GWH
    * PROJECT DELIVERY AT KARSKRUV WIND FARM HAS BEEN EXCELLENT,
WITH
FINAL COMMISSIONING UNDERWAY AND HANDOVER EXPECTED AHEAD OF
SCHEDULE TOWARDS END OF NOVEMBER 2023
    * SINCE INCEPTION WE HAVE BEEN BUILDING A PIPELINE OF
ONSHORE
WIND, SOLAR AND BATTERY STORAGE PROJECTS
    * DURING THE THIRD QUARTER, PERMITS  WERE GRANTED IN SWEDEN
FOR 14
MW OF BATTERY PROJECTS, WITH AN ADDITIONAL 15 MW OF BATTERY AND
SOLAR PROJECTS AWAITING FINAL DECISIONS  FROM THE MUNICIPALITIES
    * LOOKING BACK OVER THE PAST YEAR, WE HAVE ADDED MORE THAN
100 GWH
TO OUR OPERATIONAL PORTFOLIO  THROUGH VALUE ACCRETIVE
ACQUISITIONS, WHICH HAVE BEEN POSSIBLE DUE TO OUR STRONG
NETWORKS IN SWEDEN
    * THIS FORMS A KEY PART OF OUR  STRATEGY TO STEADILY GROW
OUR
PORTFOLIO OF CASH FLOW GENERATING ASSETS AT ATTRACTIVE TERMS
    * GUIDANCE: CO DELIVERED IN LINE WITH GUIDANCE FOR THE
REPORTING
PERIOD
    * SAYS LOOKING AHEAD TO THE REST OF THE YEAR AND INTO 2024,
I SEE
A LOT OF POSITIVE TRIGGERS WITHIN THE BUSINESS THAT WILL ALLOW
US TO CONTINUE  TO CREATE VALUE

Source text for Eikon:  ID:nGNE9JzJgK 
Further company coverage:  ORRON.ST 

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