Orrön adds 30 GWh net annual production

Source: press release, 3 October 2022

CEO of Orrön Energy, Daniel Fitzgerald
CEO of Orrön Energy, Daniel Fitzgerald (photo: Orrön Energy)

Orrön Energy AB has announced the completion of previously announced acquisitions, adding approximately 30 GWh of net annual production in price area SE3 in Sweden.

The acquisition agreements were entered into and announced by Slitevind AB* in June 2022 and consist of an additional 27% interest in the 36 MW wind farm Näsudden Väst, and an additional 10% interest in the 27 MW wind farm Stugyl. The total consideration for both transactions amounts to USD 9 million and it takes the company’s net ownership to 67% in Näsudden Väst and 37% in Stugyl and adds approximately 30 GWh of net annual production in the SE3 price area. Both wind farms are situated on Gotland at locations well known for their favourable wind conditions.

Following these acquisitions, the expected yearly net production will be 750 GWh in 2023 and in excess of 1 TWh per annum from 2024 onwards when the Karskruv project in southern Sweden is fully operational.

Daniel Fitzgerald, CEO of Orrön Energy comments, “These acquisitions are perfect examples of the strategic rationale behind the Slitevind deal, where we are able to increase our ownership in existing wind farms, increasing production and benefitting from operational synergies. I am confident that with Orrön Energy’s balance sheet, team and network we will continue to see more consolidation and organic growth opportunities from our portfolio moving forward.”

*Orrön Energy currently owns 96.5% of the shares in Slitevind AB and has initiated a compulsory buy-out procedure in order to acquire the remaining shares.