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Year End Report 2023 - Seite 3
Growing our Development Portfolio
During the fourth quarter, we continued to grow our pipeline of onshore wind, solar and battery storage projects. Our large-scale greenfield projects in the UK and Germany continue to mature as per
plan, where we have progressed further exclusivity agreements for land and commenced important pre-permitting and grid related work. This large-scale portfolio is a key part of the growth story for
Orrön Energy and with scarcity and significant valuations for large-scale derisked projects, I am sure that this will have a material impact for the Company as we monetise these assets.
Our portfolio in the Nordics also continued to grow during the period, where we now have a secured pipeline of almost 500 MW of solar, wind and battery projects. Our battery portfolio is quickly maturing towards investment decisions and at year-end we had submitted building permits for almost 40 MW of battery projects in Sweden, of which 20 MW have already been approved by local authorities, and our first 1 MW project has commenced construction.
In January 2024, we acquired around 180 MW of ready to permit wind assets across four sites in Finland, where we retain the option to build out the projects ourselves, or to sell down should market conditions remain favourable. With land secured for all wind turbine locations, we intend to start the first permitting process during 2024, aiming to reach ready-to-build in 2027. As with all of our projects, the timing and size of the final projects depends on successful derisking as they mature towards key milestones.
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Laying the foundation for future growth
Looking back at 2023, I am proud of the achievements that we have made and the foundation that we have established in such a short period of time since the initial inception of the Company. Our
acquisitions in 2022 and 2023 are now fully integrated into our business and through expanding the capability and competence of our teams over the last 12 months, we are now generating growth
opportunities organically, which will form the basis for value creation over the long term. Looking further into 2024, our operational portfolio and cash generation is much stronger with Karskruv
online, our development teams have an exciting activity plan for the year and with increased financial firepower and market conditions improving, there are more opportunities for value accretive
acquisitions.