Årsredovisning 2023

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2023 
ANNUAL and
SUSTAINABILITY 
Report

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Annual and 
Sustainability
Report 2022
Annual and 
Sustainability
Report 2023
Introduction
Highlights 2023 2 
Words from the CEO 4
Letter from the Chair 5
 
Directors’ Report
Corporate structure 6
Operational and financial review 7
Share information 10
Sustainability Report 11
Risk management  17
Corporate Governance Report 20
Financial Statements and Notes
Financial statements of the Group 33
Notes to the financial statements of the Group 39
Financial statements of the Parent Company  63
Notes to the financial statements of the 
Parent Company 69 
Board assurance 72
Auditor’s report 73
Additional Information
Key financial data  77
Alternative performance measures 78
Definitions and abbreviations 79 
Shareholder information 80
This report constitutes the Annual and Sustainability 
Report for Orrön Energy AB (publ), company registration 
number 556610-8055. All numbers and updates in this 
report relate to the financial year 2023, unless otherwise 
specified. Amounts from 2022 are presented in brackets. 
This Annual and Sustainability report describes Orrön 
Energy’s financial performance and contribution 
to sustainability and consists of pages 6–72. The 
Directors’ Report comprises pages 6–19. Orrön Energy’s 
Sustainability report as required by Chapter 6 section 11 
of the Swedish Annual Accounts Act, is presented on 
pages 11–16.
The English version of this report is a translation of the 
Swedish original.
References to “Orrön Energy” or “the Company” 
pertain to the Group in which Orrön Energy AB (publ) 
is the parent company or to Orrön Energy AB (publ), 
depending on the context.

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Creating value through the 
energy transition
Orrön Energy is an independent, publicly listed (Nasdaq Stockholm: 
“ORRON”) renewable energy company within the Lundin Group of 
Companies. Orrön Energy’s core portfolio consists of high quality, 
cash flow generating assets in the Nordics, coupled with greenfield 
growth opportunities in the Nordics, the UK, France and Germany. 
With significant financial capacity to fund further growth and 
acquisitions, and backed by a major shareholder, management 
and Board with a proven track record of investing into, leading and 
growing highly successful businesses, Orrön Energy is in a unique 
position to create shareholder value through the energy transition.

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• 2023 marks Orrön Energy’s first full year as a renewable energy business, solidifying its position as a full cycle renewable
energy company active in all stages of the life cycle with a significant long-term growth pipeline
• Power generation amounted to 765 GWh for 2023, and the year ended with the Company’s highest quarterly power
generation, including one month of contribution from Karskruv
• The Karskruv wind farm was completed and handed over at the end of November 2023, ahead of schedule and on budget
adding 290 GWh of estimated annual power generation in the SE4 price region
• Successfully established greenfield growth platforms across five countries, with a 40 GW pipeline of onshore wind, solar and
battery projects, led by local teams with significant development experience
• Continued to grow the business through four acquisitions of producing assets, which have been fully integrated into the
organisation and operational portfolio
• Initiated and matured a range of stand-alone greenfield and co-located renewable projects in the Nordics, with permits
submitted for 40 MW of battery storage and solar projects, out of which permits enabling 20 MW of battery projects have been
obtained
• Secured a MEUR 150 revolving credit facility, which was subsequently increased to MEUR 190 in January 2024, at attractive terms
and conditions providing further capacity to fund growth
Consolidated financials
• Cash flows from operating activities amounted to MEUR 13.1
Proportionate financials 
• Achieved electricity price amounted to EUR 47 per MWh, resulting in proportionate EBITDA of MEUR 5.3
• Proportionate net debt of MEUR 92.4 at year end, with significant liquidity headroom available through the revolving credit
facility
Financial Summary
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.
Expressed in MEUR 2023 2022
Consolidated financials 
Revenue 28.0 13.8 
EBITDA -5.1 4.5 
Operating profit (EBIT) -17.0 1.0 
Net result -7.6 27.4
Earnings per share – EUR -0.03 0.10
Earnings per share diluted – EUR -0.03 0.10
Proportionate financials 1
Power generation (GWh) 765 335
Average price achieved per MWh – EUR 47 120
Revenue 36.2 40.0 
EBITDA 5.3 20.7 
Operating profit (EBIT) -11.0 14.7 
1 Proportionate financials represent Orrön Energy’s proportionate ownership (net) of assets and related financial results, including joint ventures. For more 
details on the alternative performance measures, presented in addition to the consolidated financial reporting in line with IFRS, see section Key Financial 
Data on page 77.
INTRODUCTION 
Highlights 2023

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Proportionate financials
Revenue and results 
In addition to the consolidated financial reporting in line with IFRS, the Group provides proportionate financial reporting, which 
forms part of the alternative performance measures that the Group presents. Proportionate reporting is aligned with the Group’s 
internal management reporting, analysis and decision making.
Proportionate financials represent Orrön Energy’s proportionate share of all the entities in which the Group holds an ownership.
This is different to the consolidated financial reporting under IFRS, where the results from entities in which the Group holds an 
ownership of 50 percent or less are not fully consolidated but instead reported on one line, as share in result from associates 
and joint ventures. All entities in which the Group holds an ownership of more than 50 percent are fully consolidated in the 
financial reporting presented under IFRS.
Expressed in MEUR 2023 2022
Power generation (GWh) 765 335
Average price achieved per MWh – EUR 47 120
Revenue  36.2 40.0 
Other income  0.8 4.0 
Operating expenses  -13.5 -6.7 
G&A expenses 1  -18.2 -16.6 
EBITDA  5.3 20.7 
Depreciation  -16.3 -6.0 
Operating profit/loss (EBIT)  -11.0 14.7 
1  Includes legal and other fees of MEUR 7.1 (MEUR 5.9) incurred for the defence of the Company and its former representatives in the Sudan legal case and 
a non-cash expense for long-term incentive plans of MEUR 2.3 (MEUR 1.3) for the year.  
Proportionate revenues amounting to MEUR 36.2 (MEUR 40.0) for the year included revenues from the Company’s operational 
assets in the Nordics and include the revenue generated by the Karskruv wind farm since commercial takeover at the end 
of November 2023. The Leikanger hydropower plant contributed to the revenues for the full year 2022, the MLK wind farm 
contributed from 1 April 2022 and the asset portfolio from Orrön Energy Sweden contributed from 1 September 2022. 
EBITDA amounted to MEUR 5.3 (MEUR 20.7) for the year, with increased power generation being more than offset by lower 
electricity prices and higher operating costs linked to the larger asset base. 
Proportionate operating expenses amounted to MEUR 13.5 (MEUR 6.7) for the year. 
The Group operates in various countries and fiscal regimes where corporate income tax rates are different from the regulations 
in Sweden. Corporate income tax rates for the Group vary between 13.7 and 20.6 percent for the majority of the business in 2023 
with the exception of Norway. Following a change to the hydropower tax regime in Norway in late 2022, the Leikanger hydropower 
plant is subject to a tax rate of 67 percent. This change consists of an eight-percentage point increase in ground rent tax, 
effective retroactively from 1 January 2022. The additional 23 percent levy in Norway on electricity sold at a price exceeding 
NOK 700 per MWh effective from 28 September 2022 was terminated from 1 October 2023. 
INTRODUCTION | Highlights

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2023 has been an important year in 
establishing the foundations for Orrön 
Energy, where we delivered record levels 
of production, completed and took over 
the Karskruv wind farm and established 
a 40 GW pipeline of onshore greenfield 
projects in wind, batteries and solar. 
We are off to a strong start in 2024 with 
a robust balance sheet, significant 
financial capacity and an exciting 
activity set ahead of us.
Looking back over the past year, I am proud of what we have 
managed to achieve in laying the foundations for a company 
that will deliver sustained and long-term value creation for 
shareholders. In the summer of 2022, we began our journey as 
a pure play renewable company with two producing assets 
and an estimated annual power generation of 300 GWh. 
Since then, we have successfully completed 14 transactions 
including acquiring producing assets and project portfolios, 
added significant competence and local expertise to our 
teams, completed the Karskruv wind farm project ahead of 
schedule and added 800 GWh of annual power generation 
to our portfolio. We have also established a 40 GW project 
pipeline across five countries, and diversified our portfolio with 
the addition of solar and battery storage projects. Although we 
have achieved a lot in a short period of time, we are only at the 
beginning of our growth journey and I am very excited about 
the opportunities that lie ahead of us.
Strategically positioned for value creation
Our business strategy focuses on two core areas; building a 
portfolio of cash-generating assets and developing a large-
scale pipeline of projects. The strengthening of our organisation 
has been a key priority for us this year, as we have focused on 
building high-quality teams with local knowledge and long-
term experience in the renewable energy sectors in Sweden, 
Finland, the UK, Germany and France. Our teams possess a 
wide network and knowledge that enables us to identify and 
pursue accretive opportunities that are often not accessible to 
the wider market, which is a clear differentiator for Orrön Energy. 
We have already seen the benefits of this network in the number 
and quality of transactions and opportunities that we have been 
able to execute on in the short time the Company has been in 
operation. 
Our diversified portfolio of operational assets in the Nordics 
remains a core strength of our business, providing stable and 
long-term cash flows, which increase significantly now that the 
Karskruv wind farm is online. We delivered 765 GWh of power 
generation in 2023, and ended the year with the Company’s 
highest quarterly power generation, with only one month of 
contribution from Karskruv. Karskruv is a key strategic asset 
for us, which increases our estimated power generation by 40 
percent to 1,100 GWh in 2024, and lowers our unit operating cost 
by 20 percent to EUR 15 per MWh. We remain active in the market 
for accretive deals and aim to continually increase our power 
generation profile through acquisition.
In early 2023, we established a greenfield development business 
in the UK, Germany and France with an ambition to develop large 
scale solar and battery projects from inception. I am really proud 
of what the team has been able to deliver in such a short time 
assembling a project portfolio of around 40 GW. We are already 
seeing strong interest in our early-stage pipeline, where we will 
seek to monetise projects upon reaching key milestones and 
before incurring any significant development costs. Given the 
scarcity and valuation for large-scale de-risked projects in each 
of these countries, I am confident that this will have a material 
impact for the Company as we demonstrate our ability to 
develop and monetise these assets. 
At the beginning of 2024, we increased our revolving credit facility 
from MEUR 150 to MEUR 190, demonstrating the quality of our asset 
base and the confidence from our banking syndicate on the 
value of our portfolio. This finance facility, combined with our cash 
position, means we have around MEUR 100 of available liquidity, 
giving us the flexibility and financial firepower to take advantage 
of favourable market conditions and acquisition opportunities as 
they arise.
In the fall of 2023 the trial in the Swedish District Court related 
to the Sudan legal case commenced, marking the beginning 
of the end for this process. My views regarding the case remain 
unchanged and, if anything, have been strengthen by what I have 
seen so far in Court. This case is completely unfounded and there 
is no basis for any allegations of wrongdoing by the Company or 
any of its former representatives. I remain fully convinced that this 
case will end in the full acquittal of the defendants and dismissal 
of all claims against the Company. It really is a shame that we 
have tied up so much valuable time and resources for a process 
that lacks the substance and credibility to enter the Courts in the 
first place.
Another exciting year ahead
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 inception of the Company. Looking 
further into 2024, our operational portfolio and cash generation is 
much stronger with Karskruv online, our development teams have 
a promising activity plan for the year and with increased financial 
firepower and market conditions improving, there are more 
opportunities for value accretive acquisitions.
I want to thank all of our shareholders for your support during 
2023, and look forward to delivering what is set to be an exciting 
year for the Company in 2024.
Daniel Fitzgerald
Chief Executive Officer
INTRODUCTION 
Words from the CEO

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Orrön Energy’s first full year as a pure-
play renewables business marks an 
important milestone in the Company’s 
history. During the year the Company 
solidified its position as a full cycle 
renewables company and has proven 
its ability to grow and create new 
opportunities both organically and 
through acquisitions. The strategy 
continues to be aimed at taking 
advantage of opportunities created 
through the energy transition, to 
support long-term value creation for 
shareholders.
As we exit 2023, we do so from a position of resilience – with 
high-quality renewables assets in the Nordics, a significant 
pipeline of greenfield opportunities and solid financial 
capacity to fund further growth. Since transforming into a 
pure renewables company in the summer of 2022, Orrön 
Energy has grown its power generation by over 250 percent 
and developed into a full cycle renewables business active 
in all stages of the energy lifecycle. The Company has 
also added technologies such as batteries and solar to its 
development pipeline and expanded into new geographies, 
further diversifying the Company’s portfolio. However, this 
is only the beginning of our journey and I expect further 
important steps to be taken in 2024 and beyond to strengthen 
the foundation for long-term growth and start to crystallise 
the value created from the Company’s development projects.
Increasing demand for renewable energy
The demand for renewable energy is set to accelerate in the 
coming years, mainly driven by efforts to decarbonise energy 
systems and through an intensified electrification of transport 
and industry. The need for new green transportation fuels, 
such as ammonia and hydrogen, further add to the demand 
for renewable energy. This development is underpinned by 
various international climate goals, the EU’s climate targets and 
national climate commitments. It is easy to forget that coal still 
dominates as the largest source of electricity generation at a 
global level, and this will need to change rapidly if we are to 
limit the effects of global warming whilst maintaining economic 
growth and access to affordable and reliable energy. 
The energy transition will require a significant increase of 
renewable energy generation, with wind and solar being 
highlighted as crucial technologies to achieve these objectives. 
Given the intermittency of renewable energy, batteries and 
other forms of short and long duration storage will play an 
increasingly important role in the energy transition. All these 
technologies form a core part of the Company’s business 
model, and I am proud that Orrön Energy is already making a 
respectable contribution to mitigating the effects of climate 
change, by delivering clean energy from renewables and 
increasing the supply of renewable energy through project 
development.
While the energy transition is set to increase the demand for 
renewable energy and create significant opportunities, it will not 
be without challenges. Energy systems need to be transformed 
to manage the intermittency of renewable energy generation 
and the imbalance between supply and demand brings volatile 
electricity prices. During the year, electricity prices normalised 
from the unsustainable peak levels experienced on the back 
of the energy crisis in 2022. However, there are no guarantees 
that we will not experience similar market shocks again, as we 
have not yet solved the fundamental challenges facing our 
energy systems. In the second half of 2023 we saw the opposite 
situation, where high hydrological balances in Sweden and 
Norway as a result of storm Hans contributed to electricity 
prices reaching historically low levels during the months 
following the storm. However, despite the price volatility of the 
last two years, we are likely to see future electricity prices settle 
at higher levels than the long-term historical averages, to drive 
the energy transition. The Company’s resilient business model 
and good financial capacity is a core strength when it comes to 
managing short-term volatility in electricity markets.
Beginning of the end of the Sudan legal case
On 5 September, the trial against two former Company 
representatives started at the Stockholm District Court in 
relation to Lundin Energy’s legacy operations in Sudan between 
1999 and 2003. The Company’s objections to the seriously 
flawed investigation by the Swedish Prosecution Authority are 
well-known and I firmly believe that the trial will end in a full 
acquittal of all parties. The start of the trial undoubtedly marks 
the beginning of the end of a process that should never have 
been allowed to be taken this far. After having spent time with 
Ian Lundin and Alex Schneiter in Court and through keeping up 
to date with the ongoing developments, I am more convinced 
than ever that the outcome will be a full acquittal of both 
individuals and that no forfeiture of economic benefits or 
corporate fines will ever become payable. It is incomprehensible 
that Ian and Alex will have to spend 2.5 years in Court to reach 
the end of this painful process. 
2023 has certainly not been without challenges, and I know that 
you – our fellow shareholders – are well aware of that. However, 
I remain very excited about the opportunities ahead as we 
have a strong platform for growth for the decade to come 
and beyond. I would like to thank all our shareholders for your 
support as we look forward to an exciting year ahead!
Grace Reksten Skaugen
Chair of the Board of Directors
INTRODUCTION 
Letter from the Chair

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DIRECTORS’ REPORT
Directors’ Report
Orrön Energy AB (publ) Reg No. 556610-8055
The address of Orrön Energy AB’s registered office is 
Hovslagargatan 5, Stockholm, Sweden. Orrön Energy is an 
independent renewables company with operations in the 
Nordics, the UK, Germany and France. The Parent Company 
has no foreign branches.
Changes in the Group
The Group has from 1 January 2023 changed its presentation 
currency from US dollar to Euro to better reflect the economic 
environment in which the Company operates. Assets and 
liabilities, for each period presented, have been translated 
at closing rate of the respective balance sheet date. 
Income and expenses for each period presented have been 
translated at average rate for the period and all resulting 
exchange differences have been recognised in other 
comprehensive income.
In 2022, Orrön Energy Holding AB, a wholly-owned subsidiary 
of Orrön Energy AB (publ), made a public offer to acquire all 
shares in Slitevind AB (publ) (“Slitevind”) for SEK 125 in cash per 
share. The offer was accepted by shareholders owning 96.5 
percent of all shares and votes in Slitevind. The remaining 
shares have been acquired in 2023 through a compulsory 
buy-out procedure, in accordance with the Swedish 
Companies Act. Slitevind has subsequently been renamed 
Orrön Energy Sweden AB (“Orrön Energy Sweden”). 
On 30 June 2022, Orrön Energy, then named Lundin Energy, 
completed a transaction to combine the Company’s 
exploration and production (“E&P”) business with Aker BP. 
The result of this transaction is shown as discontinued 
operations in the comparative income statement for 2022. 
In addition, the comparative statement of cash flows shows 
the cashflow from discontinued operations. Through this 
transaction, the shareholders of the Company received cash 
totalling USD 2.2 billion and 271,908,589 shares in Aker BP, and 
retained their shareholding in Orrön Energy. The combination 
was carried out as a statutory cross-border merger in 
accordance with Norwegian and Swedish law, through which 
Aker BP absorbed Lundin Energy MergerCo AB (publ), which 
at the time of the completion contained the Company’s E&P 
business. Shortly before the merger and completion of the 
transaction, the shares in Lundin Energy MergerCo (publ) were 
distributed to the Company’s shareholders as a so called lex 
asea dividend. 
Orrön Energy AB (publ) (SW)
Jurisdiction
Germany
United Kingdom
Finland
France
Norway
Sweden
Switzerland
(DE)
(UK)
(FI)
(FR)
(NO)
(SW)
(CH)
Leikanger Kraft AS 
(NO)
Orrön Energy 
Sweden AB
(SW)
Orrön Energy SA 
(CH)
Orrön Energy 
Finland Holding AB
(SW)
Orrön Energy 
Finland Oy
(FI)
Orrön Energy Dévelopement 
France SAS 
(FR)
 
Orrön Energieprojekte 
GmbH
(DE)
 
Orrön Energy 
Development Ltd
(UK)
Orrön Energy
Greenfield AB
(SW)
Orrön Energy
Finance AB 
(SW)
Note: The Group structure shows significant subsidiaries only. 
See the Parent Company Financial Statements Note 8 for full 
legal names and all subsidiaries.
Subsidiaries are 100% owned unless otherwise stated. 
Orrön Energy 
Holding AB (SW)
Metsälamminkangas 
Wind Oy 
(FI)
Karskruv Vind AB 
(SW)
50%90%
70% 50%
Corporate structure on 31 December 2023

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DIRECTORS’ REPORT
Operational Review
Operational assets
The Company’s proportionate power generation amounted to 
765 GWh for the year. This was slightly below expectation due 
to lower-than-average windspeeds and adverse weather 
conditions across the Nordics. The newly constructed Karskruv 
wind farm contributed with approximately one month of 
power generation with production in line with expectations.
Realised electricity price amounted to EUR 47 per MWh for the 
year. Out of the realised electricity prices, guarantees of origin 
accounted for EUR 4 per MWh for the year. The Company is 
awarded and sells guarantees of origin for all of its power 
generation, certifying that the electricity has been produced 
from renewable energy sources. The weighted average 
regional electricity price for the Company’s power generation 
during the year amounted to EUR 54 per MWh. The variance 
to the Company’s realised electricity price is explained by 
‘capture price discounts’, which occur in any given period 
where a majority of power is generated during periods of low 
prices relative to the average spot price for the same period. 
The realised price for the year included EUR 2 per MWh positive 
impact from historical hedges linked to acquired companies.
Proportionate operating expenses amounted to MEUR 13.5 for 
the year, which was in line with guidance.
Sweden
The Company has a diversified portfolio consisting of 
ownership in 230 operational wind turbines in more than 50 
sites across Sweden, which have an estimated proportionate 
annual power generation in 2024 of around 800 GWh and a 
total net installed capacity of around 300 MW. A majority of 
the assets are situated in the SE3 and SE4 price areas. Power 
generation from the Swedish portfolio was slightly below 
expectation during the year, due to lower-than-average wind 
speeds. 
The largest producing asset in the Swedish portfolio is 
the Karskruv wind farm, which was completed and taken 
over for commercial operations at the end of November 
2023. Karskruv has an estimated annual power generation 
of 290 GWh, which is generated from 20 Vestas turbines 
with a total installed capacity of 86 MW. The project has 
an availability warranty in place, which guarantees the 
availability of the turbines through their operational life of 
approximately 30 years and gives the Company protection 
against downtime and outages. The wind farm is situated in 
the SE4 price area.
Another large production hub for the Company is situated at 
Näsudden on Gotland, which is a pioneering region for wind 
power in Sweden and where the Company has its operational 
office. The production hub consists of ownership in five wind 
farms, with a combined power generation of around 150 GWh. 
The Näsudden hub is situated in the SE3 price region.
Finland
The Company owns 50 percent of the Metsälamminkangas 
(MLK) wind farm and 100 percent of a 9 GWh wind farm 
located in Hanko in Finland. MLK has an estimated gross 
annual power generation of around 400 GWh, which is 
generated from 24 GE turbines with a total installed capacity 
of 132 MW. The wind farm has an estimated operational 
life of around 30 years and has been in operation since 
the end of March 2022. An availability warranty is in place, 
which guarantees the availability of the turbines through 
their operational life and gives the Company protection 
against downtime and outages. Power generation from MLK 
was below expectation during the year, due to lower-than-
expected wind speeds.
Norway
At year end 2023, the Company owned 50 percent of the 
Leikanger hydropower plant in Norway, which is situated 
in the NO5 price area. In April 2024, the Company entered 
into an agreement to sell its 50 percent interest in the 
Leikanger hydropower plant. Leikanger has an estimated 
gross annual power generation of around 200 GWh per 
annum, which is generated from a single turbine with a 
total capacity of 77 MW. It has been operational since 2020 
and has an estimated operational life of approximately 
60 years. As the asset is a run-of-river hydropower plant, 
the power generation is variable depending mainly on the 
rate of snow melt during the spring and summer months, 
and precipitation conditions during the autumn season. 
Power generation from Leikanger during the year was below 
expectation, due to low levels of precipitation.
Project pipeline
During the year, the Company has taken further steps to 
develop its growth platforms, and has progressed a long-
term pipeline of projects. This includes laying the foundation 
for greenfield project developments in onshore wind, 
solar and battery storage solutions and maturing growth 
opportunities in the operational portfolio. The Company 
has established a presence in all stages of the renewable 
lifecycle and will continue to develop its project pipeline.
Karskruv project
The Karskruv wind farm was completed and taken over for 
commercial operations at the end of November 2023, and 
the wind farm has since produced in line with expectations. 
Project execution and delivery has been excellent and ahead 
of schedule throughout the project. During the first quarter, 
civil construction works, including foundation casting and 
anchor tensioning were completed. In the second quarter, the 
turbine supplier installed all 20 wind turbines, approximately 
one month ahead of schedule, and grid connection works 
were completed. In the third quarter, work to energise and 
connect all turbines to the grid was finalised. Handover 
inspections for all turbines as well as civil and electrical 
works were completed during the fourth quarter, leading to a 
commercial handover ahead of schedule.
Development projects - Nordics
In the Nordics, the Company has identified a range of stand-
alone greenfield as well as co-located project opportunities, 
ranging from early stage projects in the screening phase, 
through to projects with construction permits in place 
moving towards investment decisions. The identified project 
opportunities are across proven and low-cost onshore 
technologies; wind energy, solar energy and battery storage, 
which when realised will diversify the Company’s power 
generation capacity and revenue streams. 
The Company is working on securing project rights and the 
necessary land, grid connections and permits for identified 
projects and is continuously exploring opportunities to 
grow its project pipeline. The Company is working on a 
wide range of opportunities to organically grow its portfolio, 
optimise power generation and crystalise further value from 
its operational assets, which includes projects aimed at 
extending asset lifetimes, re-powering and consolidation of 
ownership shares.
During the year, work has been ongoing to progress a 
number of projects within the Company’s operational 
portfolio. This includes adding complementary technology of 
solar and battery storage solutions to wind power facilities to 
optimise the grid utilisation. At the end of 2023, the Company 
had submitted permit applications for 40 MW of battery

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storage and solar projects, out of which permits enabling 
battery projects up to 20 MW have been obtained. 
The Company is working towards having its largest wind 
farms, MLK and Karskruv, set up to provide ancillary services 
to the grid. MLK is in the late stage of implementation work 
to delivering ancillary services. Activities to determine the 
feasibility are ongoing for the Karskruv wind farm. 
In Finland, the Company acquired an early stage greenfield 
portfolio in the beginning of 2024, consisting of four wind 
energy projects with an estimated installed capacity of up to 
180 MW. The greenfield projects are at an early stage, where 
land agreements have been secured for all planned wind 
turbine locations, the first permitting process is expected to 
start in 2024 and the projects aim to reach ready-to-build 
in 2027. Final project realisation for all development projects 
is dependent on a number of factors, such as permitting, 
fulfilment of projects milestones and commercial viability. 
The Company has an opportunistic approach to realising 
value from this portfolio and will seek to monetise projects 
upon reaching key milestones subject to prevailing market 
conditions at the time.
Development projects - UK, Germany and France
In the beginning of 2023, the Company expanded its 
geographical footprint in Europe and established a business 
focusing on developing onshore solar and battery projects 
in the UK, Germany and France. These countries have high 
ambitions to increase renewable generation and represent 
attractive markets for developers with strong regulatory 
support, high electricity prices, low political and operational 
risk and a robust investor universe. The Company’s greenfield 
business is led by an experienced development team, with 
a proven track-record in greenfield project origination and 
development in these markets.  
The Company’s strategy is to develop large-scale greenfield 
solar and battery projects to key milestones aiming to divest 
prior to incurring significant development and construction 
costs. The large-scale nature of the projects means the 
projects are very attractive for large landowners and enables 
the Company to secure land further away from each 
substation location. During 2023, the Company’s focus has 
been on originating and growing the early stage pipeline 
while establishing and strengthening the core teams in each 
country. 
In the UK, the Company has secured a portfolio of grid 
connections with a capacity of 24 GW for solar projects 
and 12 GW for co-located battery projects, with expected 
grid energisation dates between 2030 and 2040. The 
grid connections are located in favourable areas for 
development, based on extensive screening of key criteria 
such as irradiation, grid capacity, land availability and 
constraint mapping. The UK has a high permitting success 
rate for projects and in addition, large-scale projects benefit 
from increased regulatory support as nationally significant 
infrastructure projects (NSIP). Having already secured grid 
connections, the Company has secured land exclusivity 
agreements and is in negotiations for multiple other projects. 
The portfolio is at an early stage and final project realisation 
will depend on a number of factors, such as access to land, 
permitting, fulfilment of project milestones and commercial 
viability.
In Germany, the Company has initiated land acquisition work 
in targeted regions which have been chosen based on a 
range of key criteria, such as irradiation, grid capacity and 
land availability. The Company has successfully originated 
a pipeline of 3.1 GW of battery projects and 0.8 GW of solar 
projects, and secured multiple exclusivity contracts for 
land. For the most advanced projects, initial pre-permit 
assessments and grid capacity requests are underway. 
Pending a successful outcome of such early assessments, 
the Company will move towards binding land agreements 
and continue with additional pre-permit work to reach the 
ready-to-permit stage. 
In France, the Company has carried out early stage land 
availability studies as well as high level grid surveys. The 
Company has also identified key areas based on irradiation, 
land availability and grid capacity and is working to secure 
land for its first projects.
Transactions 
Orrön Energy’s strategy is to invest in renewable energy 
projects and pursue value accretive opportunities in the 
energy transition to grow and optimise its portfolio. 
In February 2023, the Company entered into an agreement to 
acquire an additional 15 percent ownership in the wind farm 
Långås, which takes the Company’s interest to 32.5 percent. 
The transaction adds an estimated annual power generation 
of 3 GWh and 1.2 MW installed capacity in price area SE4.
In February 2023, the Company entered into agreements, 
focusing on developing brownfield and greenfield projects in 
Finland, France and Germany. 
In March 2023, the Company entered into an agreement, 
focusing on developing greenfield projects in the UK.
In June 2023, the Company entered into an agreement 
to acquire additional minor ownership stakes in the Kulle, 
Storugns and Klinte wind farms. The transaction adds an 
estimated annual power generation of 1.3 GWh and 0.5 MW 
installed capacity in the price area SE3. 
In June 2023, the Company entered into an agreement to 
acquire a company which has minority ownership stakes in 
five different wind farms in Sweden. The transaction adds an 
estimated annual power generation of 4.4 GWh and 1.4 MW 
installed capacity in price areas SE3 and SE4. The transaction 
was completed in July 2023.
In September 2023, the Company entered into an agreement 
to acquire a company which has various ownership stakes 
in six different wind farms in Sweden. The transaction adds 
an estimated annual power generation of 10.2 GWh and 5 
MW installed capacity in price area SE4. The transaction was 
completed in October 2023.
Transactions after year end
In January 2024, the Company entered into an agreement 
to acquire a greenfield portfolio consisting of four wind 
development projects in Finland, with a total installed 
capacity of up to 180 MW. 
In April 2024, the Company entered into an agreement to sell 
its 50 percent interest in the Leikanger hydropower plant for 
an enterprise value of MNOK 613, approximately MEUR 53, to 
the existing partner Sognekraft Produksjon AS. The transaction 
is expected to complete in the second quarter of 2024.
DIRECTORS’ REPORT | Operational Review

===== SIDA 11 =====

9
Revenue and results
EBITDA for the year amounted to MEUR -5.1 compared to 
MEUR 4.5 in the prior year and was impacted by lower 
share in result from associates and joint ventures, and 
higher operating expenses resulting from increased power 
generation, partly offset by revenue from power generation 
increasing to MEUR 28.0 compared to MEUR 13.8 in the prior 
year. The Karskruv wind farm was taken over for commercial 
operations at the end of November 2023 and contributed 
with approximately one month to the earnings in 2023. Orrön 
Energy Sweden, fully consolidated since the acquisition on 
31 August 2022, started to contribute to the financial results 
on 1 September 2022 providing a four-month contribution to 
the prior year’s results. The MLK wind farm and the Leikanger 
hydropower plant are consolidated through the equity 
method and therefore reported as share in result from 
associates and joint ventures. 
Operating expenses
Operating expenses amounted to MEUR 12.6 (MEUR 3.5) for 
the year. Orrön Energy Sweden, fully consolidated since the 
acquisition on 31 August 2022, started to contribute to the 
financial results on 1 September 2022 providing a four-month 
contribution to the prior year’s results, which explains the 
higher operating expenses compared to the prior year. 
General and administration expenses
General and administration expenses amounted to MEUR 18.2 
(MEUR 16.7) for the year, including MEUR 7.1 (MEUR 5.9) for legal 
and other fees incurred for the defence of the Company 
and its former representatives in the Sudan legal case. A 
total non-cash expense of MEUR 2.3 (MEUR 1.3) relating to 
long-term incentive plans is part of the overall general and 
administration expenses recorded during the year.
Share in result from associates and joint ventures 
Share in result from associates and joint ventures amounted 
to MEUR -2.7 (MEUR 10.9) for the year and is detailed in note 2. 
This represents mainly Orrön Energy’s portion of the results 
in the 50 percent owned joint ventures, the MLK wind farm 
and the Leikanger hydropower plant. These investments are 
consolidated through the equity method and the net result 
of these entities is therefore recognised as a single line item 
in the income statement. The share in result from the MLK 
wind farm, which started to generate power in the second 
quarter of 2022, amounted to MEUR -3.0 (MEUR 7.8) for the 
year. The result reported in the prior year included liquidated 
damages, due to late start-up of the wind farm and uptime 
being below the contractually guaranteed levels. The share 
in result from the Leikanger hydropower plant represented a 
gain of MEUR 0.3 (MEUR 3.0). The decrease compared to the 
prior year was mainly due to lower achieved electricity prices. 
Net financial items
Finance income amounted to MEUR 6.3 (MEUR 9.0) for the 
year and is detailed in note 3. Interest income of MEUR 5.9 
(MEUR 2.6) related to loans to joint ventures. Other finance 
income amounted to MEUR 0.4 (MEUR 6.4) and reflected a 
financial gain representing the variation in market value of 
historical hedges entered into by acquired companies.
Finance costs amounted to MEUR 8.4 (MEUR 9.2) for the year 
and are detailed in Note 4. The net foreign exchange loss for 
the year amounted to MEUR 2.6 (MEUR 1.6). Foreign exchange 
movements occur on the settlement of transactions 
denominated in foreign currencies and the revaluation 
of working capital and loan balances to the prevailing 
exchange rate at the balance sheet date where those 
monetary assets and liabilities are held in currencies other 
than the functional currencies of the Group’s entities. Orrön 
Energy is exposed to exchange rate fluctuations relating 
to the relationship between Euro and other currencies. 
The net foreign exchange loss related mainly to the 
revaluation of intercompany loan balances, denominated 
in other currencies than the functional currency of the 
Group company providing the financing. Interest expenses 
amounted to MEUR 4.8 (MEUR 0.7) and related to the Group’s 
external loans. Other finance costs amounted to MEUR 1.0 
(MEUR 6.9) and represented mainly fees and other costs in 
relation to the Company’s revolving credit facility.
Income tax
Income tax representing a net income amounted to MEUR 11.5 
(MEUR 26.6) for the year and is detailed in Note 5. This amount 
is mainly comprised of a deferred tax income of MEUR 11.3 
(MEUR 28.0) relating to tax losses carried forward, which are 
expected to be used against future taxable profits in Sweden. 
Cash flow and investments
Cash flow
Net cash flows from operating activities amounted to 
MEUR 15.5 (MEUR 7.1) for the year. The positive cash flows from 
operating activities included dividend payments from joint 
ventures of MEUR 13.1 (MEUR 12.2). 
Investments
Cash flows from investing activities amounted to MEUR -79.1 
(MEUR -154.3), out of which MEUR -72.3 (MEUR -53.1) related 
to investments in the renewable energy business. The 
acquisition of the remaining 3.5 percent of the shares in 
Orrön Energy Sweden, which have been acquired in 2023, 
together with acquisition of companies and additional 
ownership in wind farms in Sweden, impacted the cash flows 
from investing activities with MEUR -6.7.
DIRECTORS’ REPORT 
Financial Review

===== SIDA 12 =====

10
Financing and liquidity
On 3 July 2023, the Group entered into a new three-year 
revolving credit facility of MEUR 150, at a floating interest 
rate margin 1.8 percent above the reference interest rate for 
the borrowed currency. The facility included an additional 
MEUR 150 accordion option and replaced the previous 
MEUR 100 revolving credit facility. The Company exercised 
a portion of the accordion option in January 2024, and 
increased its revolving credit facility to MEUR 190, at identical 
commercial terms as the original facility. 
Interest bearing loans and borrowings amounted to 
MEUR 114.7 (MEUR 28.8) and related mainly to an outstanding 
loan of MEUR 112.0 (MEUR –), which has been drawn under 
the Group’s revolving credit facility. Interest bearing loans 
and borrowings also included a long-term loan of MEUR 
2.7 (MEUR 28.8) taken up by a subsidiary. Following the 
completion of the refinancing, the amount drawn under 
the Group’s previous MEUR 100 revolving credit facility was 
reclassified in 2023 from current to non-current liabilities. 
The Company’s net debt at year end amounted to MEUR 93.7 
compared to MEUR 29.7 at year end 2022.
Other current financial liabilities amounted to MEUR 0.8 
(MEUR 27.8) and related to a short-term loan, with less 
than twelve months maturity of MEUR 0.8 (MEUR 6.4), which 
is held by a subsidiary. At year end 2022, other current 
financial liabilities included an amount of MEUR 21.4 related 
to the Group’s MEUR 100 revolving credit facility, which has 
been reclassified from current to non-current following the 
refinancing. 
Cash and cash equivalents amounted to MEUR 21.8 
(MEUR 26.9). 
DIRECTORS’ REPORT | Financial Review
Share information
Proposed disposition of unappropriated earnings
The 2024 Annual General Meeting has an unrestricted equity 
at its disposal of MSEK 3,378.4 including the net result for the 
year of MSEK 160.3.
The Board of Directors propose that the unrestricted equity of 
the Parent Company of MSEK 3,378.4, including the net result 
for the year of MSEK 160.3 be brought forward.
Changes in Board of Directors
At the 2024 AGM, the current Board members Grace 
Reksten Skaugen, Peggy Bruzelius, William Lundin and Jakob 
Thomasen will be proposed for re-election by the Nomination 
Committee. C. Ashley Heppenstall has declined to stand for 
re-election and Mike Nicholson will be proposed for election 
as new member of the Board of Directors.
Financial statements
The result of the Group’s operations and financial position 
at the end of the financial year are shown in the income 
statement, statement of comprehensive income, balance 
sheet, statement of cash flow, statement of changes in equity 
and related notes, which are presented in Euro on pages 
34–62.
The Parent Company’s income statement, balance sheet, 
statement of cash flow, statement of changes in equity and 
related notes presented in Swedish Krona can be found on 
pages 63–70.
Subsequent events
Subsequent events are detailed in note 25.

===== SIDA 13 =====

11
they represent areas where the Company can maximise 
its positive impact and best support development for the 
Company and its stakeholders.
Orrön Energy’s business model links directly to SDG 7 - 
Affordable and Clean Energy, and the Company also focus 
its efforts on contributing to SDG 13 - Climate Action, and SDG 
15 -Life on Land.
Contributing to the Paris Agreement and EU’s climate goals
The Paris Agreement has set out a goal to limit global 
warming to well below two degrees from preindustrial levels. 
This is backed by renewables targets as set by the EU to 
both reduce carbon emissions and secure energy supplies 
in Europe, which will require massive investments over the 
coming years. In 2023, the EU raised its renewable energy 
target from 32 percent to 42.5 percent by 2030, which will 
require a doubling of the renewable energy generation in 
the EU. By both producing and investing in the development 
of renewable energy, the Company is actively contributing 
to this goal. The EU also seeks to simplify and accelerate 
processes for permitting new energy projects with its initiative 
REPowerEU, which is set to further incentivise the expansion of 
renewable energy in Europe.
Climate change and the energy transition
Climate change is one of the biggest challenges of our time, 
and the world needs to transition to energy sources with 
lower greenhouse gas emissions to limit global warming and 
achieve the EU’s climate targets. The energy transition will 
require a significant increase of renewable energy generation, 
with wind and solar power being highlighted as crucial to 
achieve these objectives. Given the intermittency of renewable 
energy, energy storage also play an important role in the 
energy transition, due to its ability to balance supply and 
demand in power systems. These technologies form a core 
part of the Company’s business model and commitment to 
continue investing in renewable energy and technologies to 
help drive the energy transition.  
Carbon emissions
Orrön Energy is directly contributing to the energy transition 
and mitigating the effects of climate change by investing in 
and increasing the supply of renewable energy. During 2023, 
the Company produced a total of 765 GWh of renewable 
energy in the Nordics, which corresponds to over 160,000 tons 
of CO
2e avoided, based on the average European electricity 
mix. From 2024 onwards, the Company is expected to generate
enough electricity to power around 300,000 European
households, and avoid over 240,000 tons of CO
2e.
About this report 
This Sustainability Report summarises Orrön Energy’s 
sustainability activities and performance in 2023. It provides 
information on material issues that impact the Company 
and its stakeholders and how these issues are managed. 
As part of Orrön Energy’s commitment to the United Nations 
Global Compact, this report also acts as the Company’s 
annual Communication on Progress. It describes practical 
actions that the Company has taken to implement the 10 
principles of United Nations Global Compact and highlights 
the Company’s contribution to the United Nations Sustainable 
Development Goals (SDGs). The Company is required to 
hold necessary permits and provide necessary notifications 
according to the environmental law in Sweden (Miljöbalken).
The Company’s strategy is to continue investing in renewable 
power generation and other renewable opportunities, to help 
drive the energy transition towards a sustainable energy 
future.
Material sustainability topics
Orrön Energy’s material topics, which are the focus of this 
report are listed below. The material topics are aligned 
with the risk management process and have been chosen 
based on the views and interests of internal and external 
stakeholders such as employees, investors, lenders, industry 
organisations, landowners, local communities and regulators. 
All of the material topics may impact the Company’s 
stakeholders, shareholders and the business as a whole.
• Climate change and the energy transition
• Environmental impact and biodiversity protection
• Safe operations
• Strong and inclusive communities
• Governance and ethics
Promoting the SDGs 
The SDGs were adopted in 2015 by the United Nations and 
bring together universal goals aiming to protect the planet 
and ensure inclusive development that balances social, 
economic and environmental sustainability. 
Orrön Energy recognises the urgent call for action to help 
achieve an inclusive and sustainable future through the 
17 SDGs, which are at the heart of the 2030 Agenda for 
Sustainable Development.
The Company mainly focuses its efforts on three of the 
17 SDGs, while striving to contribute actively to the other 
global goals as well. These SDGs have been selected as 
DIRECTORS’ REPORT 
Sustainability Report
Sustainability is at the core of Orrön 
Energy’s business as a renewable 
energy company and constitutes 
an important cornerstone of the 
Company’s long-term shareholder 
value creation strategy. Orrön Energy’s 
mission is to help drive the energy 
transition by producing renewable 
energy in a safe and responsible 
manner, for a sustainable energy 
future.
Contents
About this report 11
Climate change and the energy transition 11
Environmental impact and biodiversity protection  12
Safe operations 13
Strong and inclusive communities 13
Governance and ethics  14
GRI index 15
This Report constitutes Orrön Energy’s disclosure 
of non-financial and diversity information in 
accordance with the Swedish Annual Accounts Act 
(1995:1554).

===== SIDA 14 =====

12
DIRECTORS’ REPORT | Sustainability Report
During 2023, the Company conducted a greenhouse gas 
inventory and mapped out Scope 1 and 2 carbon emissions 
from its operations in accordance with the Greenhouse Gas 
Protocol. The Company is reporting carbon emissions based 
on its proportionate ownership of assets, aligning the carbon 
reporting with the proportionate financial reporting. 
Scope 1 covers the Company’s direct emissions sources, which 
includes transportation in vehicles owned or controlled by the 
Company. The Company uses cars for regular maintenance 
work at operational facilities. Emissions from transportation 
are quantified based on fuel consumption. In 2023, fuel 
consumption corresponded to emissions of 12 tCO
2e.
Scope 2
 includes indirect emissions linked to energy use and 
consists of purchased electricity to power office buildings 
and operational facilities. This includes energy consumption 
at offices and electricity consumed by wind power facilities 
and the hydropower plant. In 2023, the Company’s energy 
consumption amounted to 2,377 MWh, corresponding to 
emissions of 93 tCO
2e based on the local grid emission factor.
At the end of 2023, the Company signed a carbon-free 
electricity supply agreement with one of its largest electricity 
suppliers, which will have a positive impact on Scope 2 
emissions. In addition, the Company is using solar panels 
to power one of its largest office buildings. The Company is 
evaluating additional measures to reduce its carbon footprint.
Carbon emissions and energy consumption 2023
Carbon emissions - Scope 1 12 tCO2e
Carbon emissions - Scope 2 93 tCO2e
Total GHG emissions 105 tCO2e
Total energy consumed 2,377 MWh
Scope 3 includes indirect emissions from supply chains. The 
Company is currently mapping out its Scope 3 emissions. 
For a wind power plant, around 99 percent of its lifecycle 
emissions derive from its supply chain, and mainly relate to
construction, transport and decommissioning.
The Company recognises the importance of carbon 
emissions reduction and strives to reduce its overall carbon 
footprint.
More information on how the Company manages risks 
relating to climate change can be found in the section Risk 
Management.
EU taxonomy regulation
The EU Taxonomy regulation is a system to classify economic 
activities in relation to their environmental impact, in order to 
help investors understand if an investment is environmentally 
sustainable. The following business activities, which are 
included in the EU Taxonomy, form the core of Orrön Energy’s 
business activities and related financial results:
• 4.3 Electricity generation from wind power
• 4.5 Electricity generation from hydro power
Orrön Energy does not currently fall under the EU taxonomy
reporting obligations.
Environmental impact and biodiversity protection
Orrön Energy’s Environmental Policy sets out objectives and 
expectations applicable to the operations, with procedures in 
place to minimise its environmental impact and safeguard 
biodiversity. All assets have undergone a thorough 
public consultation process and environmental impact 
assessments or screenings, with controls and self-reporting 
carried out on a regular basis. The Company’s assets are 
subject to site-specific monitoring programmes to minimise 
and mitigate negative impact, this includes environmental 
processes, such as bird surveys at specific sites, and waste 
management processes to ensure responsible disposal of 
waste. Yearly environmental reports are conducted outlining 
the results of the monitoring programmes. 
Construction and development projects are subject to a 
rigorous independent planning and approval process by 
authorities, where environmental and biodiversity protection 
forms an integral part. Projects are planned and constructed 
to minimise the negative impact on the surrounding 
environment and local communities. Considerations are 
taken to protect the natural environment around operational 
assets and actions are implemented to prevent, manage 
and mitigate any negative impacts. Site-specific measures 
can include curtailment during periods of bird or bat 
migration, or regular bird surveys.
Environmental impact
For the Company’s operational wind farms, the main 
environmental impacts relate to visibility, noise emissions 
and shadow formation.
The visual impact of wind farms is considered during the 
planning and construction phase, and is subject to the 
public hearing process. During re-powering, the visual and 
environmental impact can be reduced by changing the 
characteristics of an existing wind farm and building fewer 
turbines with higher capacity.
Noise levels are strictly regulated, and are assessed prior to 
construction and controlled once the wind farm becomes 
operational. The maximum allowable limit varies between 
35 and 45 decibels depending on location. The Company 
is using renowned suppliers to ensure technical equipment, 
such as blades on wind farms, adhere to the highest 
technical standards. For the Company’s largest wind farms, 
the blades are equipped with the latest technology to 
minimise noise.
Shadow flicker occurs when the sun is shining through the 
rotating blades of a wind turbine, casting a moving shadow. 
Systems to minimise shadow flicker are installed on a 
number of wind turbines close to residents, with requirement 
for shadow flicker set at a maximum of eight hours per year 
per resident.
A wind turbine has an average lifespan of around 25-30 
years, and the Company has ongoing projects aiming at 
extending asset lifetimes and maximising the use of existing 
land and grid connections by co-locating wind power with 
solar energy and battery solutions. By using existing facilities 
and infrastructure, the Company is able to optimise its 
operational performance and add more renewable capacity 
at a lower cost without degrading land resources.
The Company has one hydropower plant in Norway, which 
is a run-of-river plant without an artificial reservoir and a 
limited amount of storage. The hydropower plant uses the 
natural downward flow of rivers for the water stream, which 
is channelled into the hydropower plant through tunnels. 
This design minimises the impact on the surrounding natural 
environment and habitats. The hydropower plant was 
constructed in 2020, and with an operational life of around 60 
years it is expected to generate renewable energy to around 
2080. An environmental impact assessment has been 
conducted at the hydropower plant to identify potential risks 
and implement measures to protect the surrounding natural 
environment and biodiversity, including the fish population.

===== SIDA 15 =====

13
DIRECTORS’ REPORT | Sustainability Report
Biodiversity protection
Biodiversity protection forms an integral part of the 
Company’s environmental work, with ongoing activities to 
monitor and reduce any potential wildlife impact. Particular 
focus around the operational areas of wind farms is given to 
protect endangered species and airborne animals such as 
birds and bats. Targeted nature conservation projects are in 
place for facilities close to migratory flyways and breeding 
territories. For the hydropower plant, particular focus is given 
to the water quality and sediments, which are monitored 
and controlled on a regular basis to safeguard ecosystems. 
Fish surveys are conducted to monitor and safeguard the 
fish population, and measures are taken to protect birds with 
habitats close to the river streams.
Orrön Energy is developing projects to further enhance 
biodiversity in areas around its renewable energy facilities. 
This includes planting of wildflowers to encourage the growth 
and establishment of bee populations and grazing projects 
in collaboration with the local farming communities. 
Construction of the Company’s largest operational facilities, 
the MLK and Karskruv wind farms, have been made through 
reputable partners with a strong focus on minimising 
the environmental impacts across the project lifecycle. 
Contractors with a certified environmental management 
system ensure that construction follows best practice with 
regards to health, safety and environmental procedures and 
that that all legal requirements, environmental permits and 
restrictions are respected. Measures to reduce environmental 
impacts have been put in place at the beginning of each 
project. One example of this is the sourcing of materials 
from local quarries to reduce transportation of construction 
materials.
In 2023, no significant impact on the environment and no 
significant spills were recorded. A fire occurred at one wind 
turbine during the year, which was safely managed with no 
personal injury or material environmental impact. A thorough 
investigation has been conducted to understand the root 
cause and identify preventive measures.
More information around how the Company manage risks 
relating to environmental impact and biodiversity protection 
can be found in the section Risk Management.
Safe operations
Health and safety are core priorities for Orrön Energy, and the 
Company maintains a strong focus on the health and safety 
of both employees and contractors. It is the Company’s 
responsibility to identify and mitigate potential risks, and to 
ensure that the workforce has a safe and healthy working 
environment. The Company’s aim is to achieve zero serious 
incidents, for all employees and contractors.
Health and safety 2023
Employees
Work-related injuries 0
Lost Time injuries 0
Fatalities 0
Contractors
Work-related injuries 0
Lost Time injuries 0
Fatalities 0
The Company’s Health and Safety Policy states that priority 
shall always be given to prevent harm to the workforce. 
For all operational activities, risk assessments, including 
identification of potential hazards, shall be performed.
The Company employs technicians and other staff who 
regularly undertake field work, including service and 
maintenance of wind turbines. All of the Company’s wind 
farm technicians are internationally certified according 
to the Global Wind Organisation (GWO) requirements or 
equivalent, which sets safety standards for personnel working 
in the wind power industry. In line with the GWO standards, 
safety training is conducted on a regular basis, with bi-
yearly certification periods and regular health checks. In 
addition, the technicians hold all necessary electrical safety 
certificates. 
For the Company’s construction projects all workforce, 
contractors and visitors are subject to safety induction 
sessions to be informed of site specific safety guidance 
and the importance of reporting all safety observations 
and incidents. Orrön Energy has established a no-blame 
policy, and the workforce is aware that reporting incidents 
is fundamental for lessons learned and to prevent 
reoccurrences. All serious incidents are investigated to 
identify learnings and improvement actions to prevent 
reoccurrences. The Company’s Health and Safety Policy 
ensures that no individuals will face reprisals during this 
process.
The Company also uses contractors to carry out work at 
operational sites, such as maintenance at sites located far 
away from the Company’s technical office, and to work on 
various projects. Contractors are chosen and assessed with 
respect to health, safety and environment and quality.
More information around how Orrön Energy manages risks 
related to health and safety can be found in the section Risk 
Management.
Strong and inclusive communities
Orrön Energy views strong community engagement as being 
essential to the success of the business and is collaborating 
with several local organisations to support and contribute 
to the local communities around its operational assets. This 
includes for example collaboration with local stakeholders such 
as farmers, landowners and hunting clubs. In addition, local 
workforce and businesses are utilised where possible during 
construction activities.
The Company is striving to have a positive social impact 
through its operational activities, and contributes to local 
communities in the form of community funds, taxes and 
work opportunities among others to support communities 
throughout the lifecycle of the assets.
Stakeholder engagement
The Company’s Stakeholder Engagement Policy outlines how 
to define stakeholders throughout the Company’s activities, 
and the engagement method to adopt depending on the 
nature of the impact, interest, and stakeholder influence.
Stakeholder engagement is the process by which information 
and viewpoints in relation to the Company’s activities are 
exchanged with stakeholders.
Orrön Energy has a wide and diverse stakeholder base and 
seeks close engagement and long-lasting relationships 
with employees, contractors, business partners, suppliers, 
shareholders, lenders, local communities and regional

===== SIDA 16 =====

14
authorities. This is done by continuously seeking to gain a 
thorough understanding of stakeholders’ views and concerns, 
and benefit from their knowledge. Dialogue with stakeholders 
is carried out throughout the year, which provides 
opportunities to raise questions and concerns. The dialogue 
ensures that the Company’s Board and management are 
aware and better able to address relevant emerging issues, 
material risks and opportunities.
Social impact
Orrön Energy seeks to create value and support activities that 
benefits society and provides a meaningful impact. 
The Company is a long-term supporter of the Good to Great 
Tennis Academy in Sweden, which is a renowned sports 
academy that provides young athletes with the opportunity to 
train and excel in tennis, while safeguarding their health and 
education.
In 2023, the Company supported the Lundin Cancer 
Foundation, which was created by the late Lukas Lundin to 
fund cutting edge brain cancer research. Employees from 
the Company participated in a marathon challenge to raise 
awareness for the cause. The total amount raised by donors 
and the Company amounted to over TEUR 37.
Governance and ethics
Orrön Energy conducts its business in line with the highest 
standards of business ethics. The Company’s Code of 
Conduct sets out the core principles of how Orrön Energy 
conducts its activities in a responsible and sustainable 
manner. Policies and procedures further outline the 
commitment to ensure the highest levels of ethical conduct 
across operations and the wider value chain, including in 
respect of human rights, whistleblowing, competition, tax, anti-
corruption, anti-fraud and anti-money laundering.
The Company’s business model rests on the commitment 
to carry out all activities in an ethical and responsible 
manner, while creating a positive impact for the Company’s 
stakeholders and shareholders.
The principles set out in the Code of Conduct align with those 
of the United Nations Global Compact. By adhering to the 
United Nations Global Compact , the Company commits to 
uphold and promote its ten principles on human rights, labour, 
environment and anti-corruption. The Company has endorsed 
the Universal Declaration of Human Rights, the ILO Tripartite 
Declaration, the OECD Guidelines for Multinational Enterprises 
and the UN Guiding Principles on Business and Human Rights.
Everyone working for Orrön Energy is required to abide by the 
Code of Conduct and thereby contribute to the Company’s 
success. The Company conducts a yearly training to bring 
awareness to corporate ethical compliance, anti-corruption, 
anti-bribery, and whistleblowing procedures among others.
Promoting a diverse and engaged workforce 
Consistent with the Company’s Code of Conduct, Orrön Energy 
values diversity and recognises the benefits of attracting a 
broad pool of qualified employees, encouraging employee 
retention and building high performance teams.
As set out in the Company’s Diversity Policy, Orrön Energy 
promotes equal opportunities and no job applicant or 
employee shall be discriminated in any area of employment 
or business regardless of individual characteristics.
There were no cases reported involving discrimination in 2023.
Protecting and enforcing human rights
As set out in the Company’s Human Rights Policy, Orrön Energy 
endorses the United Nations Declaration of Human Rights 
and the United Nations Global Compact Principles and is fully 
committed to meet its responsibilities towards employees, 
contractors and other stakeholders in the value chain, 
including suppliers.
There were no cases reported involving human rights issues in 
any area of activity in 2023.
Corporate Whistleblowing Policy
The Company’s Whistleblowing Policy provides a means 
for employees, contractors and other stakeholders to raise 
legitimate concerns regarding misconduct in the workplace 
and the wider value chain. Whistleblowers’ identities are 
kept anonymous upon request and are protected against 
retaliation. Orrön Energy has a whistleblowing system enabling 
reporting at any time through an e-mail designated for 
whistleblowing. All whistleblowing reports are duly investigated, 
and reported to the Board of Directors.
In 2023, there were no reported whistleblowing cases.
Anti-Corruption, Anti-Fraud and Anti-Money Laundering 
Policy
The Company’s Anti-Corruption, Anti-Fraud and Anti-Money 
Laundering Policy ensures that everyone working for or 
on behalf of the Company understands what activities 
constitute corruption and that all forms of corruption are 
strictly prohibited at Orrön Energy. Compliance trainings are 
conducted on a regular basis, and the Company encourages 
alleged cases to be reported. All alleged cases of corruption 
are investigated, and appropriate actions are taken. Anti-
corruption forms part of contractor evaluations. In the event 
of non-compliance and depending on the severity thereof, 
contracts may be terminated, or remedial actions sought. 
Under the Policy, political donations and lobbying are also 
prohibited.
In 2023, there were no cases of corruption, facilitation 
payments, fraud, money laundering, anti-competitive 
behaviour, fines or non-monetary sanctions for non-
compliance. The Company does not have any political 
involvement and does not actively take part in lobbying 
activities. There were no financial contributions made to 
political groups.
Other relevant governing policies
In line with ethical best practice and transparency, all 
governing policies are publicly available on Orrön Energy’s 
website. These also include the following policies:
•
Information Policy: To contribute to an effective exchange
of information with investors, analysts, business partners,
employees and other stakeholders, and to ensure all
information is handled in a secure way
• Competition Law Policy: To contribute to protect free
competition in the market and prohibit agreements,
practices and conduct, which have a damaging effect on
competition
• Tax Policy: To ensure that tax practices comply with laws,
regulations, and that income and costs are allocated to
appropriate entities in accordance with the OECD Transfer
Pricing Guidelines and business rationale.
DIRECTORS’ REPORT | Sustainability Report

===== SIDA 17 =====

15
DIRECTORS’ REPORT | Sustainability Report
GRI index
Orrön Energy has reported the information cited in this GRI content index for the reporting period 1 January 2023 to 31 December 
2023, with reference to the GRI standards.
Disclosure Description Reference/page number
General disclosures
The organisation and its reporting practices
2-1 Organisational details Page 6
2-2 Entities included in the organisation’s sustainability reporting Page 6
2-3 Reporting period, frequency and contact point Page 80
2-4 Restatements of information Page 11
2-5 External assurance Page 73–76
Activities and workers
2-6 Activities, value chain and other business relationships Page 11, 13
2-7 Employees Page 14, 57
2-8 Workers who are not employees Page 14
Governance
2-9 Governance structure and composition Page 21
2-10 Nomination and selection of the highest governance body Page 22
2-11 Chair of the highest governance body Page 26
2-12 Role of the highest governance body in overseeing the management of impacts Page 23
2-13 Delegation of responsibility for managing impacts Page 27
2-14 Role of the highest governance body in sustainability reporting Page 24
2-15 Conflicts of interest Page 24, 29
2-16 Communication of critical concerns Page 14, 21
2-17 Collective knowledge of the highest governance body Page 23
2-18 Evaluation of the performance of the highest governance body Page 23
2-19 Remuneration policies Remuneration Report, Page 7
2-20 Process to determine remuneration Remuneration Report, Page 5
2-21 Annual total compensation ratio Remuneration Report, Page 5
Strategy, policies and practices
2-22 Statement on sustainable development strategy Page 11
2-23 Policy commitments Page 14
2-24 Embedding policy commitments Page 14
2-25 Processes to remediate negative impacts Page 20
2-26 Mechanisms for seeking advice and raising concerns Page 14, 21
2-27 Compliance with laws and regulations Page 20

===== SIDA 18 =====

16
Disclosure Description
Reference/
page number
Stakeholder engagement
2-29 Approach to stakeholder engagement Page 13
Material topics
3-1 Process to determine material topics Page 11
3-2 List of material topics Page 11
3-3 Management of material topics Page 11
GRI 201: Economic performance
201-1 Direct economic value generated and distributed Page 13
201-2 Financial implications and other risks and opportunities due to climate change Page 17
201-3 Defined benefit plan obligations and other retirement plans Remuneration Report, 
Page 9
GRI 205: Anti-corruption
205-1 Operations assessed for risks related to corruption Page 14
205-2 Communication and training about anticorruption policies and procedures Page 14
205-3 Confirmed incidents of corruption and actions taken Page 14
GRI 206: Anti-competitive behavior
206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practice Page 14
GRI 302: Energy
302-1 Energy consumption within the organisation Page 12
GRI 304: Biodiversity
304-2 Significant impacts of activities, products and services on biodiversity Page 13
GRI 305: Emissions
305-1 Direct (Scope 1) GHG emissions Page 12
305-2 Indirect (Scope 2) GHG emissions Page 12
GRI 306: Effluents and Waste
306-3 Significant spills Page 13
GRI 403: Occupational health and safety
403-1 Occupational health and safety management system Page 13
403-2 Hazard identification, risk assessment, and incident investigation Page 13
403-3 Occupational health services Page 13
403-4 Worker participation, consultation, and communication on occupational health and safety Page 13
404-5 Worker training on occupational health and safety Page 13
403-9 Work-related injuries Page 13
GRI 405: Diversity and equal opportunity
405-1 Diversity of governance bodies and employees Page 14, 23
GRI 406: Incidents and discrimination and corrective actions taken
406-1 Incidents of discrimination and corrective actions taken Page 14
GRI 413: Local communities
413-1 Operations with local community engagement, impact assessments, and development 
programmes Page 13
DIRECTORS’ REPORT | Sustainability Report

===== SIDA 19 =====

17
DIRECTORS’ REPORT 
Risk Management
Orrön Energy places risk management 
responsibility at all levels within the 
Company to continually identify, 
understand and manage threats and 
opportunities affecting the business. 
This enables the Company to make 
informed decisions and to prioritise 
control activities and resources to deal 
effectively with any potential threats 
and opportunities. 
Orrön Energy’s business is exposed to changes in energy 
prices, which in turn are dependent on macro-economic 
factors and geopolitical conditions. The Company’s 
operations impact the surrounding environment and 
operational processes are associated with occupational 
health and safety risks. As a growing business with an 
expanding geographical and operational scope, the 
operational risks evolves.
Access to land, grid connections and permits
Risk: The construction, operation and life extension of 
wind, solar and hydropower assets require the Company 
to obtain, maintain and renew necessary permits, leases, 
grid connections and rights. Failure to do so could impact 
the ability to maintain or increase the Company’s power 
generation over time. 
Response: The Company’s asset managers continuously 
ensure that valid permits, leases, grid connections and 
rights are being maintained for each asset in the portfolio. A 
continuous and open dialogue helps to develop the business 
and this exchange of information increases the Company’s 
awareness of stakeholder issues, risks and opportunities. 
This risk is also managed through the Company’s screening 
process when searching for new projects where these factors 
are always considered.
Changes in laws, tax and regulations
Risk: Operations are subject to environmental and other 
regulations. Changes to applicable laws, tax regulations and 
legislation, or the complexity thereof, could negatively affect 
the Company, lead to investigations, litigation, negative 
financial impact, reputational damage and cancellation or 
modification of contractual rights.
Response: Orrön Energy monitors legal developments in 
relevant fields, follows up and ensures compliance with and 
adherence to applicable laws and regulations. A robust 
corporate governance framework is in place to ensure the 
Company acts in accordance with best business practice 
and high standards of corporate citizenship. 
Climate change
Risk: Global warming may increase the risk of more severe 
weather events as the global climate continues to change. 
A global temperature increase may also lead to changes in 
normal weather conditions. Changes in wind speeds may 
affect future wind power output, and changes in precipitation 
may lead to changes in snowfall, rainfall or flooding that can 
affect operations.
Response: As a renewable energy producer, Orrön Energy is 
making a significant contribution to mitigate climate change 
by increasing the share of renewable power generation in its 
countries of operation. The Company will continue to analyse 
the risks and opportunities that may arise from climate 
change and seeks to reduce both transitional and physical 
climate related risks.
Cyber security
Risk: There is potential for cyber intrusion into the Company’s 
systems or networks leading to financial loss, data and 
information loss, data privacy infringement and system 
irregularities.
Response: To minimise the likelihood of cyber security risks, 
the Company is working across the organisation with risk 
management to analyse, evaluate and treat cyber security 
risks. The Company focuses on preventive actions including 
awareness campaigns and training on cyber security risks. 
Networks are built and monitored to prevent and remedy 
potential cyberattacks.
Ethics and compliance
Risk: The Company may be exposed to legal or regulatory 
sanctions or reputational damage as a result of non-ethical 
business practices like fraud, bribery and corruption or failure 
to follow applicable regulations. 
Response: Orrön Energy operates according to the highest 
level of legal and ethical standards, ensured through the 
consistent application of the Code of Conduct and policies 
and procedures. Training is conducted to communicate 
expectations of legal compliance and ethical business 
conduct to staff. The Company’s whistleblowing mechanism 
allows stakeholders to report any grievances on ethics and 
compliance and helps to ensure protection exists when any 
individual reports on suspicions of wrongdoing.
Financial reporting
Risk: The risk associated with delayed or inaccurate financial 
information could adversely affect the delivery or quality 
of external reporting, posing a financial reporting risk for 
the Company. Such issues may result in regulatory action, 
fiscal uncertainty, shareholder lawsuits and loss of investor 
confidence.
Response: To address this risk, Orrön Energy has established 
a strong internal control framework, with well-defined 
financial processes in place. Internal controls are applied to 
the financial reporting process, which undergoes rigorous 
monthly management reporting procedures. The accuracy 
and reliability of financial reporting are further ensured 
through internal reviews and external audits.
Interest rate and currency
Risk: As a result of the Company carrying debt, a rise in 
interest rates risks affects the Company’s earnings and 
cash flow potential. A foreign exchange risk exists in relation 
to market fluctuations of foreign currencies, given that the 
underlying value of the Company’s assets is predominantly 
EUR denominated, whilst certain costs are denominated in 
other currencies.
Response: The exposure to interest rate and currency risks is 
continuously assessed and monitored. Hedging instruments 
may be used to manage this risk and the hedging process is 
subject to robust internal controls. The Company has modest 
leverage and aims to maintain a strong balance sheet to 
limit its exposure to negative impacts from rising interest 
rates.

===== SIDA 20 =====

18
Liquidity and funding
Risk: Investment and cost overruns or production 
underperformance may lead to the Company being unable 
to fund its financial commitments from cash flow, debt or 
equity.
Response: Orrön Energy mitigates this risk through conscious 
financial planning and by regular cash flow forecasting. 
Access to the equity capital markets is secured through an 
active investor relations strategy. The Company also strives to 
maintain an effective asset management strategy to sustain 
optimal asset performance levels to maximise cash flow and 
borrowing capacity.
Low valuation of development projects
Risk: Inability to recover the value of investments made 
in development projects, particularly in the context of the 
greenfield business in the UK, Germany and France, may 
constitute a risk for the Company. 
Response: Orrön Energy mitigates this risk through careful 
feasibility studies and market analyses before initiating any 
development projects. The Company’s business strategy 
for greenfield developments in the UK, Germany and France 
specifically consists of developing and monetising large-
scale projects prior to incurring significant development 
expenditures which is also a mitigating factor. Additionally, 
robust financial controls and monitoring mechanisms 
throughout the project lifecycle allows for early identification 
of potential risks. Continuous reassessment and adaptation 
of strategies based on changing market dynamics and 
regulatory environments is integral to safeguarding the value 
of investments. 
Market conditions
Risk: The Company’s shareholder value is directly linked to its 
ability to meet stakeholder expectations, to generate value 
through existing business strategies and to adapt to changing 
market conditions. Prolonged periods of low achieved 
electricity prices, escalating grid and other variable costs, 
heightened capture price discounts, inflation, or other market 
uncertainties have the potential to undermine the profitability 
of the Company’s assets. Consequently, this could impact 
financial earnings, cash flow generation, and the overall 
liquidity position of the Company.
Response: The energy sector is accustomed to the highs 
and lows of economic and price cycles, and Orrön Energy 
mitigates the impact of fluctuating energy prices by 
maintaining a strong balance sheet, low cost base and 
flexible capital commitments to minimise the potential 
impact of weak market conditions. The Company has robust 
monitoring processes in place, such as the Asset Business 
Plan (long-term financial forecasting and liquidity tests), 
and assesses continuously the assets’ valuation and debt 
capacity, enabling management to forecast a potential 
liquidity shortage well ahead of time. Through regular updates 
of the Asset Business Plan, the Company stress tests the 
business for a prolonged period of lower energy prices. 
Negative outcome in the litigations related to discontinued 
business
Risk: A potential negative outcome in an ongoing tax litigation 
relating to land and building tax assessed for 2013 in relation 
to legacy offshore oil and gas exploration activities in 
Indonesia, poses a potential financial risk for the Company. 
Response: Despite the Company’s confidence of a favourable 
outcome in Court, it is actively defending itself in the litigation. 
Negative outcome in the Sudan process
Risk: A negative outcome in the ongoing Sudan process 
concerning the indictment of two former representatives of 
the Company by the Swedish Prosecution Authority in relation 
to past activities in Sudan (1999–2003), poses a potential 
financial risk for the Company. This could include payment of 
financial compensation or penalties.
Response: The Company refutes that there are any 
grounds for allegations of wrongdoing by any of its former 
representatives and sees no circumstance in which a 
corporate fine or forfeiture could become payable. Despite 
the Company’s confidence in a favourable outcome in Court it 
has a robust legal defence strategy and is actively defending 
itself in the legal process. More information on the case, why 
the Company believes it is unfounded and the ongoing legal 
process can be found on www.lundinsudanlegalcase.com.
Reputational damage from the Sudan process
Risk: The ongoing Sudan process concerning the indictment 
of two former Company representatives by the Swedish 
Prosecution Authority in relation to past activities in Sudan 
(1999–2003), poses a reputational risk for the Company. This 
could manifest in missed business opportunities, create 
adverse perceptions among investors, partners, and lenders, 
and potentially result in a negative impact on the Company’s 
share price. 
Response: Orrön Energy maintains a comprehensive strategy 
to mitigate the risk of a negative reputational impact from 
the ongoing legal case and continues to actively defend its 
interests both through the legal process and in the public 
domain. This includes transparent communication with 
stakeholders and engagement to ensure an open and 
informed dialogue. The Company is convinced that there are 
no grounds for any allegations of wrongdoing by any of its 
former representatives, and will continue to vigorously defend 
itself in the legal process. More information on the case, why 
the Company believes it is unfounded and the ongoing legal 
process can be found on www.lundinsudanlegalcase.com.
DIRECTORS’ REPORT | Risk Management

===== SIDA 21 =====

19
DIRECTORS’ REPORT | Risk Management
Safe operations
Risk: Employees and contractors are exposed to various 
risks in the execution of their jobs, this may include accidents 
during construction or operating activities. 
Response: Safe operations are a key priority for Orrön 
Energy and the Company maintains a strong focus on 
health and safety for both employees and contractors. 
It is the Company’s responsibility to identify and mitigate 
potential risks, and to provide the workforce with a safe and 
healthy working environment. For operational activities, risk 
assessments, including identification of potential hazards are 
performed. Individual safety measures are always adapted 
to local circumstances and may vary across the organisation 
and the various operational tasks. For example, employees 
and contractors involved in construction work, work in 
confined spaces or installation work at height are subject to 
specific safety measures. All serious incidents are investigated, 
and the Company’s policies ensure that no individuals face 
reprisal during this process. 
 
Supply chain
Risk: Supply chain delays could lead to strained capacity 
and resources in all industries with long lead times in 
manufacturing causing delays for spare parts and 
development projects.
Response: Regular discussions with key suppliers are held to 
ensure that they are able to procure spare parts and execute 
projects with the attention, quality and results expected under 
prevailing market conditions. Spare parts are also held in 
stock to mitigate this risk.
Unscheduled interruption of production
Risk: Production consists of several continuous processes, 
and any unplanned interruption of production can affect 
the Company’s overall power generation and financial 
performance. Unplanned interruptions of production may 
occur due to for example unfavourable weather conditions, 
technical problems with the Company’s producing assets or 
the overlying transmission grid, or accidents. 
Response: Preventive maintenance is carried out at all 
wind and hydro power facilities. The goal is to minimise the 
impact for the Company, which is achieved by continuously 
developing prevention and mitigation efforts in the operations, 
and partly by introducing and developing groupwide 
insurance solutions. In addition, availability warranties are in 
place for a majority of the Company’s power generation.

===== SIDA 22 =====

20
DIRECTORS’ REPORT 
Corporate Governance Report
Orrön Energy’s corporate governance 
framework seeks to ensure that the 
business is conducted efficiently 
and responsibly, that responsibilities 
are allocated in a clear manner and 
that the interests of shareholders, 
management and the Board of 
Directors remain fully aligned.
Guiding principles of corporate governance 
Orrön Energy is an independent, publicly listed renewable 
energy company, with high quality and low-cost wind and 
hydropower assets in the Nordics coupled with greenfield 
growth opportunities in the Nordics and Europe. Orrön Energy 
applies a governance structure that favours straightforward 
decision-making processes, with easy access to relevant 
decision makers, while nonetheless providing the necessary 
checks and balances for the control of the activities, both 
operationally and financially. Orrön Energy’s principles of 
corporate governance seek to:
• Protect shareholder rights
• Provide a safe and rewarding working environment to all
employees and contractors
• Ensure compliance with applicable laws and best industry
practice
• Ensure activities are carried out competently and
sustainably
• Safeguard the well-being and interests of local
communities and stakeholders
As a Swedish public limited company listed on Nasdaq 
Stockholm, Orrön Energy is subject to the Rule Book for 
Issuers of Nasdaq Stockholm, which can be found on www.
nasdaqomxnordic.com. In addition, the Company abides by 
principles of corporate governance found in a number
of internal and external documents. Abiding to corporate 
governance principles builds trust in Orrön Energy, which 
results in increased shareholder value. By ensuring the 
business is conducted in a responsible manner, the corporate 
governance structure ultimately paves the way for increased 
efficiency.
Corporate governance rules and regulations
Swedish Corporate Governance Code
The Corporate Governance Code is based on the tradition 
of self-regulation and the principle of “comply or explain”. 
It acts as a complement to the corporate governance 
rules contained in the Swedish Companies Act, the Annual 
Accounts Act, EU rules and other regulations such as the Rule 
Book for Issuers, the Rules on Remuneration of the Board and 
Executive Management and on Incentive Programmes and 
good practice on the securities market.
Orrön Energy’s Articles of Association
The Articles of Association contain customary provisions 
regarding the Company’s governance and do not contain 
any limitations as to how many votes each shareholder may 
cast at shareholders’ meetings, nor any special provisions 
regarding the appointment and dismissal of Board members 
or amendments to the Articles of Association. The Articles of 
Association are available on the Company’s website.
Contents
Guiding principles 20
Shareholders’ meeting 22
External auditors of the Company 22
Nomination Committee 23
Board of Directors 23
Board Committees 24
Group Management 27
Policy on Remuneration 29
Internal control over financial reporting 32
This Corporate Governance Report has been 
prepared in accordance with the Swedish 
Companies Act (SFS 2005:551), the Annual Accounts 
Act (SFS 1995:1554) and the Swedish Corporate 
Governance Code and has been subject to a review 
by the Company’s statutory auditor.
Orrön Energy reports one deviation from the 
Corporate Governance Code in 2023, in respect of the 
composition of the Nomination Committee as further 
described on page 23. There were no infringements 
of applicable stock exchange rules during the year, 
nor any breaches of good practice on the securities 
market.
Orrön Energy AB (publ), company registration number 
556610-8055, has its corporate head office at 
Hovslagargatan 5, 111 48 Stockholm, Sweden and the 
registered seat of the Board of Directors
is Stockholm, Sweden. The Company’s website is 
www.orron.com.
2024 Annual General Meeting
The 2024 Annual General Meeting (AGM) will be held 
on 15 May 2024 at 13.00 CEST at IVA Konferenscenter, 
Grev Turegatan 16, in Stockholm. Shareholders may 
choose to exercise their voting rights at the AGM by 
attending in person, through a proxy or by postal 
voting. Shareholders who wish to attend the meeting 
must be recorded in the share register maintained by 
Euroclear Sweden on the day falling six business days 
prior to the meeting and must notify the Company 
of their intention to attend the AGM no later than the 
date set out in the notice of the AGM. 
Further information about registration to and 
attendance at the AGM, as well as voting by mail 
or proxy, can be found in the notice of the AGM, 
available on the Company’s website.

===== SIDA 23 =====

21
DIRECTORS’ REPORT | Corporate Governance Report
Main external rules and regulations for 
corporate governance at Orrön Energy
· Swedish Companies Act
· Swedish Annual Accounts Act
· Nasdaq Stockholm Rule Book for Issuers
· Swedish Corporate Governance Code
· Swedish Rules on Remuneration of the   
 Board and Executive Management and  
 on Incentive Programmes
 
Main internal rules and regulations for 
corporate governance at Orrön Energy 
· The Articles of Association
· The Code of Conduct
· Policies, Procedures and Guidelines
· The Rules of Procedure of the Board,   
  instructions to the CEO and for the financial     
  reporting to the Board and the terms of   
  reference of the Board Committees and the      
  Investment Committee
· Nomination Committee process
Shareholders’ meeting
CEO and Group management
Board of Directors
Audit 
Committee
External 
audit 
Nomination
Committee
Compensation
Committee
Highlights 2023
Safe delivery of the Karskruv 
wind farm in southern 
Sweden, ahead of schedule 
and on budget, and increase 
of the annual estimated 
power generation from 
800 GWh to 1,100 GWh.
Appointment of William 
Lundin and Peggy Bruzelius 
as new Board members at 
the AGM held on 4 May 2023. 
Completion of six 
transactions and ensuring 
a robust implementation of 
assets and teams into the 
governance framework of 
Orrön Energy.  
Entered into a 150 MEUR 
revolving credit facility in 
June 2023 and subsequently 
exercised a portion of the 
accordion option to increase 
the facility to 190 MEUR in 
early 2024.
Orrön Energy’s Code of Conduct
Orrön Energy’s Code of Conduct constitutes the commitment 
of the Company, its employees, contractors and business 
partners to act in accordance with high ethical standards, 
for the benefit of all stakeholders. The Company applies 
the same standards to all of its activities to satisfy both 
its commercial and ethical requirements and strives to 
continuously improve its performance and to act with high 
standards of corporate citizenship. The Code of Conduct is 
an integral part of the Company’s employment and supply 
chain contracts and any violations of the Code of Conduct 
will be the subject of an inquiry and appropriate measures. 
The Code of Conduct is available on the Company’s website.
Orrön Energy’s policies, procedures and guidelines
Corporate policies, procedures and guidelines have 
been developed to outline specific rules and controls, to 
increase efficiency and improve performance by facilitating 
compliance. They cover areas such as health and safety, 
environment, human rights, stakeholder engagement, 
diversity, information, anti-corruption, anti-fraud, anti-money 
laundering, competition law, tax, whistleblowing, accounting 
and finance, human resources and inside information. All 
guiding documents are continuously reviewed and updated 
when required. The policies are available on the Company’s 
website.
Orrön Energy’s Rules of Procedure of the Board
The Rules of Procedure of the Board contain the fundamental 
rules regarding the division of duties between the Board, the 
Committees, the Chair of the Board and the Chief Executive 
Officer (CEO). The Rules of Procedure also include instructions 
to the CEO, instructions for the financial reporting to the Board 
and the terms of reference of the Board Committees and the 
Investment Committee. The Rules of Procedure are reviewed 
and approved annually by the Board.

===== SIDA 24 =====

22
Share capital and shareholders
The shares of Orrön Energy are listed on Nasdaq Stockholm. 
The total number of shares is 285,924,614. Each share has 
a quota value of SEK 0.01 (rounded-off) and the registered 
share capital of the Company is SEK 3,478,713 (rounded-off). 
All shares of the Company carry the same voting rights and 
the same rights to a share of the Company’s assets and 
earnings. The Company has issued 8,560,000 warrants of 
series 2022:2. The Company held no treasury shares on 31 
December 2023.
At the end of 2023, Orrön Energy had a total of 69,282 
shareholders listed with Euroclear Sweden, which represents 
a decrease of 9,896 compared to the end of 2022, i.e. a 
decrease of approximately 12 percent. Shares in free float 
amounted to approximately 67 percent and exclude shares 
held by an entity associated with the Lundin family.
The 10 largest shareholders 
on 31 December 2023
Number of 
shares
Percent 
(rounded)
Nemesia S.à r.l.
1 95,478,606 33.39
Handelsbanken Fonder 6,655,484 2.33
E. Öhman J :or Fonder 6,463,312 2.26
Blackrock 5,333,940 1.87
JNE Partners 5,134,812 1.80
Numeric Investors 3,759,690 1.31
Avanza Fonder 2,848,617 1.00
Amundi Asset Management 2,000,462 0.70
UBS 1,992,695 0.70
SEB 1,971,928 0.69
Other shareholders 159,419,880 53.95
of which Investment 
Committee and Board 3,505,144 1.23
Total 285,924,614 100.00
1 An investment company wholly owned by Lundin family trusts.
Source: Q4 Inc and external shareholder confirmation.
Shareholders’ meeting
The shareholders’ meeting is the highest decision-making 
body of Orrön Energy where the shareholders exercise their 
voting rights and influence the business of the Company. The 
AGM is held each year before the end of June at the seat of 
the Board in Stockholm. The notice of the AGM is announced 
in the Swedish Gazette (Post- och Inrikes Tidningar) and on 
the Company’s website no more than six and no less than 
four weeks prior to the meeting. The documentation for the 
AGM is provided on the Company’s website in Swedish and 
in English at the latest three weeks prior to the AGM and all 
proceedings are simultaneously translated from Swedish to 
English and from English to Swedish.
2023 AGM
The 2023 AGM was held on 4 May 2023 in Stockholm. The AGM 
was attended by 168 shareholders, personally or by proxy, 
representing 39,2 percent of the share capital. The Chair of 
the Board, the CEO as well as a quorum of the Board was 
present at the meeting. 
The resolutions passed by the 2023 AGM include:
• Election of advokat Klaes Edhall as Chair of the AGM.
• Adoption of the Company’s income statement and
balance sheet and the consolidated income statement
and balance sheet for 2022, and that no dividend should
be paid.
• Discharge of the Board and the CEO from liability for the
administration of the Company’s business for 2022.
• Approval of the Remuneration Report prepared by the
Board.
• Approval of the remuneration of EUR 120,000 to the Chair
of the Board and EUR 60,000 to other Board members, and
EUR 10,000 to each Committee Chair and EUR 5,000 to other
Committee members, with the total fees for Committee
work not to exceed EUR 50,000.
• Re-election of C. Ashley Heppenstall, Grace Reksten
Skaugen and Jakob Thomasen and election of Peggy
Bruzelius and William Lundin as new members of the Board.
• Re-election of Grace Reksten Skaugen as Chair of the
Board.
• Approval of the remuneration of the statutory auditor.
• Re-election of the registered accounting firm Ernst & Young
AB as the Company’s statutory auditor until the 2024 AGM, 
authorised public accountant Anders Kriström being the 
designated auditor in charge.
• Approval of a long-term share-related incentive plan in
the form of a share option plan for members of Group
management and other employees of the Company
(“Employee LTIP 2023”).
• Approval that the Company may enter into an equity swap
arrangement with a third party, whereby the third party
in its own name shall be entitled to acquire and transfer
shares (including to the participants) in accordance with
the terms and conditions of Employee LTIP 2023.
• Approval to authorise the Board to issue new shares and/
or convertible debentures corresponding to in total not
more than 28,500,000 new shares, with or without the
application of the shareholders pre-emption rights, in
order to enable or facilitate acquisitions of companies or
businesses or other major investments; and
• Approval to authorise the Board to decide on repurchases
and sales of shares in Orrön Energy on Nasdaq Stockholm,
where the number of shares repurchased shall be limited
so that shares held in treasury from time to time do
not exceed ten percent of all outstanding shares of the
Company.
• Rejection of two shareholder proposals, which were put
forward by a minority shareholder.
All AGM materials, in Swedish and English, are available on 
the Company’s website.
External auditors of the Company
Statutory auditor
Orrön Energy’s statutory auditor audits annually the 
Company’s financial statements, the consolidated financial 
statements, the Board’s and the CEO’s administration of the 
Company’s affairs and reports on the Corporate Governance 
Report. The auditor also controls that the Sustainability 
Report meets the requirements in the Annual Accounts Act. 
In addition, the auditor performs a review of the Company’s 
half year report and issues a statement regarding the 
Company’s compliance with the Policy on Remuneration. 
The Board meets at least once a year with the auditor 
without any member of Group management present at the 
meeting. In addition, the auditor participates regularly in 
Audit Committee meetings, in particular in connection with 
the Company’s half year and year end reports. Group entities 
outside of Sweden are audited in accordance with local rules 
and regulations.
DIRECTORS’ REPORT | Corporate Governance Report

===== SIDA 25 =====

23
The Company’s statutory auditor is the registered accounting 
firm Ernst & Young AB, which was first elected as the 
Company’s statutory auditor at the 2020 AGM. The auditor’s 
fees are described in the notes to the financial statements, 
see Note 24 on page 62 and Note 6 on page 70. The auditor’s 
fees also detail payments made for assignments outside 
the regular audit mandate. Such assignments are kept to 
a minimum to ensure the auditor’s independence towards 
the Company and generally require prior approval of the 
Company’s Audit Committee.
Nomination Committee
The Nomination Committee is formed in accordance with 
the Company’s Nomination Committee Process approved 
at the 2023 AGM. According to the Process, the Company 
shall invite three of the larger shareholders of the Company 
based on shareholdings as per 1 August each year to form 
the Nomination Committee, however, the members are, 
regardless of how they are appointed, required to promote 
the interests of all shareholders of the Company.
The Nomination Committee conducts its task in accordance 
with the Swedish Corporate Governance Code. The 
tasks of the Nomination Committee include making 
recommendations to the shareholders regarding the 
election of the Chair of the AGM, election of Board members 
and the Chair of the Board, remuneration of the Chair and 
other Board members, including remuneration for Board 
Committee work, election of the statutory auditor and 
remuneration of the statutory auditor. Shareholders may 
submit proposals to the Nomination Committee by e-mail to 
nomcom@orron.com.
Nomination Committee for the 2023 AGM 
The members of the Nomination Committee for the 2023 
AGM are described in the Company’s 2022 Annual Report. 
The full Nomination Committee reports, including the final 
proposals, are available on the Company’s website.  
Nomination Committee for the 2024 AGM
The members of the Nomination Committee for the 2024 
AGM were announced and posted on the Company’s 
website on 18 October 2023. The Nomination Committee has 
held three meetings during its mandate so far. At the first 
meeting, William Lundin was unanimously elected as Chair 
of the Nomination Committee. The fact that he is the Chair 
of the Nomination Committee and a Board member of Orrön 
Energy constitutes a deviation from rule 2.4 in the Corporate 
Governance Code, however this deviation was considered 
justified as William Lundin represents the major shareholder 
of the Company.
 
The full Nomination Committee report, including the final 
proposals to the 2024 AGM, is available on the Company’s 
website.
Nomination Committee for the 2024 AGM
William Lundin (Chair) Nemesia S.à.r.l and member of 
the Board of Orrön Energy
Sussi Kvart Handelsbanken Fonder
Erik Durhan Öhman Fonder
Board of Directors
The Board of Directors of Orrön Energy is responsible for 
the organisation of the Company and management of 
the Company’s operations. The Board is to manage the 
Company’s affairs in the interests of the Company and all 
shareholders with the aim of creating long-term sustainable 
shareholder value. To achieve this, the Board should at 
all times have an appropriate and diverse composition 
considering the current and expected development of 
the operations, with Board members from a wide range of 
backgrounds that possess both individually and collectively 
the necessary experience and expertise.
Composition of the Board
The Board of Orrön Energy shall, according to the Articles of 
Association, consist of a minimum of three and a maximum 
of ten directors without deputies, and the AGM decides the 
final number each year. The Board members are elected 
for a period of one year. There are no deputy members 
and no members appointed by employee organisations. In 
addition, the Board is supported by a corporate secretary, 
the Company’s General Counsel, Henrika Frykman, who is not 
a Board member.
The Nomination Committee for the 2023 AGM considered 
that the Board of five members elected at the 2023 AGM was 
composed of a broad and versatile group of knowledgeable 
and skilled individuals who were motivated and prepared to 
undertake the tasks required of the Board in today’s business 
environment. The Board members possess substantial 
expertise and experience and in addition, the Board fulfills 
the requirements regarding independence in relation to the 
Company, Group management and the Company’s major 
shareholders. Such expertise and experience relates to the 
Company’s core area of operation in the renewable energy 
sector, public company financial matters, Swedish practice 
and compliance matters, sustainability matters, corporate 
responsibility and health, safety and the environment.
Gender balance was specifically discussed and the 
Nomination Committee noted that 40 percent of the 
proposed Board for election at the 2023 AGM were women. 
The Company aims to promote diversity at all levels of 
the Company, and the Nomination Committee applies 
the diversity requirements of the Corporate Governance 
Code. The recommendation of the Swedish Corporate 
Governance Board is that listed Swedish companies should 
strive to achieve a 40 percent Board representation of the 
least represented gender, which the Company achieved in 
2023. The proposed Board for election at the 2024 AGM also 
consists of 40 percent women.
The Nomination Committee further reviewed the 
remuneration of the Board ahead of the 2023 AGM and 
decided that no increase should be proposed.
Board meetings and work 2023
The Chair of the Board is responsible for ensuring that the 
Board’s work is well organised and conducted in an efficient 
manner as well as ensuring that reporting instructions are 
upheld for management, as drawn up by the CEO and as 
approved by the Board, however, the Chair does not take 
part in the day-to-day work. The Chair maintains close 
contacts with the CEO to ensure the Board is at all times 
sufficiently informed of the Company’s operations and 
financial status. Eight Board meetings were held during 2023 
and monthly operational reports were circulated to the 
Board.
DIRECTORS’ REPORT | Corporate Governance Report

===== SIDA 26 =====

24
Board Committees
To maximise the efficiency of the Board’s work and to 
ensure a thorough review of specific issues, the Board has 
established a Compensation Committee and an Audit 
Committee. The tasks and responsibilities of the Committees 
are detailed in the terms of reference of each Committee, 
which are annually adopted as part of the Rules of Procedure 
of the Board. Minutes are kept at Committee meetings and 
matters discussed are reported to the Board. In addition, 
informal contacts take place between ordinary meetings as 
and when required by the operations.  
Compensation Committee 
The Compensation Committee assists the Board in 
Group management remuneration matters and receives 
information and prepares the Board’s and shareholder 
meetings’ decisions on matters relating to the principles of 
remuneration, remuneration and other terms of employment 
of Group management. The objective of the Committee in 
determining compensation for Group management is to 
provide a compensation package that is based on market 
conditions, is competitive and takes into account the scope 
and responsibilities associated with the position, as well as 
the skills, experience and performance of the individual. The 
Committee’s tasks also include monitoring and evaluating 
programmes for variable remuneration, the application of the 
Policy on Remuneration as well as the current remuneration 
structures and levels in the Company. 
Compensation Committee work during 2023: 
• Ongoing review of the performance management process
through various meetings across the year.
• Preparing the 2022 Remuneration Report for Board and
AGM approval and considering enhancements for the 2023
Remuneration Report.
• Continuous monitoring and evaluation of remuneration
structures, levels, programmes and the Policy on
Remuneration.
• Review of the Policy on Remuneration adopted by the 2022
EGM and decision not to propose any changes to the 2024
AGM.
• Review and discussion on remuneration levels and practices
throughout the Company for consideration in relation to
Group management remuneration.
• Review of the performance of the CEO and Group
management as per the performance management
process.
• Preparing a proposal for a long-term share-related incentive
plan in the form of a share option plan for members of
Group management and other employees of the Company,
Employee LTIP 2023, for Board and AGM approval through
various work sessions and preparation discussions.
• Review of the CEO’s proposals for remuneration and other
terms of employment of the other members of Group
management for Board approval.
• Review of the CEO’s proposals for the principles of
compensation of other employees.
• Review and approval of the CEO’s proposals for awards
under the Employee LTIP 2023.
• Preparing a proposal for award under the Employee LTIP 2023
to the CEO.
• Preparing a proposal for remuneration and other terms of
employment of the CEO for Board approval.
• Review of Group management succession planning matters.
• Reviewing the organisation and growth based on the
increased activities and scope of the Company.
• Frequent contacts, ongoing dialogue and decisions outside
of formal meetings to provide oversight and approvals for
remuneration issues as presented by Group management.
Audit Committee
The Audit Committee oversees the Company’s internal 
control systems and assists the Board in ensuring that the 
Company’s financial reports are prepared in accordance with 
International Financial Reporting Standards (IFRS), the Swedish 
Annual Accounts Act and accounting practices applicable 
to a company incorporated in Sweden and listed on Nasdaq 
Stockholm. The Audit Committee also evaluates financial risks, 
exposure and strategies. The Audit Committee is empowered 
by the Committee’s terms of reference to make decisions on 
certain issues delegated to it, such as review and approval 
of the Company’s first and third quarter reports on behalf of 
the Board. The Audit Committee also regularly liaises with the 
Group’s statutory auditor as part of the annual audit process 
and reviews the audit fees and the auditor’s independence 
and impartiality. The Audit Committee further assists the 
Company’s Nomination Committee in the preparation of 
proposals for the election of the statutory auditor at the AGM.
Audit Committee work during 2023:
• Assessment of the 2022 year-end report and the 2023
half-year report for completeness and accuracy and
recommendation for approval to the Board.
• Assessment and approval of the first and third quarter
reports 2023 on behalf of the Board.
• Evaluation of accounting issues in relation to the
assessment of the financial reports.
• Follow-up and evaluation of the results of the internal
control of the Group.
• Three meetings with the statutory auditor to discuss the
financial reporting, internal controls, risk management, etc.
• Evaluation of the audit performance and the independence
and impartiality of the statutory auditor.
• Review and approval of statutory auditor’s fees.
• Reviewing various matters in relation to risk management
and financing.
DIRECTORS’ REPORT | Corporate Governance Report
Principal tasks of the Board of Directors
• Establishing the overall goals and strategy of the
Company.
• Making decisions regarding the supply and allocation
of capital.
• Identifying how the Company’s risks and business
opportunities are affected by sustainability aspects.
• Appointing, evaluating and, if necessary, dismissing the
CEO.
• Ensuring that there is an effective system for follow-up
and control of the Company’s operations and the risks
to the Company that are associated with its operations.
• Ensuring that there is a satisfactory process for
monitoring the Company’s compliance with laws and
other regulations relevant to the Company’s operations,
as well as the application of internal guidelines.
• Defining necessary guidelines to govern the Company’s
conduct in society, with the aim of ensuring its long- 
term value creation capability.
• Ensuring that the Company’s external communications
are characterised by openness, and that they are
accurate, reliable and relevant.
• Ensuring that the Company’s organisation in respect of
accounting, management of funds and the Company’s
financial position in general include satisfactory
systems of internal control.
• Continuously evaluating the Company’s and the
Group’s economic situation, including its fiscal position.

===== SIDA 27 =====

25
DIRECTORS’ REPORT | Corporate Governance Report
Board’s yearly work cycle
Q1 / Q2 activities
• Approval of the year end report.
• Consideration on recommendation for appropriation of the Company’s
result.
• Approval of remuneration proposals regarding fixed and variable
remuneration.
• Approval of the Annual and Sustainability Report.
• Review of the auditor’s report.
• Approval of the Policy on Remuneration for submission to the AGM (if
applicable).
• Approval of the Remuneration Report.
• Determination of the AGM details and approval of the AGM materials.
• Statutory meeting following the AGM to confirm Board fees, Committee
compensation, signatory powers, appointment of corporate secretary.
• Audit Committee report regarding the first quarter report.
• Meeting with the auditor without management present to discuss the
audit process, risk management and internal controls.
• Review of the Rules of Procedure.
• Performance assessment of the CEO.
• Consideration of the performance review of Group management and
Compensation Committee remuneration proposals.
• Detailed discussion on business strategy.
Q3 / Q4 activities
• Adoption of the budget and work programme
for the following year’s activities.
• Consideration of the Board evaluation to be
submitted to the Nomination Committee.
• Adoption of the half year report, reviewed by the
statutory auditor.
• Audit Committee report regarding the third
quarter report.
Board of Directors work 2023
The Board held eight Board meetings with deliberations and contacts in-between meetings. In addition to the topics covered by 
the Board as per its yearly work cycle, the following significant matters were addressed by the Board during the year:
• Discussing in detail the Company’s performance.
• Considering in detail Company strategy and evaluating several potential business opportunities.
• Considering the Company’s production and asset performance, business forecasts and future outlook.
• Overseeing the construction progress and take-over of the Karskruv wind farm.
• Considering and approving additional acquisitions to increase the power generation capacity in the Nordics.
• Overseeing the completion of six transactions and the establishment of a growth platform across five countries.
• Considering the strategy, remuneration and set-up of the Company’s greenfield business.
• Considering the proposal for a long-term share-related incentive plan in the form of a share option plan for members of
Group management and other employees of the Company, the Employee LTIP 2023, subject to 2023 AGM approval.
• Discussing in detail the financing of the Company, including the Company’s financial risk management, cash flows, sources of
funding, foreign exchange movements, hedging strategy and liquidity position.
• Reviewing and approving a 150 MEUR revolving credit facility agreement.
• Discussing the Company’s risk management framework.
• Discussing and reviewing the operational performance of the Company.
• Approval of the Report on Payments to Governments.
• Monitoring and discussing  the ongoing trial in the legacy Sudan case, including the updated claim for forfeiture of economic
benefits notified by the Swedish Prosecution Authority prior to the start of the trial in September 2023.
Sudan
In June 2010, the Swedish Prosecution Authority began a preliminary investigation into alleged complicity in violations of
international humanitarian law in Sudan during 1997–2003.
In November 2021, the Swedish Prosecution Authority brought criminal charges against former representatives of the Company in 
relation to past operations in Sudan from 1999 to 2003. The charges also included claims against the Company for a corporate fine 
of MSEK 3.0 and forfeiture of economic benefits of MSEK 2,381.3, which according to the Swedish Prosecution Authority represents the 
value of the gain of MSEK 720.1 that the Company made on the sale of an asset in 2003. The Company refutes that there are any 
grounds for allegations of wrongdoing by any of its former representatives and sees no circumstance in which a corporate fine 
or forfeiture could become payable. The claim for forfeiture of economic benefits was increased from MSEK 1,391.8 by the Swedish 
Prosecution Authority in August 2023. This latest increase to the claimed forfeiture amount means that Swedish Prosecution Authority 
has presented three completely different amounts, based on three different methodologies, over the past five years, raising serious 
questions about the substance and credibility of the Swedish Prosecution Authority’s claim. It is obvious that the methodology used 
by the Prosecutor to arrive at the claimed forfeiture amount is fundamentally flawed, leading to an unreasonable forfeiture claim 
which has no basis in law and is highly speculative. Any potential corporate fine or forfeiture of economic benefits would only be 
imposed after an adverse final conclusion of the case against former representatives of the Company. The trial at the Stockholm 
District Court started in September 2023 and is expected to last until February 2026. 
In 2018, the Swedish Prosecution Authority also began a preliminary investigation into alleged interference in a judicial matter. In April 
2023, the investigation was closed down. 
More information regarding the past activities in Sudan during 1997–2003 can be found on www.lundinsudanlegalcase.com.

===== SIDA 28 =====

26
DIRECTORS’ REPORT | Corporate Governance Report
Board of 
Directors1: C. Ashley Heppenstall Grace Reksten Skaugen Jakob Thomasen Peggy Bruzelius William Lundin
Function Director, elected 2001
Born 1962
Audit Committee Chair
Compensation 
Committee member
Chair, elected 2015
Born 1953 
Compensation Committee 
Chair
Director, elected 2017
Born 1962
Audit Committee 
member 
Director, elected 2023
Born 1949
Audit Committee 
member 
Director, elected 2023
Born 1993
Compensation 
Committee member
Education B.Sc. Mathematics 
from the University of
Durham.
MBA from the BI Norwegian 
School of Management, 
Ph.D. Laser Physics and 
B.Sc. Honours Physics from 
Imperial College of Science 
and Technology at the 
University of London.
Graduate of 
the University of 
Copenhagen, Denmark, 
M.Sc. in Geoscience 
and completed the 
Advanced Strategic 
Management 
programme at IMD, 
Switzerland.
M.Sc. Economics and 
Business from the 
Stockholm School of 
Economics 
Econ dr hc from the 
Stockholm School of 
Economics.
Bachelor of 
Engineering in Mineral 
Resource Engineering, 
from Dalhousie 
University Halifax, 
Canada.
Experience Various positions 
within Lundin related 
companies since 1993. 
CFO of Lundin Oil 
1998–2001.
CFO of Lundin 
Petroleum 2001–2002.
CEO of Lundin 
Petroleum 2002–2015.
Member of the corporate 
finance team at SEB in Oslo.
Board member/deputy 
chair of Statoil ASA 
2002–2015.
Member of HSBC European 
Senior Advisory Council.
CEO of Maersk Oil 
and a member of 
the Executive Board 
of the Maersk Group 
2009–2016.
Managing Director of 
ABB Financial Services 
AB 1991–1997.
Head of the asset 
management division 
of Skandinaviska 
Enskilda Banken AB 
1997–1998.
Field engineer and 
operator of BlackPearl 
Resources Inc. 2016–
2018. 
Project engineer 
production operations 
of International 
Petroleum Corp. (IPC) 
2018–2020. 
COO of IPC 2020–
2023.
President & CEO of IPC 
2024–present. 
Other Board 
duties
Chair of the Board of 
International Petroleum 
Corp. and member of 
the Board of Lundin 
Gold Inc., Lundin Mining 
Corp. and Aker BP ASA.
Member of the Board 
of Investor AB and PJT 
Partners, founder and 
Board member of the 
Norwegian Institute of 
Directors and trustee of the 
International Institute for 
Strategic Studies in London.
Chair of the DHI Group, 
ESVAGT, RelyOn Nutec 
and Hovedstadens 
Letbane, and Board 
member of Arcadia 
eFuels Vordinborg.
Chair of the Board 
of Lancelot Asset 
Management AB 
and member of the 
Board of International 
Consolidated Airlines 
Group S.A.
Board member 
of IPC, ShaMaran 
Petroleum Corp. Filo 
Corp. and the Lundin 
Foundation.
Attendance 
Board
Audit Committee
Compensation 
Committee
8/8
5/6
2/2
8/8
2/2
8/8
6/6
5/5
4
4/44
5/55
1/15
Remuneration
Board and 
Committee work
EUR 75,000 EUR 130,000 EUR 65,000 EUR 32,500
4 32,5005
Shares as at 
31 December 2023
Nil
2 and 201,000 
Board LTIP 2022 
options
69,7893
and 402,000 Board
 LTIP 2022 options
8,820 and 201,000 
Board LTIP 2022 
options
30,000 900.0005
Independent of 
the Company 
and Group 
management
Yes Yes Yes Yes Yes
Independent 
of major 
shareholders
Yes Yes Yes Yes No
5
1  Board members and functions are included in this table as per 31 December 2023. The previous Board members Daniel Fitzgerald (Board attendance 3/3) and Aksel 
Azrac (Board attendance 3/3, Audit Committee attendance 2/2 and Compensation Committee attendance 1/1) did not stand for re-election at the 2023 AGM. The 
Board remuneration for these Board members was paid out in accordance with the 2022 AGM resolutions, and can be found in note 22 on page 57. 
2  C. Ashley Heppenstall holds 1,869,535 shares in Orrön Energy AB through an investment company, Rojafi.
3  Grace Reksten Skaugen also holds 180,000 shares in Orrön Energy AB through an investment company, Infovidi Ltd. 
4 Peggy Bruzelius was elected to the Board on 4 May 2023.
5 William Lundin was elected to the Board on 4 May 2023 and is in the Nomination Committee’s and the Company’s opinion not deemed independent of the 
Company’s major shareholder since he is a member of the Lundin family that holds, through family trusts, Nemesia S.à.r.l., which holds 95,478,606 shares in the 
Company.
Board members on 31 December 2023

===== SIDA 29 =====

27
DIRECTORS’ REPORT | Corporate Governance Report
Remuneration of Board members
The remuneration of the Chair and other Board members 
follows the resolution adopted by the AGM. The Board 
members are not employed by the Company, do not 
receive any salary from the Company and are not 
eligible for participation in incentive programmes for 
Group management and other employees. The Policy on 
Remuneration approved by the 2022 EGM also comprises 
remuneration paid to Board members for work performed 
outside the directorship. 
The remuneration of the Board is detailed further in the 
schedule on page 27 and in the notes to the financial 
statements, see Note 22 on pages 57-60.
Evaluation of the Board’s work
An evaluation of the work of the Board was conducted in the 
autumn 2023 through an online survey. The purpose of the 
evaluation was to assess the functioning of the Board and to 
identify potential areas of improvement. The results of each 
individual questionnaire were summarised to provide an 
overview over each focus area. The results were reported to 
the Nomination Committee.
Group management
Management structure
Orrön Energy’s Group and local management consists 
of highly experienced individuals with extensive industry 
experience. The Company’s CEO is responsible for the 
management of the day-to-day operations of Orrön 
Energy. He is appointed by, and reports to, the Board. He in 
turn appoints the other members of Group management, 
who assist the CEO in his functions and duties, and in the 
implementation of decisions taken and instructions given by 
the Board, with the aim of ensuring that the Company meets 
its strategic objectives and continues to deliver responsible 
growth and long-term shareholder value.
Investment Committee
Group management, which forms the Company’s Investment 
Committee, consists of Daniel Fitzgerald, CEO, Henrika 
Frykman, General Counsel (GC) and Espen Hennie, Chief 
Financial Officer (CFO).
The Investment Committee assists the Board in discharging 
its responsibilities in overseeing the Company’s investment 
portfolio. The role of the Investment Committee is to 
determine that the Company has a clearly articulated 
investment policy, to develop, review and recommend to the 
Board investment strategies and guidelines in line with the 
Company’s overall policy, to review and approve investment 
transactions and to monitor compliance with investment 
strategies and guidelines. The responsibilities and duties 
include considering annual budgets, supplementary budget 
approvals, investment proposals, commitments, acquisition 
and disposal of assets and performing other investment 
related functions as the Board may designate.
Group management tasks and duties
The tasks of the CEO and the division of duties between the 
Board and the CEO are defined in the Rules of Procedure and 
the Board’s instructions to the CEO. In addition to the overall 
management of the Company, the CEO’s tasks include 
ensuring that the Board receives all relevant information 
regarding the Company’s operations, including profit 
trends, financial position and liquidity, as well as information 
regarding important events such as significant disputes, 
agreements and developments in important business 
relations. The CEO is also responsible for preparing the 
required information for Board decisions and for ensuring 
that the Company complies with applicable legislation, 
securities regulations and other rules such as the Corporate 
Governance Code. Furthermore, the CEO maintains regular 
contacts with the Company’s stakeholders, including 
shareholders, the financial markets, business partners and 
public authorities. To fulfil his duties, the CEO works closely 
with the Chair of the Board to discuss the Company’s 
operations, financial status, up-coming Board meetings, 
implementation of decisions and other matters.
Under the leadership of the CEO, Group management is 
responsible for ensuring that the operations are conducted 
in compliance with the Code of Conduct, all Group policies, 
procedures and guidelines in a professional, efficient and 
responsible manner. Regular management meetings are 
held to discuss all commercial, technical, sustainability, 
financial, legal and other matters within the Group to ensure 
the established short- and long-term business objectives 
and goals will be met. Group management also travel 
frequently to oversee the ongoing operations, seek new 
business opportunities and meet with various stakeholders, 
including business partners, suppliers and contractors, 
government representatives and financial institutions. In 
addition, Group management liaise continuously with the 
Board, and in particular the Board Committees, in respect of 
ongoing matters and issues that may arise.
Remuneration
Group principles of remuneration
Orrön Energy aims to offer all employees compensation 
packages that are competitive and in line with market 
conditions. These packages are designed to ensure that 
the Group can recruit, motivate and retain highly skilled 
individuals and reward performance that enhances long-
term sustainable shareholder value.
The Group’s compensation packages consist of four 
elements, being (i) base salary; (ii) annual variable 
remuneration; (iii) long- term incentive plan (LTIP); and (iv) 
other benefits. As part of the yearly assessment process, a 
performance management process has been established 
to align individual and team performance to the strategic 
and operational goals and objectives of the overall business. 
Individual performance measures are formally agreed and 
key elements of variable remuneration are clearly linked to 
the achievement of such stated and agreed performance 
measures.
To ensure compensation packages within the Group 
remain competitive and in line with market conditions, 
the Compensation Committee and the Company may 
undertake benchmarking studies. 
Policy on Remuneration for Group management
The remuneration of Group management follows the 
principles that are applicable to all employees, however, 
these principles must be approved by the shareholders 
at the AGM. The Compensation Committee therefore 
prepares for approval by the Board and for submission 
for final approval to the AGM, a Policy on Remuneration 
for Group management when any changes are proposed 
or at least once every four years. The Board does not 
propose any changes to the Policy on Remuneration for 
Group management as approved by the 2022 EGM, which 
is reproduced below. The Remuneration Report, which can 
be found on the Company’s website, describes in more 
detail outcomes and how decisions were taken by the 
Compensation Committee during 2023.

===== SIDA 30 =====

28
business decisions that support long-term value creation 
and share price appreciation, rather than delivering scale 
and size without clear shareholder retur. As the Company 
operates in a business environment where renewable energy 
projects take a long time to mature and ultimately crystallise 
value, the Employee LTIP 2023 has been designed to 
incentivise decision making in support of this long-term value 
creation, which is being reflected in the length of the exercise 
and vesting periods. The Employee LTIP 2023 is further fully 
aligned with the interest of shareholders as any pay-out will 
require a share price increase, which is considered to be 
an appropriate performance criterion given the Company’s 
current phase of development. The share price is the best 
measure to determine shareholder value creation, and the 
Employee LTIP 2023 will only deliver value to the extent that 
Group management are able to increase the Company’s 
valuation. It is also challenging to find a suitable peer group 
at this phase of the Company’s development, or other 
performance conditions, which would adequately assess the 
Company’s performance against market. A performance 
condition focused on growth targets may not lead to 
share price appreciation and could in essence reward 
outcomes, which are not aligned with value appreciation for 
shareholders, in particular under current market conditions. 
The Board therefore believes that the Employee LTIP 2023 
is the best way to ensure a clear alignment between 
performance outcomes for both shareholders and Group 
management. 
It is also considered that the Employee LTIP 2023 is best 
financed through delivery of shares allowing the Company 
to allocate all available capital towards growth. To minimise 
dilution and impact on shareholders, the net equity 
settlement method has been chosen to ensure that only the 
value created over and above the market price of the share 
at award is delivered, leading to a significantly lower dilution 
than the headline amount of options issued. As an example, 
assuming a scenario with an average share price growth 
of 10 percent per annum over seven years, the dilution to 
shareholders would reduce by 50 percent compared to the 
headline dilution.
The annual variable remuneration for Group management 
is assessed against annual performance targets that 
signal and reward the strategic and operational results 
and behaviours expected for the year, which contribute 
to long-term, sustainable value creation for Orrön Energy. 
The performance target structure, and specific targets and 
weightings, are reviewed annually by the Compensation 
Committee to ensure that it aligns with the strategic direction 
and risk appetite of the Company and the performance 
target structure and specific targets are approved by the 
Board.
Long-term incentive plan 2023
The 2023 AGM resolved to establish a long-term share-
related incentive plan in the form of a share option plan 
for members of Group management and other employees 
of the Company (Employee LTIP 2023), which follows the 
same principles as the Employee LTIP 2022 approved by 
the 2022 EGM. Under the Employee LTIP 2023, participants 
were granted options free of charge. Each option entitles 
the participant to purchase shares in the company at an 
exercise price of SEK 11.78. The employee options under the 
Employee LTIP 2023 vest on 31 July 2026 and participants 
will be entitled to exercise all or part of the options until 31 
July 2030 (the exercise period). During the exercise period, 
employees may elect to net equity settle the options as per 
the terms and conditions of the Employee LTIP 2023. The total 
number of shares available for the perticipants under the 
Employee LTIP 2023 was 7,000,000. The Board of Directors may 
in exceptional circumstances reduce (including reduce to 
zero) the allotment of options under the Employee LTIP 2023.
The Employee LTIP 2023 was introduced as part of a new 
holistic remuneration approach within the updated Policy 
on Remuneration for Group management, where base 
salaries and annual bonus opportunities were set below 
the market average and in return, the long-term incentives 
were designed to strongly emphasise Group management’s 
delivery of material shareholder returns, which is appropriate 
for a newly formed entrepreneurial organisation focused 
on growth. The Employee LTIP 2023 is designed to promote 
Major topics addressed by Group management in 2023
• Considering the strategy of the Company and evaluating future business opportunities.
• Overseeing the safe completion and take-over of the Karskruv wind farm ahead of schedule.
• Considering numerous new ventures and investment opportunities.
• Reviewing and negotiating six transactions to increase the power generation capacity in the Nordics and to establish organic
growth platforms across five countries.
• Negotiating the Company’s investment into a greenfield portfolio in Finland.
• Managing and overseeing the greenfield investments in the Nordics and Europe including reviewing strategy, growth,
employment matters, governance and operational set-up of the businesses.
• Overseeing the greenfield project origination and maturation including the creation of a Nordic project pipeline of early stage
solar, wind and battery projects.
• Managing the qualification of the Metsälamminkangas wind farm into the ancillary services market, and considering
opportunities for further assets.
• Overseeing the completion of the Slitevind AB (publ) squeeze out process and managing integration into Orrön Energy.
• Negotiating a 150 MEUR revolving credit facility and the subsequent exercise of the accordion option in 2024 to increase the
facility to 190 MEUR.
• Overseeing the optimisation of the group structure through 14 internal mergers and implementing a change in reporting
currency from USD to EUR.
• Reviewing and implementing cyber security measures to ensure operations remain safe and robust.
• Implementing the sustainability strategy of the Company and overseeing the process to obtain Prime Status by ISS.
• Overseeing HSE related work of the Company, including safe management and remediation of a fire incident at one wind
turbine.
• Considering the Company’s production and asset performance, business forecasts and future outlook.
• Overseeing the performance of the wider asset base of the Company and implementing actions to further improve the
operational performance, including a structured review of asset optimisation and repowering.
• Reviewing and discussing tax changes in Norway, Sweden and Finland and their impact on the Company’s portfolio.
• Considering and managing the implications of the ongoing trial in relation to past operations in Sudan, including notified claims
against the Company.
DIRECTORS’ REPORT | Corporate Governance Report

===== SIDA 31 =====

29
Shares received through the Employee LTIP 2023 are further 
subject to certain disposal restrictions to ensure that Group 
management build towards a meaningful shareholding in 
Orrön Energy. The level of shareholding expected of each 
management participant is 100 percent (200 percent for the 
CEO) of the participant’s annual gross base salary over time 
by retaining minimum 50 percent of exercised shares, net 
of tax. The CEO holds 500,000 shares in the Company and 
the remainder of Group management hold 160,000 shares in 
aggregate as per 31 March 2024.
Performance monitoring and review
The Board is responsible for monitoring and reviewing on a 
continuous basis the work and performance of the CEO and 
shall carry out at least once a year a formal performance 
review. The Board also considered proposals regarding the 
compensation of the CEO and other members of Group 
management. Neither the CEO nor other members of Group 
management were present at the Board meetings when 
discussions regarding their compensation took place.
The tasks of the Compensation Committee also include 
monitoring and evaluating the general application of the 
Policy on Remuneration, as approved by the shareholders’ 
meeting, and the Compensation Committee prepares a 
yearly Remuneration Report, for approval by the Board and 
the AGM, on the application of the Policy on Remuneration 
and the evaluation of Group management remuneration. 
As part of its review process, the statutory auditor of the 
Company also verifies on a yearly basis whether the 
Company has complied with the Policy on Remuneration. 
Both reports are available on the Company’s website.
The following Policy on Remuneration for Group 
Management was approved by the 2022 EGM
Application of the Policy
This Policy on Remuneration applies to the remuneration of 
“Group management” at the Company, which includes (i) the 
Chief Executive Officer (the “CEO”), (ii) the Deputy CEO, who 
from time to time may be designated from one of the other 
members of Group management, and (iii) executives so 
designated by the Board. The Policy also applies to members 
of the Board of Directors (the “Board”) of the Company 
where remuneration is paid for work performed outside the 
directorship.
The Policy is, together with previous years’ Policies, available 
on the Company’s website and it will remain available for ten 
years.
Key remuneration principles at the Company
The Company’s remuneration principles and policies 
are designed to ensure responsible and sustainable 
remuneration decisions that support the Company’s 
strategy, shareholders’ long-term interests and sustainable 
business practices. It is the aim of the Company to recruit, 
motivate and retain high calibre executives capable of 
achieving the objectives of the Company and to encourage 
and appropriately and fairly reward executives for their 
contributions to the Company’s success.
Remuneration to members of the Board
In addition to Board fees resolved by the General Meeting, 
remuneration as per prevailing market conditions may be 
paid to members of the Board for work performed outside 
the directorship.
Compensation Committee
The Board has established a Compensation Committee to 
support it on matters of remuneration relating to the CEO, 
the Deputy CEO (if appointed), other members of Group 
management and other key employees of the Company. The 
objective of the Committee is to structure and implement 
remuneration principles to achieve the Company’s strategy, 
the principal matters for consideration being:
• the review and implementation of the Company’s 
remuneration principles for Group management, including 
this Policy which requires approval by the General Meeting 
of Shareholders;
• the remuneration of the CEO and the Deputy CEO 
(if appointed), as well as other members of Group 
management, and any other specific remuneration issues 
arising;
• the design of long-term incentive plans that require 
approval by the General Meeting of Shareholders; and
• compliance with relevant rules and regulatory provisions, 
such as this Policy, the Swedish Companies Act, the 
Swedish Corporate Governance Code and the Swedish 
Stock Market Self-Regulation Committee’s Rules on 
Remuneration of the Board and Executive Management 
and on Incentive Programmes.
When the Committee makes decisions, including 
determining, reviewing and implementing the Policy, it follows 
a process where:
• the Board sets and reviews the terms of reference of the 
Committee;
• the Chair of the Committee approves the Committee’s 
agenda;
• the Committee considers any reports, data and 
presentations and debates any proposal. In its 
considerations the Committee will give due regard to the 
Company’s situation, the general and industry specific 
remuneration environment, the remuneration and terms 
of employment of the broader employee population, 
feedback from different stakeholders, relevant codes, 
regulations and guidelines published from time to time;
• the Committee may request the advice and assistance 
of management representatives, other internal expertise 
and of external advisors. However, it shall ensure that there 
is no conflict of interest regarding other assignments that 
any such advisors may have for the Company and Group 
management;
• the Committee ensures through a requirement to notify 
and recuse oneself that no individual with a conflict of 
interest will take part in a remuneration decision that may 
compromise such a decision;
• once the Committee is satisfied that it has been properly 
and sufficiently informed, it will make its decisions and, 
where required, formulate proposals for approval by the 
Board; and
• the Board will consider any items for approval or proposals 
from the Committee and, following its own discussions, 
make decisions, proposals for a General Meeting of 
Shareholders and/or further requests for the Committee to 
deliberate on.
DIRECTORS’ REPORT | Corporate Governance Report

===== SIDA 32 =====

30
Elements of remuneration for Group management
There are four key elements to the remuneration of Group management:
Description, purpose and link to 
strategy and sustainability Process and governance
Relative share of 
estimated/maximum 
total reward
 1
a) Base salary • Fixed cash remuneration paid
monthly. Provides predictable
remuneration to aid attraction and
retention of key talent.
• The Committee reviews salaries
every year as part of the review of
total remuneration (see below for
a description of the benchmarking
process).
30% 
b) Annual variable
remuneration
• Annual bonus is paid for
performance over the financial
year.
• Each position has a set expected
bonus opportunity, which can be up
to the equivalent of 12 months’ base
salary.
• Any value awarded by the Board
that is more than 12 months’
base salary is paid for delivering
outstanding performance, subject
to a maximum cap of 18 months
base salary.
• Signals and rewards the strategic
and operational results and
behaviours expected for the year
that contribute to the long-term,
sustainable value creation of the
Company.
• The annual review of total
remuneration also considers
annual bonus awards, outcomes,
target structure, weightings of
targets and specific target levels of
performance.
• Measurable financial and non-
financial performance requirements
are identified according to position
and responsibilities and include
delivery against power generation,
investment, financial, ESG and
strategic targets.
• The Committee reviews the design
of annual variable remuneration
separately.
15%
c) Long-term
incentive plan 
• Annual awards of equity-based
long-term incentives, approved by
the General Meeting, that align the
interests of participants with those
of shareholders.
• Awards may be granted with a fair
value of up to 300% of base salary
at award.
• Annual review of total remuneration
considers long-term incentive
awards and outcomes.
• Group Management are required
to build a significant personal
shareholding of up to 100% of
base salary (200% for the CEO)
over time by retaining 50% of
exercised shares, net of tax, until the
predetermined limit for the personal
shareholding has been achieved.
• The Committee reviews the design
of long-term incentives separately.
50%
d) Benefits • Predictable benefits to help
facilitate the discharge of each
executive’s duties, aiding the
attraction and retention of key
talent.
• The Committee reviews benefits
and contractual terms regularly to
ensure that the Company does not
fall behind the market.
• Benefits are set with reference to
external market practices, internal
practices, position and relevant
reference remuneration.
5%
Total 100%
1  Estimated reward shows the percentage of total reward where proportions are estimated assuming 50 per cent of maximum annual bonus and the fair 
value of the long-term incentive without any further share price or dividend effect. Different actual awards and the variable nature of incentives means 
that the actual proportions for an individual may be different.
DIRECTORS’ REPORT | Corporate Governance Report

===== SIDA 33 =====

31
DIRECTORS’ REPORT | Corporate Governance Report
Review and benchmarking
The Committee undertakes reviews of the Company’s 
remuneration policies and practices considering the total 
remuneration of each executive as well as the individual 
components. Levels are set considering:
• the total remuneration opportunity;
• the external pay market;
• the scope and responsibilities of the position;
• the skills, experience and performance of the individual;
• the Company’s performance, affordability of reward and 
general market conditions; and
• levels and increases in remuneration, as well as other 
terms of employment, for other positions within the 
Company.
External benchmarks for total remuneration are acquired 
when the Committee considers it necessary, consisting 
of one or more sets of companies that compete with the 
Company for talent, taking into consideration factors like 
size, complexity, geography and business profile when 
determining such peer groups.
Variable remuneration
The Company considers that variable remuneration forms 
important parts of executives’ remuneration packages, where 
associated performance targets reflect the key drivers for 
pursuing the Company’s strategy, and to achieve sustainable 
value creation and growth in long-term shareholder value. 
The Committee ensures that performance and design align 
with the strategic direction and risk appetite of the Company 
before incentives are approved by the Board.
There is no deferral of incentive payments, however, the 
Board can recover annual bonuses paid in the unlikely event 
of outcomes based on information which is subsequently 
proven to have been manifestly misstated. The Board 
can also in exceptional circumstances reduce long-term 
incentive awards, including reducing them to zero, should it 
consider the vesting outcome to incorrectly reflect the true 
performance of the Company.
Benefits
Benefits provided shall be based on market terms and 
shall facilitate the discharge of each executive’s duties. The 
pension provision is the main benefit and follows the local 
practice of the geography where the individual is based. 
The pension benefits consist of a basic defined contribution 
pension plan, where the employer provides 60 per cent 
and the employee 40 per cent of an annual contribution of 
up to 18 per cent of the capped pensionable salary and, at 
the Board’s discretion, a supplemental defined contribution 
pension plan where the employer provides 60 per cent and 
the employee 40 per cent of a contribution up to 14 per cent 
of the capped pensionable salary.
 
Severance arrangements
Executives have rolling contracts where mutual notice 
periods of up to twelve months apply between the Company 
and the executive. In addition, severance terms are 
incorporated into the employment contracts for executives 
that give rise to compensation in the event of termination 
of employment due to a change of control of the Company. 
Such compensation, together with applicable notice periods, 
shall not exceed 24 months’ base salary.
The Board is further authorised, in individual cases, to 
approve severance arrangements, in addition to the notice 
periods and the severance arrangements in respect of a 
change of control of the Company, where employment is 
terminated by the Company without cause, or otherwise in 
circumstances at the discretion of the Board. Such severance 
arrangements may provide for the payment of up to 12 
months’ base salary.
In all circumstances, severance payments in aggregate (i.e. 
for notice periods and severance arrangements) shall be 
limited to a maximum of 24 months’ base salary

===== SIDA 34 =====

32
DIRECTORS’ REPORT | Corporate Governance Report
Internal control over financial reporting
The purpose of internal control over financial reporting 
is to provide assurance with regards to the reliability of 
the external financial reporting and to ensure that the 
financial reporting is produced in accordance with generally 
accepted accounting principles, applicable legislation and 
with other requirements imposed on listed companies. 
The Board has overall responsibility for establishing and 
monitoring an effective system for internal control. The 
CEO is responsible for ensuring that both a process and 
an adequate organisation are in place to safeguard 
internal control and the quality of the internal and external 
financial reporting. The purpose of this report is to provide 
shareholders and other parties with an understanding of how 
internal control is organised at Orrön Energy.
Orrön Energy’s system for internal control over financial 
reporting is based on the Integrated Framework (2013) 
issued by the Committee of Sponsoring Organizations of the 
Treadway Commission (COSO). The five components of this 
framework are control environment, risk assessment, control 
activities, information and communication and monitoring 
activities.
The Board has assessed the need for establishing an internal 
audit function but concluded that the control environment 
and the control activities carried out by the Company, the 
Board and the Audit Committee are sufficient to ensure 
adequate internal control over financial reporting. 
Control environment
The control environment is the foundation of Orrön Energy’s 
system for internal control and is defined by the Company’s 
policies and procedures, guidelines and codes as well as its 
responsibility and authority structure. In the area of control 
activities, Orrön Energy has documented all critical, financial 
processes and controls in the Group. The business culture 
established within the Group is also fundamental to ensure 
highest level of ethics, morals and integrity.
Risk assessment
Risks relating to financial reporting are evaluated and 
monitored by the Board through the Audit Committee. The 
Group’s risk assessment process is used as a means to 
monitor that risks are managed and consists in identifying 
and evaluating risks and also determining the potential 
impact on the financial reporting. Regular reviews on local 
level as well as on Group level are made to assess any 
changes made in the Group that may affect internal control.
Control activities
Control activities range from high level reviews of financial 
results in management meetings to detailed reconciliation 
of accounts and day to day review and authorisation of 
payments. The monthly review and analysis of the financial 
reporting made on Company level and Group level are 
important control activities performed to ensure that the 
financial reporting does not contain any significant errors 
and also to prevent fraud. 
Information and communication
Orrön Energy has processes in place aiming to ensure 
effective and correct information in regards to financial 
reporting, both internally within the organisation as well as 
externally to the public to meet the requirements for a listed 
company. All information regarding the Company’s policies, 
procedures and guidelines is available to the Group’s 
employees and any updates and changes to reporting 
and accounting policies are issued via email and at regular 
finance meetings. In addition, the Information Policy ensures 
that the public is provided with accurate, reliable, and 
relevant information concerning the Group and its financial 
position at the right time.
Monitoring
Follow-up, improvements and the development of systems, 
processes and controls take place on an ongoing basis. 
Continuous monitoring of control activities is made at 
different levels of the organisation and involves both formal 
and informal procedures performed by management, 
process owners or control owners.

===== SIDA 35 =====

33
FINANCIAL STATEMENTS AND NOTES
Financial Statements and Notes
Consolidated income statement 34
Consolidated statement of comprehensive income 35
Consolidated balance sheet 36
Consolidated statement of cash flow  37
Consolidated statement of changes in equity  38
Notes to the financial statements of the Group  39
- Note 1 – Accounting policies 39
- Note 2 – Share in result of associates and joint ventures 44
- Note 3 – Finance income 44
- Note 4 – Finance costs 44
- Note 5 – Income tax 45
- Note 6 – Discontinued operations – E&P business 46
- Note 7 – Property, plant and equipment 47
- Note 8 – Investments in associates and joint ventures 48
- Note 9 – Financial instruments and financial risk management 49
- Note 10 – Revenue 52
- Note 11 – Other current financial assets 52
- Note 12 – Supplementary information to the Statement of Cash Flows 52
- Note 13 – Equity 52
- Note 13.1 – Share capital and share premium 52
- Note 13.2 – Other reserves 53
- Note 13.3 – Retained earnings 53
- Note 13.4 – Earnings per share 53
- Note 14 – Interest bearing liabilities 53
- Note 15 – Provisions 54
- Note 16 – Trade and other payables 54
- Note 17 – Business combinations 54
- Note 18 – Changes in liabilities with cash flow movements 56 
- Note 19 – Contingent liabilities and assets 56
- Note 20 – Related party transactions 56
- Note 21 – Average number of employees 57
- Note 22 – Remuneration 57
- Note 23 – Long-term incentive plans 60
- Note 24 – Remuneration to the Group’s auditors 62
- Note 25 – Subsequent events 62
Annual accounts of the Parent Company 63
Parent Company income statement 64
Parent Company comprehensive income statement 65
Parent Company balance sheet 66
Parent Company statement of cash flow 67
Parent Company statement of changes in equity 68
Notes to the financial statements of the Parent Company 69
- Note 1 – Finance income 69
- Note 2 – Finance costs 69
- Note 3 – Income tax 69
- Note 4 – Receivables 69
- Note 5 – Other liabilities 69
- Note 6 – Remuneration to the auditor 70
- Note 7 – Proposed disposition of unappropriated earnings 70
- Note 8 – Shares in subsidiaries 70
Board assurance 72
Auditor’s report 73

===== SIDA 36 =====

34
MEUR Note 2023 2022
Revenue 10 28.0 13.8
Other income 0.4 –
Operating expenses -12.6 -3.5
General and administration expenses 22 -18.2 -16.7
Depreciation -11.9 -3.5
Share in result of associates and joint ventures 2 -2.7 10.9
Operating profit/loss -17.0 1.0
Finance income 3 6.3 9.0
Finance costs 4 -8.4 -9.2
Net financial items -2.1 -0.2
Profit/loss before income tax -19.1 0.8
Income tax 5 11.5 26.6
Net result from continuing operations -7.6 27.4
Discontinued operations
Net result from E&P business 6 – 12,823.3
Net result -7.6 12,850.7
Attributable to:
Shareholders of the Parent Company -8.0 12,850.4
Non-controlling interest 0.4 0.3
-7.6 12,850.7
Earnings per share – EUR
 1 13.4
From continuing operations -0.03 0.10
From discontinued operations – 44.92
Earnings per share diluted – EUR 1 13.4
From continuing operations -0.03 0.10
From discontinued operations – 44.75
1  Based on net result attributable to shareholders of the Parent Company.
FINANCIAL STATEMENTS AND NOTES
Consolidated Income Statement

===== SIDA 37 =====

35
MEUR 2023 2022
Net result -7.6 12,850.7
Items that may be subsequently reclassified to profit or loss:
Exchange differences foreign operations 4.5 410.5
Cash flow hedges – 9.8
Other comprehensive income, net of tax 4.5 420.3
Total comprehensive income -3.1 13,271.0
Attributable to:
Shareholders of the Parent Company -3.4 13,271.0
Non-controlling interest 0.3 –
-3.1 13,271.0
FINANCIAL STATEMENTS AND NOTES
Consolidated Statement of Comprehensive Income

===== SIDA 38 =====

36
MEUR Note 2023 2022 1 January 2022 1
ASSETS
Non-current assets
Property, plant and equipment 7 295.2 235.8 27.9
Investment in associates and joint ventures 8 34.0 51.5 95.9
Deferred tax assets 5 39.3 27.5 –
Non-current financial assets 9 95.5 96.8 31.0
464.0 411.6 154.8
Current assets
Assets held for distribution – – 6,480.4
Other current assets 7.5 9.0 0.1
Trade receivables 1.7 0.3 –
Other current financial assets 9,11 5.7 2.5 118.1
Cash and cash equivalents 21.8 26.9 114.8
36.7 38.7 6,713.4
TOTAL ASSETS 500.7 450.3 6,868.2
EQUITY AND LIABILITIES
Equity
Share capital 13.1 0.4 0.4  0.4 
Additional paid in capital 13.1 315.8 315.8  261.5 
Other reserves 13.2 -0.9 -5.5  -425.8 
Retained earnings 13.3 43.0 13.3  -1,506.4 
Net result -7.6 27.4  417.2 
350.7 351.4  -1,253.1 
Non-controlling interest 2.7 8.3 –
TOTAL EQUITY 353.4 359.7 -1,253.1
Non-current liabilities
Interest bearing loans and borrowings 14 114.7 28.8 –
Deferred tax liability 5 15.9 16.9 –
Provisions 15 3.0 1.1 –
133.6 46.8 –
Current liabilities
Trade and other payables 16 12.7 13.0 3.7
Current tax liabilities 5 0.2 0.5 –
Provisions 15 – 2.5 –
Dividends payable –
– 113.5
Liabilities held for distribution – – 8,004.1
Other current financial liabilities 9 0.8 27.8 –
13.7 43.8 8,121.3
TOTAL LIABILITIES 147.3 90.6 8,121.3
TOTAL EQUITY AND LIABILITIES 500.7 450.3 6,868.2
1   Following the change in presentation currency from US dollar to Euro in 2023, an additional comparative period is presented, in line with IAS 1. 
FINANCIAL STATEMENTS AND NOTES
Consolidated Balance Sheet

===== SIDA 39 =====

37
MEUR Note 2023 2022
Cash flows from operating activities
Net result from continuing operations -7.6 27.4
Net result from discontinued operations – 12,823.3
Adjustments for items not included in the Cash flow 12 8.1 -9,636.5
Interest received 4.7 1.0
Interest paid -3.7 -32.9
Income taxes paid -0.2 -1,422.7
Distributions received 13.1 12.2
Distributions paid to non-controlling interest -0.3 –
Changes in working capital:
  Changes in receivables/liabilities 1.4 -317.1
  Changes in over/underlift position – 6.3
Total cash flows from operating activities 15.5 1,461.0
- of which relates to continuing operations 15.5 7.1
- of which relates to discontinued operations – 1,453.9
Cash flows from investing activities
Investment in oil and gas properties – -281.4
Investment in renewable energy business 
1 -72.3 -53.1
Acquisition of subsidiary net of cash -6.7 -102.6
Investment in other fixed assets -0.1 -0.8
Decommissioning costs paid – -1.3
Total cash flows from investing activities -79.1 -439.2
- of which relates to continuing operations -79.1 -154.3
- of which relates to discontinued operations – -284.9
Cash flows from financing activities
Net drawdown/repayment of credit facility 18 59.0 -598.4
Repayment of lease commitments 18 – -11.6
Sold treasury shares – 54.2
Dividends paid – -277.4
Financing fees paid 18 -1.3 –
Total cash flows from financing activities 57.7 -833.2
- of which relates to continuing operations 57.7 -261.8
- of which relates to discontinued operations – -571.4
Change in cash and cash equivalents -5.9 188.6
Cash and cash equivalents at the beginning of the year 26.9 399.2
Currency exchange difference in cash and cash equivalents 0.8 95.8
Change in consolidation E&P business – -656.7
Cash and cash equivalents at the end of the year 21.8 26.9
- of which relates to continuing operations 21.8 26.9
- of which relates to discontinued operations – –
1  Includes incurred cost relating to the acquisition of the renewable energy business and funding of joint ventures.
FINANCIAL STATEMENTS AND NOTES
Consolidated Statement of Cash Flows

===== SIDA 40 =====

38
MEUR
Share
capital
Additional paid-
in capital/ 
other reserves
Retained 
earnings Total
Non- 
controlling
interest
Total 
equity
1 January 2022 0.4 -164.3 -1,089.2 -1,253.1 – -1,253.1
Comprehensive income
Net result – – 12,850.7 12,850.7 – 12,850.7
Other comprehensive income – 420.3 – 420.3 – 420.3
Total comprehensive income – 420.3 12,850.7 13,271.0 – 13,271.0
Transactions with owners
Non-controlling interests – – – – 8.3 8.3
Distributions – – -11,724.4 -11,724.4 – -11,724.4
Sold treasury shares – 54.3 – 54.3 – 54.3
Share based payments – – 3.6 3.6 – 3.6
Total transaction with owners – 54.3 -11,720.8 -11,666.5 8.3 -11,658.2
31 December 2022 0.4 310.3 40.7 351.4 8.3 359.7
Comprehensive income
Net result – – -8.0 -8.0 0.4 -7.6
Other comprehensive income – 4.6 – 4.6 -0.1 4.5
Total comprehensive income – 4.6 -8.0 -3.4 0.3 -3.1
Transactions with owners
Non-controlling interests – – – – -5.9 -5.9
Share based payments – – 2.7 2.7 – 2.7
Total transaction with owners – – 2.7 2.7 -5.9 -3.2
31 December 2023 0.4 314.9
35.4 350.7 2.7 353.4
FINANCIAL STATEMENTS AND NOTES
Consolidated Statement of Changes in Equity

===== SIDA 41 =====

39
Note 1 – Accounting policies
General information
Orrön Energy AB (publ), with company registration number 556610-8055, is a limited liability company and its registered office is 
located at Hovslagargatan 5, Stockholm, Sweden. The Orrön Energy share is listed on Nasdaq Stockholm. 
The Company’s name was changed on 1 July 2022 from Lundin Energy AB (publ).
The Company’s and its subsidiaries’ primary operations are located in the Nordics, the UK, Germany and France and are 
described in detail in the Directors’ Report in this Annual and Sustainability Report. 
The consolidated financial statements for the financial year ending on 31 December 2023 were approved by the Board of 
Directors on 11 April 2024, and will be presented to the Annual General Meeting for adoption on 15 May 2024.
Basis of preparation
Orrön Energy’s annual report has been prepared in accordance with prevailing International Financial Reporting Standards (IFRS) 
and International Financial Reporting Interpretation Committee (IFRIC) interpretations adopted by the EU Commission and the 
Swedish Annual Accounts Act (1995:1554). In addition, RFR 1 Supplementary Rules for Groups has been applied as issued by the 
Swedish Financial Reporting Board. 
The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates and also 
requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving 
a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated 
financial statements are disclosed under the headline Critical accounting estimates and judgements. The consolidated financial 
statements have been prepared under the historical cost convention, except for items that are required to be accounted for at 
fair value as detailed in the Group’s accounting policies. Intercompany transactions and balances have been eliminated. 
The consolidated financial statements are presented in Euro (EUR), which is the currency the Group has elected to use as the 
presentation currency. All amounts have been rounded off to the nearest million EUR (MEUR), with one decimal, except when 
otherwise indicated. The Company has from 1 January 2023 changed its presentation currency from USD to EUR to better reflect 
the economic environment in which the Company operates.
Accounting standards, amendments and interpretations
The Group has applied the following standards and amendments for the first time for its annual reporting period commencing 
1 January 2023. 
- Definition of Accounting Estimates – Amendments to IAS 8
- International Tax Reform – Pillar 2 Model Rules – Amendments to IAS
- Deferred Tax related to Assets and Liabilities arising from a Single Transaction – Amendments to IAS 12
- Disclosure of Accounting Policies – Amendments to IAS 1 and IFRS Practice Statement 2.
The amendments listed above did not have any impact on the amounts recognised in prior years or in the current period and 
are not expected to significantly affect future periods. 
Certain amendments to accounting standards have been published that are not mandatory for 31 December 2023 reporting 
periods and have not been early adopted by the group. These amendments are not expected to have a material impact on the 
Group in the current or future reporting periods and on foreseeable future transactions.
Principles of consolidation
Subsidiaries
Subsidiaries are all entities over which the Group has control. The Group controls an entity when it is exposed to, or has rights to, 
variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. 
The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing 
the Group’s control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group and are 
deconsolidated from the date that control ceases.
The Group applies the acquisition method to account for business combinations. The consideration transferred for the 
acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree 
and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability 
resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities 
assumed in a business combination are measured initially at their fair values at the acquisition date.
The non-controlling interest in a subsidiary represents the portion of the subsidiary not owned by the Group. The equity of the 
subsidiary relating to the non-controlling shareholders is shown as a separate item within equity for the Group. The Group 
recognises any non-controlling interest on an acquisition-by-acquisition basis, either at fair value or at the non-controlling 
interest’s proportionate share of the recognised amounts of the acquiree’s identifiable net assets.
Intercompany transactions, balances, income and expenses on transactions between group companies are eliminated. 
Profits and losses resulting from intercompany transactions are also eliminated. Accounting policies of subsidiaries have been 
changed where necessary to ensure consistency with the policies adopted by the group.
FINANCIAL STATEMENTS AND NOTES
Notes to the Consolidated Financial Statements

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40
Joint ventures
An investment in a joint venture is an investment in an undertaking where the Group has joint control, generally accompanying 
a shareholding of not more than 50 percent of the voting right. Joint control is the contractually agreed sharing of control, which 
exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Such 
investments are accounted for in the consolidated financial statements in accordance with the equity method and are initially 
recognised at cost. The difference between the acquisition cost of shares in a joint venture and the net fair value of the assets, 
liabilities and contingent liabilities of the joint venture recognised at the date of acquisition is recognised as goodwill. The goodwill 
is included within the carrying amount of the joint venture and is assessed for impairment as part of the investment. The Group’s 
share in the post-acquisition results of the joint venture is recognised in the income statement and the Group’s share in post-
acquisition movements in other comprehensive income of the joint venture are recognised directly in other comprehensive income 
of the Group. When the Group’s accumulated share of losses in a joint venture equals or exceeds its interest in the joint venture, the 
Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the joint venture. 
Unrealised gains on transactions between the Group and its joint ventures are eliminated to the extent of the Group’s percentage 
in the joint ventures. Unrealised losses are also eliminated unless transaction provides evidence of an impairment of the asset 
transferred.
Associated companies
An investment in an associated company is an investment in an undertaking where the Group exercises significant influence 
but not control, generally accompanying a shareholding of at least 20 percent but not more than 50 percent of the voting 
rights. Such investments are accounted for in the consolidated financial statements in accordance with the equity method and 
are initially recognised at cost. The difference between the acquisition cost of shares in an associated company and the net 
fair value of the assets, liabilities and contingent liabilities of the associated company recognised at the date of acquisition is 
recognised as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as 
part of the investment. The Group’s share in the post-acquisition results of the associated company is recognised in the income 
statement and the Group’s share in post-acquisition movements in other comprehensive income of the associated company 
are recognised directly in other comprehensive income of the Group. 
When the Group’s accumulated share of losses in an associated company equals or exceeds its interest in the associated 
company, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the 
associate. Unrealised gains on transactions between the Group and its associates are eliminated to the extent of the Group’s 
percentage in the associates. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment 
of the asset transferred.
Foreign currencies
Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (functional currency). The consolidated financial statements are presented 
in Euro, which is the currency the Group has elected to use as the presentation currency. The Group’s presentation currency has 
changed to Euro from US Dollars from 1 January 2023.
Transactions and balances
Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange prevailing at the 
balance sheet date and foreign exchange currency differences are recognised in the income statement. Transactions in 
foreign currencies are translated at exchange rates prevailing at the transaction date. Exchange differences are included in 
finance income/costs in the income statement except deferred exchange differences on qualifying cash flow hedges which are 
recorded in other comprehensive income.
Presentation currency
The balance sheets and income statements of foreign Group companies are translated for consolidation purposes. All assets 
and liabilities are translated at the balance sheet date rates of exchange, whereas the income statements are translated 
at average rates of exchange for the year, except for transactions where it is more relevant to use the rate of the day of the 
transaction. The translation differences which arise are recorded directly in the foreign currency translation reserve within 
other comprehensive income. Upon disposal of a foreign operation, the translation differences relating to that operation will be 
transferred from equity to the income statement and included in the result on sale.
Exchange rates
For the preparation of the annual financial statements, the following currency exchange rates have been used.
31 Dec 2023 31 Dec 2022
Average Period end Average Period End
1 EUR equals SEK 11.4728 11.0960 10.6274 11.1218
1 EUR equals NOK 11.4244 11.2405 10.1015 10.5138
1 EUR equals GBP 0.8699 0.8691 0.8526 0.8869
1 EUR equals CHF 0.9717 0.9260 1.0052 0.9847
1 EUR equals USD 1.0816 1.1050 1.0539 1.0666
FINANCIAL STATEMENTS AND NOTES | Notes to the Consolidated Financial Statements

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