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2024 
ANNUAL and
SUSTAINABILITY 
Report

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2
Annual and 
Sustainability
Report 2022
Annual and 
Sustainability
Report 2024
Introduction
Highlights 2024 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  21
Corporate Governance Report 24
Financial Statements and Notes
Financial statements of the Group 37
Notes to the financial statements of the Group 43
Financial statements of the Parent Company  65
Notes to the financial statements of the 
Parent Company 71 
Board assurance 74
Auditor’s report 75
 
Additional Information
Key financial data  79
Alternative performance measures 80
Definitions and abbreviations 82 
Shareholders’ information 83
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 2024, unless otherwise 
specified. Amounts from 2023 are presented in brackets. 
This Annual and Sustainability Report describes Orrön 
Energy’s financial performance and contribution 
to sustainability and consists of pages 6–74. The 
Directors’ Report comprises pages 6–36. Orrön Energy’s 
Sustainability Report as required by Chapter 6 section 11 
of the Swedish Annual Accounts Act, is presented on 
pages 11–20.
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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1
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, Germany, and France. 
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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2
•  Strengthened the balance sheet following the sale of the Leikanger hydropower plant for MEUR 53 in April 2024, and replaced 
half of the production sold through acquisitions at a lower unit cost, demonstrating a highly accretive recycling of capital.
• Power generation amounted to 907 GWh for 2024, representing a 19 percent increase compared to 2023. The increase was 
primarily driven by full-year production from the Karskruv wind farm, partly offset by voluntary production curtailments and 
lower-than-average wind speeds during the year.
• Added 50 GWh of annual long-term proportionate power generation through acquisitions in 2024, reflecting a five percent 
increase in long-term proportionate power generation.
• Reached the ready-to-permit milestone for the Company’s first large-scale project in the UK, a 1.4 GW solar and 500 MW 
battery project, and initiated a sales process to assess divestment options.
• Achieved carbon neutrality for Scope 1 and 2 carbon emissions.
Consolidated financials
• Cash flows from investing activities amounted to MEUR 32.6 and was positively impacted by the sale of the Leikanger 
hydropower plant in the second quarter.
• Cash flows from operating activities amounted to MEUR -6.3.
Proportionate financials 
• Achieved electricity price amounted to EUR 34 per MWh, which resulted in a proportionate EBITDA of MEUR 7.0. 
• Reduced the proportionate net debt through the sale of the Leikanger hydropower plant, with a net debt amounting to 
MEUR 65 per year-end 2024 with significant liquidity headroom available through the MEUR 170 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 2024 2023
Consolidated financials 
Revenue  25.7 28.0
EBITDA -1.6 -5.1
Operating profit (EBIT)  -17.5 -17.0
Net result  -13.3 -7.6
Earnings per share – EUR  -0.05 -0.03
Earnings per share diluted – EUR  -0.05 -0.03
Proportionate financials 1
Power generation (GWh)  907 765
Average price achieved per MWh – EUR  34 47
Operating expenses per MWh – EUR  17 18
Revenue  30.7 36.2
EBITDA  7.0 5.3
Operating profit (EBIT)  -12.9 -11.0
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 79.
INTRODUCTION 
Highlights 2024

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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 2024 2023
Power generation (GWh)  907 765
Average price achieved per MWh – EUR  34 47
Operating expenses per MWh – EUR  17 18
Revenue  30.7  36.2 
Other income  11.4  0.8 
Operating expenses  -15.3  -13.5 
G&A expenses 1  -19.8  -18.2 
EBITDA  7.0  5.3 
Depreciation  -19.9  -16.3 
Operating profit/loss (EBIT)  -12.9  -11.0 
1  Includes legal and other fees of MEUR 7.2 (MEUR 7.1) 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 3.4 (MEUR 2.3) for the year.  
Proportionate EBITDA amounted to MEUR 7.0 (MEUR 5.3) for the year and was impacted by an accounting profit of MEUR 10.9 made 
on the sale of the Leikanger hydropower plant, which is included in other income. The year was characterised by lower electricity 
prices compared to the previous year, partly offset by increased power generation following the takeover of the Karskruv wind 
farm for commercial operations at the end of 2023.
Proportionate revenue and other income
Proportionate revenues amounted to MEUR 30.7 (MEUR 36.2) for the year and were mainly impacted by lower electricity prices 
compared to the previous year, partly offset by increased power generation following the takeover of the Karskruv wind farm for 
commercial operations at the end of 2023. The Leikanger hydropower plant contributed with MEUR 3.6 to the Group’s revenues in 
the previous year and as a result of the reclassification of the Company’s 50 percent interest in the Leikanger hydropower plant 
from investment in associates and joint ventures to asset held for sale in January 2024, no share in the result from this asset has 
been recognised for the year. The result generated during January, before the reclassification, was not material.
Proportionate other income amounted to MEUR 11.4 (MEUR 0.8) and included a profit of MEUR 10.9 made on the sale of the 
Leikanger hydropower plant in April 2024.
Proportionate operating expenses 
Proportionate operating expenses amounted to MEUR 15.3 (MEUR 13.5) for the year with the increase compared to the previous 
year mainly explained by the takeover of the Karskruv wind farm for commercial operations at the end of 2023.
INTRODUCTION | Highlights

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4
2024 marks another year of good progress, 
despite challenging market conditions. 
We increased our long-term annual power 
generation through accretive acquisitions 
in Sweden, strengthened our balance 
sheet with the sale of the Leikanger 
hydropower asset, and reached ready-to-
permit for our first large-scale solar and 
battery project. With this as a backdrop, 
2025 is set to be an exciting year on many 
fronts, as we are poised to realise value 
from our greenfield pipeline and continue 
growing the business.
As we exit 2024, Orrön Energy is well-positioned for growth, 
supported by a long-life asset base, a strong balance sheet 
and a number of greenfield projects reaching key milestones 
and entering the monetisation phase. With a solid financial 
foundation and a pipeline of opportunities ahead, we remain 
well positioned to grow our business organically while targeting 
value accretive acquisitions.
The renewable energy industry faced headwinds in 2024, as 
continued elevated interest rates, inflation, and periods of low 
electricity prices led to downward pressures on valuations 
and stock prices across the sector. Uncertainty in the US and 
political shifts across Europe further negatively impacted 
investor confidence regarding the pace and support for the 
energy transition. However, the long-term fundamentals for 
renewable energy remain strong, where onshore wind and solar 
continue to have the lowest breakeven cost by a significant 
margin compared to other energy sources. Despite political or 
economic headwinds, these investments are poised to stand 
the test of time.
Our operational portfolio in the Nordics continues to form the 
foundation of the Company, providing long-term cash-flow 
to our business. While market conditions were challenging 
during the year, it also provided opportunities for acquisitions. 
In 2024, we increased our long-term power generation by five 
percent, adding over 50 GWh of long-term proportionate power 
generation through acquisitions in the SE3 and SE4 price regions 
at a cost of less than 0.5 MEUR per MW. Beyond acquisitions, we 
are also focused on maximising the value of our operational 
assets. In response to the volatile market conditions experienced 
in 2024, we initiated voluntary production curtailments across our 
portfolio and started providing ancillary services to the market via 
some of our windfarms. These initiatives have helped us reduce 
the impact of negatively priced hours and unlock alternative 
revenue streams, which will be even more important in the future. 
Our strategic focus remains on expanding our portfolio of cash-
generating assets and optimising their performance to drive 
long-term power generation growth. 
In 2024, our proportionate power generation amounted to 907 
GWh, which was around 20 percent higher than 2023, mainly due 
to the full-year contribution from the Karskruv wind farm. Power 
generation during the year was around 10 percent lower than 
our long-term forecast, impacted by lower-than-average wind 
speeds and voluntary production curtailments during periods 
of low electricity prices. Our assets maintained high availability 
throughout the year, highlighting their strong generation capacity. 
We hope to see more normalised weather conditions in 2025, 
having experienced four consecutive years of wind speeds below 
historical averages. Taking into account the variability in weather, 
our 2024 acquisitions, and potential curtailments, we expect our 
power generation in 2025 to be between 900 and 1,050 GWh, 
giving some margin both for weather and market conditions.
In 2024, we continued advancing our greenfield platform and 
achieved a key milestone by having our first large-scale solar 
and battery project in the UK reaching the ready-to-permit stage, 
with projects in our German portfolio close to reaching the same 
milestone. Our strategy is to divest projects at an early stage, 
and I expect that we will start seeing the first results from this 
over the coming year. With a large-scale pipeline of projects, this 
represents a significant value opportunity that has the potential to 
be transformative for the Company.
We remain in a financially robust position, with liquidity headroom 
exceeding MEUR 100. Our strong balance sheet enables us to 
capitalise on value-accretive opportunities as they arise, while 
focusing on strategic decisions that will drive long-term value for 
our shareholders. Our full-year expenditure guidance for 2025 
is largely in line with 2024 and the business strategy remains 
unchanged as we enter the new year.
Important milestones ahead
The next two years mark an important period for Orrön Energy. 
The Nordic business continues to grow organically with a good 
pipeline of projects, 1,000 GWh of long-term proportionate power 
generation and plenty of acquisition opportunities. The UK and 
German teams are rapidly reaching key milestones, and we 
expect to see results from project sales throughout 2025, with a 
material pipeline of opportunities to follow. We have now passed 
the halfway point of the Sudan legal case, and expect the District 
Court trial to finish during the second quarter of 2026, which will 
significantly reduce our future legal costs and positively impact 
our financial results thereafter. With the end of the Sudan trial 
in sight and the core business in good shape, we can now start 
developing the next strategic growth chapter for our Company, 
and over the next year we will explore new opportunities 
to expand our portfolio and unlock additional value for our 
shareholders. 
I would like to thank our shareholders for their continued support 
and look forward to sharing updates on the exciting growth 
opportunities that lie ahead of us.
Daniel Fitzgerald
Chief Executive Officer
INTRODUCTION 
Words from the CEO

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5
The role of renewable energy in mitigating 
climate change has never been more 
critical. As an operator and developer of 
renewable energy, Orrön Energy plays 
a key role in driving this transition. By 
investing in the lowest-cost technologies 
and leveraging its robust balance sheet, 
the Company is well-positioned to seize 
opportunities in the energy transition and 
deliver sustainable, long-term value for 
shareholders.
Climate change remains one of the most pressing challenges 
of our time, and renewable energy plays a crucial role in 
reducing carbon emissions and building a sustainable energy 
future. However, at a time when bold action is needed, we 
are witnessing a concerning trend as political and corporate 
ambitions to drive the energy transition are being scaled back. 
It is disappointing to see companies stepping away from their 
climate commitments at such a crucial moment. At Orrön 
Energy, we remain steadfast in our commitment to continue 
investing in renewable energy to both expand our long-term 
power generation and increase the scale of renewable energy 
through new projects.
Notwithstanding the challenging market conditions in 2024, 
we continue to see economic returns from renewable energy 
projects. Wind, solar, and batteries remain the most cost-
effective energy sources to develop and operate with the 
lowest levelised cost of energy. In every market, irrespective of 
the political support and subsidy schemes in place, we cannot 
ignore that the cheapest new supply of energy is onshore 
renewables and Orrön Energy remains well positioned in this 
regard. 
In 2024, Orrön Energy continued to deliver against its strategic 
goals by reaching key milestones in the greenfield business 
and increasing wind power generation in the Nordics, while 
reaching key project milestones within the large-scale greenfield 
portfolio. The Leikanger sale was a material event for the 
Company with an attractive valuation allowing a significant 
reduction in net debt and recycling of capital into further 
accretive acquisitions of operating assets. The Company has 
over 100 MEUR of liquidity headroom at year end 2024 enabling 
further growth and investments during countercyclical market 
conditions.
In addition to a robust operational portfolio, Orrön Energy’s 
balance sheet is a strength in these volatile market conditions. It 
enables us to navigate market uncertainties while maintaining 
our long-term strategic focus and allows us to take advantage of 
opportunities as they arise. 
Strong fundamentals for renewable energy
The long-term outlook for renewable energy remains strong, 
driven by the global growth in electrification, increasing energy 
demand, industrial decarbonisation, and climate policies. Rising 
demand from sectors like transportation, industry, data centres, 
and AI is further accelerating the need for clean, reliable and 
sustainable power. Meeting this demand requires a massive 
expansion of renewable energy generation capacity, with wind, 
solar, and battery storage playing an important role. At Orrön 
Energy, these technologies are our core focus, positioning us for 
sustainable growth for decades to come.
Beyond the financial performance, we are also committed 
to conducting our business in a responsible and sustainable 
manner. Sustainability is at the core of our business, and I am 
proud that we are making a significant contribution to mitigating 
the effects of climate change. Since inception, the Company has 
delivered over 2 TWh of clean energy in the Nordics and with a 
large-scale pipeline of greenfield projects, we are safeguarding 
a reliable and clean energy supply for future generations. In 2024, 
we further reinforced our commitment to a low-carbon future 
by achieving carbon neutrality across our operational emissions. 
With this step we are not only contributing to the energy 
transition through our business activities, but we are also taking 
responsibility for our own carbon footprint.
However, our responsibility extends beyond producing and 
developing renewable energy—we are doing this with great care 
for health, safety, and environmental protection. This is reflected 
in our alignment with the EU Taxonomy requirements, which set 
high standards for responsible operations. 
Sudan Legal Case Nearing Conclusion
More than a year has now passed since the trial began at 
the Stockholm District Court against two former Company 
representatives regarding Lundin Energy’s legacy operations in 
Sudan between 1999 and 2003. Throughout the proceedings, 
nothing has altered my firm belief that no wrongdoing was 
committed. On the contrary, after following the trial and the 
Prosecutor’s case, it is clear that this case is fundamentally 
flawed. I am confident that it will result in a full acquittal and 
that no forfeiture or corporate fine will be imposed. The trial is 
scheduled to finish in the second quarter of 2026, and we look 
forward to finally putting this behind us and continuing to build a 
company for the future.
I would like to thank all of our shareholders for your support 
through these challenging markets and look forward to 
continuing to build the Company in 2025.
Grace Reksten Skaugen
Chair of the Board of Directors
INTRODUCTION 
Letter from the Chair

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6
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
In April 2024, the Company entered into an agreement to sell 
its 50 percent interest in the company owning the Leikanger 
hydropower plant for an enterprise value of MNOK 613, 
approximately MEUR 53, to the existing partner Sognekraft. The 
transaction completed in early May 2024 and generated an 
accounting profit for the Group of MEUR 10.9, which has been 
recognised as other income in the income statement.
In January 2024, the investment in the company owning the 
Leikanger hydropower plant was reclassified from investment 
in associates and joint ventures to asset held for sale and 
the consolidated and proportionate financials have been 
presented without any contribution from this asset. The result 
generated before the reclassification in January was not 
material.
Orrön Energy AB (publ) (SW)
Jurisdiction
Germany
United Kingdom
Finland
France
Sweden
Switzerland
(DE)
(UK)
(FI)
(FR)
(SW)
(CH)
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 and 
joint ventures 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)
70% 50%
Corporate structure on 31 December 2024

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DIRECTORS’ REPORT
Operational Review
Operational assets
Orrön Energy’s operating portfolio consists of high-quality, 
cash generating renewable energy assets in the Nordics. 
The Company’s proportionate power generation for the year 
amounted to 907 GWh, which was in line with the updated 
outlook. In the third quarter of 2024, the Company updated 
and lowered its full-year proportionate power generation 
outlook to 900 GWh as a result of lower-than-average wind 
speeds and voluntary production curtailments during the first 
nine months. The curtailments were implemented to optimise 
profitability when electricity prices fell below the variable 
production costs. The regional operational performance 
described in the following sections is based on this updated 
outlook. Power generation is presented on a proportionate 
basis which is an alternative performance measure, as 
defined in the secion Key Financial Data on page 79. 
The Company expects its long-term proportionate power 
generation to be around 1,000 GWh, assuming average 
long-term meteorological conditions. Considering the 
increase in long-term proportionate power generation 
through acquisitions in 2024, annual variability in weather 
and provision for voluntary curtailments, the expected 
proportionate power generation range for 2025 is set 
between 900 and 1,050 GWh.
Realised electricity price amounted to EUR 34 per MWh for the 
year. Out of the realised electricity price, guarantees of origin 
and hedging impact accounted for EUR 2 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 
proportionate power generation during the year amounted 
to EUR 44 per MWh, and the Nordic system price averaged 
EUR 36 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. 
Proportionate operating expenses amounted to MEUR 15.3 
for the year, which was in line with guidance. Unit operating 
expenses amounted to 17 EUR per MWh for the year and 
were impacted by lower-than-expected power generation 
volumes.
The Company is setting up its largest wind farms to 
provide ancillary services to the grid, to create additional 
revenue streams alongside traditional power generation. 
Metsälamminkangas (MLK) wind farm has been set up for 
ancillary services since the third quarter 2024, with revenues 
generated during the fourth quarter. Work is progressing to 
implement ancillary services on the Karskruv wind farm, and 
the Company plans to qualify additional wind power assets to 
provide ancillary services to the market.
Sweden
The Company has a diversified portfolio consisting of 
ownership in around 200 operational wind turbines in more 
than 50 sites across Sweden, which have an estimated 
long-term proportionate annual power generation 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. Availability warranties are in place for a majority of 
the Company’s assets, which guarantees the availability 
of the turbines and gives the Company protection against 
downtime and outages. 
The largest producing asset in the Swedish portfolio is the 
Karskruv wind farm, which started commercial operations at 
the end of 2023. Karskruv wind farm has an estimated long-
term proportionate annual power generation of 290 GWh 
in the SE4 price area, which is generated from 20 Vestas 
turbines with a total installed capacity of 86 MW. The wind 
farm 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. 
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 estimated long-term proportionate 
annual power generation of around 170 GWh in the SE3 price 
area.
Power generation from the Swedish portfolio was in line with 
the updated outlook. 
Finland
The Company owns 50 percent of the MLK wind farm and 
100 percent of a 9 GWh wind farm located in Hanko in Finland. 
MLK has an estimated long-term annual proportionate 
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. 
In February 2024, a fire occurred at one wind turbine at 
MLK, which was safely managed with no personal injury or 
material environmental impact. The root cause has been 
concluded to be a faulty electrical connection linked to 
the de-icing system in the affected blade. Inspections and 
preventative actions have been taken across all turbines 
in the wind farm, where all remaining turbines are fully 
operational. The fire damaged turbine will be replaced and 
associated costs and lost production are covered under 
warranties from the turbine supplier. 
Power generation from MLK was in line with the updated 
outlook. 
Project pipeline
The Company has established a growth platform of 
greenfield projects in onshore wind, solar, and batteries, with 
the aim of advancing the large-scale projects to key project 
milestones and monetise before incurring significant capital 
costs. 
During the year, the Company expanded its growth platforms 
in the Nordics, the UK, Germany, and France, and continued 
to mature its long-term project pipeline and growth 
opportunities in the operational portfolio. The Company is 
active in all stages of the renewable energy lifecycle and 
plans to continue advancing its project pipeline.
Greenfield projects
The Company is maturing a 40 GW portfolio of early-stage 
greenfield projects in onshore wind, solar, and battery 
projects in the Nordics, the UK, Germany and France. These 
countries are attractive for renewable energy developments 
due to their high ambitions to increase renewable energy

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8
generation, strong regulatory support, low political and 
operational risk and a robust investor base. The Company’s 
greenfield business is led by experienced development 
teams, with a proven track record in greenfield project 
origination and development in these markets. Final project 
realisation will be dependent on a number of factors, such as 
permitting, fulfilment of project milestones and commercial 
viability. The Company plans to monetise projects throughout 
the value chain, depending on market conditions at the 
time. For larger projects, the strategy will be to divest before 
incurring significant development and construction costs. 
Nordics
In the Nordics, the Company is progressing a range of 
stand-alone and co-located project opportunities with 
an estimated total capacity of around 1 GW, ranging from 
early-stage projects in the screening phase, through to 
projects with construction permits in place moving towards 
investment decisions. This allows the Company 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. The co-located project 
opportunities enable the Company to optimise the grid 
utilisation, provide ancillary services, and enable new revenue 
streams, through adding complementary technology of solar 
and battery storage solutions to existing wind power facilities. 
In 2024, the Company took key steps to advance project 
opportunities within the Nordic portfolio, and at the end of 
2024, over 10 percent had successfully reached the ready-to-
permit milestone.
In Sweden, the Company is maturing a greenfield portfolio 
consisting of wind, solar, and battery projects. During 2024, 
the Company secured building permits for battery projects 
and completed its first 1 MW stand-alone battery project in 
Vilhelmina. In July 2024, the Company further expanded its 
portfolio by acquiring a large greenfield portfolio of early-
stage solar and battery projects from one of Sweden’s 
largest private landowners, securing land for developments 
in the SE2 and SE3 price areas. Feasibility studies have been 
initiated, with plans to further define these projects over the 
coming year.
In Finland, the Company is maturing a greenfield portfolio 
consisting of wind and battery projects. The greenfield 
projects are at an early-stage, and the Company aims to 
reach the ready-to-build stage for the first wind project in 
2027. Land has been secured for all planned wind turbine and 
battery locations. 
UK, Germany and France
Since establishing its greenfield business in the UK, Germany, 
and France in 2023, the Company has successfully created 
a platform for growth, established experienced development 
teams and originated a pipeline of large-scale greenfield 
solar and battery projects. In the second half of 2024, the 
Company entered a new phase of its strategy, focusing 
on advancing the existing portfolio of early-stage projects 
to more mature stages. In the fourth quarter of 2024, the 
Company successfully delivered on this strategy by reaching 
ready-to-permit for its first large-scale project in the UK. The 
Company has a dynamic approach to realising value from 
its portfolio and seeks to explore options to divest projects 
throughout the value chain, depending on market conditions 
at the time. For the largest projects, the strategy will be to 
divest prior to incurring significant construction costs.
UK
In the UK, the Company has been working on progressing its 
existing early-stage pipeline, which includes grid connections 
totalling 24 GW for solar projects and 12 GW for co-located 
battery projects, into more mature stages. During the fourth 
quarter, the Company secured additional land and reached 
the ready-to-permit milestone for its first large-scale solar 
and battery project, a 1.4 GW solar and 500 MW battery 
project with a grid connection capacity of 1 GW export and 
500 MW import capacity. The project has a grid connection 
date in 2034 and qualifies as a Nationally Significant 
Infrastructure Project (NSIP). The Company has undertaken 
a range of pre-permitting studies, assessing the ability to 
obtain a permit for the project with positive indications. 
Additionally, a grid connection study showed reasonable 
costs to connect to the grid and a site layout study and 
energy yield assessment have confirmed the project’s 
attractive yield. The project is located in the East Midlands, 
which is a prime location for solar development in the UK with 
relatively flat topography, sparse population, and good grid 
links. As a result of the project having reached the ready-to-
permit milestone, the Company has initiated a sales process 
to assess divestment options. 
For the wider pipeline of grid connections, there are two key 
regulatory reforms ongoing; the Clean Power 2030 Action 
Plan and the grid connections reform. The grid connections 
reform is designed to reduce the grid connection queue 
and provide earlier grid connection dates for mature 
projects. The Clean Power 2030 Action Plan introduces zonal 
capacity limitations for defined technologies. As part of the 
grid connections reform, new grid offers will be awarded 
to mature projects meeting the zonal capacity limitations 
under the Clean Power 2030 Action Plan, which are subject to 
change depending on the evolution of developments in the 
UK. The Company continues to monitor these reforms and 
aims to ensure that the projects remain well-positioned in 
this evolving regulatory landscape. The Company is actively 
engaged in the discussion around the ongoing reforms 
and the current UK Government has shown strong support 
for solar developments, demonstrated by the approval of 
several large-scale projects classified as NSIPs since coming 
into office in 2024.
Germany
In Germany, the Company has continued to progress its first 
projects to more mature stages and is currently engaged 
in several processes with local municipalities aimed at 
obtaining the necessary approvals required to reach the 
ready-to-permit milestones. Alongside this, the Company 
has continued its efforts on securing land in targeted regions 
and progressing the wider pipeline towards more mature 
stages. 
France 
In France, the Company has secured its first land rights and 
are scaling up activities to obtain access to further land 
and to progress its first project towards the ready-to-permit 
milestone.
DIRECTORS’ REPORT | Operational Review

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

9
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 2024, 
the Company added 50 GWh to its long-term annual 
proportionate power generation through acquisitions and 
increased ownership in wind farms located in the SE3 and 
SE4 price areas, reflecting a long-term proportionate annual 
power generation growth of five percent. The transactions 
were executed on attractive metrics, and at a value of below 
MEUR 0.5 per MW installed capacity.
In January 2024, the Company entered into an agreement 
to acquire a greenfield portfolio consisting of wind and 
battery development projects in Finland, with a total installed 
capacity of around 200 MW. 
In April 2024, the Company entered into an agreement 
to sell its 50 percent interest in the company owning the 
Leikanger hydropower plant for an enterprise value of 
MNOK 613, approximately MEUR 53, to the existing partner 
Sognekraft. The transaction completed in early May 2024. In 
January 2024, the investment in the company owning the 
Leikanger hydropower plant was reclassified from investment 
in associates and joint ventures to asset held for sale and 
the consolidated and proportionate financials have been 
presented without any contribution from this asset. The result 
generated before the reclassification in January was not 
material. 
In July 2024, the Company entered into an agreement 
with one of the largest landowners in Sweden to acquire a 
portfolio consisting of early-stage solar and battery projects 
in the SE2 and SE3 price areas, with a total installed capacity 
of around 500 MW.
Between June and September 2024, the Company entered 
into agreements to acquire additional ownership shares in 
the Stugyl wind farm, located in the SE3 price area. These 
acquisitions are expected to add around 19 GWh of long-
term annual proportionate power generation. 
Between June and December 2024, the Company acquired 
shares in Slättens Vind AB (publ), a company with wind farms 
in the SE3 price area, leading to an ownership of around 
24 percent at the end of the year. The shareholding adds 
around 12 GWh of long-term annual proportionate power 
generation.
In October 2024, the Company entered into an agreement 
to acquire additional ownership shares in the Klinte and 
Långås wind farms, located in the SE3 and SE4 price areas. 
This acquisition adds around 6 GWh of long-term annual 
proportionate power generation.
In December 2024, the Company entered into an agreement 
to acquire additional ownership shares in the Storugns, 
Kulle, and Klinte wind farms, located in the SE3 price area. 
The acquisition adds around 13 GWh of long-term annual 
proportionate power generation. 
Transactions after year-end
In January 2025, the Company entered into agreements 
to increase the proportionate ownership in the Stugyl 
and Näsudden wind farms, located in the SE3 price area. 
These acquisitions add around 4 GWh of long-term annual 
proportionate power generation.
Revenue and results
EBITDA for the year amounted to MEUR -1.6 compared to 
MEUR -5.1 in the previous year and included an accounting 
profit of MEUR 10.9 from the sale of the Leikanger hydropower 
plant, which has been included in other income. 
Revenue and other income
Revenue for the year amounted to MEUR 25.7 (MEUR 28.0) and 
was impacted by lower electricity prices than in the previous 
year, partly offset by increased power generation following 
the takeover of the Karskruv wind farm for commercial 
operations at the end of 2023. The sale of the Leikanger 
hydropower plant generated an accounting profit for the 
Group of MEUR 10.9, which has been recognised as other 
income.
As a result of the reclassification of the Company’s 
50 percent interest in the Leikanger hydropower plant, 
no share in result from associates and joint ventures has 
been recognised for this asset during the year. The result 
generated before the reclassification in January was not 
material.
Operating expenses
Operating expenses amounted to MEUR 12.5 (MEUR 12.6) for 
the year.
General and administration expenses
General and administration expenses amounted to MEUR 19.8 
(MEUR 18.2) for the year, including MEUR 7.2 (MEUR 7.1) for legal 
and other fees incurred for the defence of the Company 
and its former representatives in the Sudan legal case. A 
non-cash expense of MEUR 3.4 (MEUR 2.3) 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 -6.0 (MEUR -2.7) for the year and is detailed in note 
2. Orrön Energy’s portion of the results in the 50 percent 
owned joint venture MLK wind farm amounted to MEUR -5.8 
(MEUR -3.2) and the share in result from other associates 
and joint ventures amounted to MEUR -0.2 (MEUR 0.2). The 
previous year was impacted by a positive contribution of 
MEUR 0.3 from the Leikanger hydropower plant.
As a result of the reclassification of the Company’s 
50 percent interest in the Leikanger hydropower plant from 
investment in associates and joint ventures to asset held 
for sale in January 2024, no share in result from associates 
and joint ventures has been recognised for this asset during 
the year. The result generated before the reclassification in 
January was not material. 
Associates and joint ventures 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. 
Net financial items
Finance income amounted to MEUR 5.3 (MEUR 6.3) for the 
year and is detailed in note 3. Interest income of MEUR 5.3 
(MEUR 5.9) related to loans to joint ventures. Other finance 
income of MEUR 0.4 was recognised in the previous year 
and reflected a financial gain representing the variation in 
market value of historical hedges entered into by acquired 
companies.
DIRECTORS’ REPORT 
Financial Review

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

10
Finance costs amounted to MEUR 7.1 (MEUR 8.4) for the 
year and are detailed in Note 4. The net foreign exchange 
loss amounted to MEUR 0.8 (MEUR 2.6). 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 external loans and intercompany loan balances, 
denominated in other currencies than the functional 
currency of the Group company providing the financing. 
Interest expenses amounted to MEUR 4.9 (MEUR 4.8) and 
related to the Group’s external loans. Other finance costs 
amounted to MEUR 1.4 (MEUR 1.0) and represented mainly fees 
and other costs in relation to the Company’s revolving credit 
facility, with the previous year also impacted by fees and 
other costs in connection with acquisitions made.
Income tax
Income tax representing a net income amounted to MEUR 6.0 
(MEUR 11.5) for the year and is detailed in Note 5. This amount 
was mainly comprised of a deferred tax income relating to a 
reduction of accelerated depreciation allowances booked in 
Sweden.
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 14.7 and 29.9 percent for the business in 
2024.
Cash flow and investments
Cash flow from operating activities
Net cash flows from operating activities amounted to 
MEUR -6.3 (MEUR 15.5) for the year. Cash flows from operating 
activities during the previous year included dividend 
payments from joint ventures of MEUR 13.1.
Cash flow from investing activities
Cash flows from investing activities amounted to MEUR 32.6 
(MEUR -79.1) and were impacted by the proceeds from the 
sale of the Leikanger hydropower plant of MEUR 28.9 and 
the repayment of a loan provided to Leikanger Kraft of 
MEUR 20.2, which was reimbursed in connection with the sale. 
An amount of MEUR -15.0 (MEUR -72.3) related to investments 
in the renewable energy business. The previous year was 
impacted by MEUR -6.7 from the acquisition of the remaining 
3.5 percent of the shares in Orrön Energy Sweden AB and 
acquisitions of additional ownership in companies and wind 
farms in Sweden.
Cash flow from financing activities
Cash flows from financing activities amounted to 
MEUR -30.1 (MEUR 57.7) for the year and represented mainly a 
repayment of the credit facility of MEUR 29.8 compared to a 
net drawdown of MEUR 59.0 during the previous year.
Financing and liquidity
In January 2024, the Company exercised a portion of the 
accordion option and increased its three-year revolving 
credit facility entered into in 2023, from MEUR 150 to 
MEUR 190, adding further capacity to fund future growth. 
The commercial terms of the facility are unchanged and 
DIRECTORS’ REPORT | Financial Review
include a floating interest rate margin of 1.8 percent above 
the reference interest rate for the borrowed currency. 
Following the sale of the Company’s interest in the Leikanger 
hydropower plant, which completed in May 2024, the 
revolving credit facility was reduced from MEUR 190 to 
MEUR 170.
Interest-bearing loans and borrowings amounted to 
MEUR 83.6 compared to MEUR 114.7 at year-end 2023 and 
related mainly to an outstanding loan of MEUR 81.7 (MEUR 
112.0), which has been drawn under the Group’s revolving 
credit facility. Interest-bearing loans and borrowings also 
included a long-term loan taken up by a subsidiary of MEUR 
1.9 compared to MEUR 2.7 at year-end 2023. 
The Company’s net debt amounted to MEUR 66.6 compared 
to MEUR 93.7 at year-end 2023.
Other current financial liabilities amounted to MEUR 0.6 
compared to MEUR 0.8 at year-end 2023 and related to a 
short-term loan, with less than twelve months maturity, which 
is held by a subsidiary. 
Cash and cash equivalents amounted to MEUR 17.6 compared 
to MEUR 21.8 at year-end 2023.
Share information 
The shares of Orrön Energy are listed on Nasdaq Stockholm.
 
Proposed disposition of unappropriated earnings
The 2025 Annual General Meeting has an unrestricted equity 
at its disposal of SEK 3,369,799,630 including the net result for 
the year of SEK -22,633,921.
The Board of Directors propose that the unrestricted equity of 
the Parent Company of SEK 3,369,799,630, including the net 
result for the year of SEK -22,633,921 be brought forward., 
Changes in Board of Directors
At the 2025 AGM, the current Board members Grace Reksten 
Skaugen, Peggy Bruzelius, William Lundin, Mike Nicholson, 
and Jakob Thomasen will be proposed for re-election by the 
Nomination Committee. Richard Ollerhead will be proposed 
for election as a 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 
38–64.
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 65–73.
Subsequent events
Subsequent events are detailed in note 23.

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

11
Land. In addition, Orrön Energy adheres to internationally 
recognised frameworks, including the Universal Declaration 
of Human Rights, the ILO Core Conventions, and the OECD 
Guidelines for Multinational Enterprises, ensuring that its 
operations uphold the highest standards of human rights, 
labour practices, and environmental protection. 
Orrön Energy’s Sustainability Governance
Orrön Energy’s Code of Conduct underscores the 
commitment of the Company, its employees, contractors, 
and business partners to uphold high ethical standards 
and act in a responsible and sustainable manner. It forms a 
critical part of employment and supply chain contracts, with 
violations subject to inquiry and appropriate measures, and 
it is publicly available on the Company’s website. 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, cybersecurity, competition, tax, anti-
corruption, anti-fraud and anti-money laundering.
The Board of Directors has the ultimate responsibility for 
sustainability, while the CEO and leadership team are 
responsible for implementing environmental, social, and 
governance principles into the Company’s business strategy. 
A sustainability team with local focal points supports the 
wider sustainability work and related data collection, to 
safeguard transparent reporting to shareholders, regulators, 
and other stakeholders. 
More information on the Company’s governance structure, 
corporate policies and guidelines can be found in the 
Corporate Governance Report on pages 24–25.
  
Business model and value chain
Orrön Energy is a pure-play renewable energy company with 
renewable energy assets in the Nordics, predominently wind 
power, and a pipeline of greenfield projects in wind, solar, 
and batteries across the Nordics, UK, Germany, and France. 
The Company’s business strategy focuses on two key growth 
areas: increasing long-term renewable power generation 
and developing a large-scale pipeline of greenfield projects. 
As an operator and developer of renewable energy, Orrön 
Energy’s value chain encompasses the full lifecycle of 
renewable energy assets. 
Upstream value chain
The upstream value chain includes activities essential to the 
development of renewable energy projects. This involves 
the sourcing of raw materials and manufacturing processes 
related to renewable energy components, which the 
Company procures for both operational and development 
activities. It also includes early-stage development activities 
and collaboration with service suppliers, business partners, 
and landowners, which is fundamental to support project 
developments. The Company has a due diligence procedure 
and corporate policies in place to promote sustainable and 
ethical practices throughout its upstream value chain. 
Downstream value chain
The downstream value chain encompasses the output 
from the Company’s business activities, such as the 
supply of renewable energy within the Company’s 
countries of operation, the final commissioning and sale 
of renewable energy projects and activities related to 
waste and decommissioning activities. The Company 
actively engages with stakeholders, including grid 
operators, local communities, shareholders, and regulatory 
authorities around these activities to build trust, ensure 
transparency, and foster long-term relationships. For waste 
About this report 
This Sustainability Report provides an overview of Orrön 
Energy’s sustainability activities and performance during 
2024, including strategies and actions taken to address 
material topics for the Company and its stakeholders. The 
report aligns with internationally recognised frameworks for 
reporting non-financial information such as the GHG Protocol 
and EU Taxonomy regulations.. 
By publishing this report, Orrön Energy reaffirms its 
commitment to transparency, responsible operations, and 
driving the transition to a sustainable energy future. The 
Company publishes the Sustainability Report annually. 
Restatements of data points in the Company’s sustainability 
reporting will be disclosed when deemed material, 
with explanations provided for significant changes in 
methodology, scope, or assumptions to ensure transparency 
and comparability.
International frameworks
Orrön Energy is a member of the United Nations Global 
Compact and is committed to upholding its ten principles 
of responsible business practices in the areas of human 
rights, labour, environment, and anti-corruption. This report 
highlights the Company’s contribution to the United Nations 
Sustainable Development Goals (SDGs). Orrön Energy’s 
business model links directly to SDG 7 - Affordable and 
Clean Energy, and the Company also focuses its efforts on 
contributing to SDG 13 - Climate Action, and SDG 15 - Life on 
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 
aim to create long-term shareholder 
value. 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  12
EU Taxonomy assessment 14
Environmental impact and biodiversity protection  16
Safe operations  17
Strong and inclusive communities  17
Governance and ethics  17
GRI index 19
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
and decommissioning activities, the Company partners 
with reputable waste management providers to ensure 
responsible waste handling and strives to maximise recycling 
wherever possible.
Sustainability-driven approach
The Company’s strategy is to continue growing its power 
generation capacity and invest in the development of 
renewable energy projects, while promoting sustainable 
business practices across its upstream and downstream 
value chains. Through this approach, the Company aims to 
ensure that its business contributes to long-lasting values for 
both shareholders and the wider society. 
Stakeholder dialogue
The Company regularly engages with a wide range of 
stakeholders. These include individuals, groups or entities 
that impact, or are impacted by, the Company’s business 
activities across the Company’s upstream and downstream 
value chains. The Company’s stakeholders include, but are 
not limited to, shareholders, employees, the Board, local 
communities, landowners, partners, utilities, regulators, 
lenders, suppliers, and society as a whole.
Dialogue with stakeholders takes place in various ways, 
including through quarterly webcasts, General Meetings, 
townhalls, public consultations, conferences, regular digital 
and physical meetings and ongoing communication 
through the Company’s website and email. The Company 
also regularly reports on its activities and progress through 
its website, press releases, the Annual and Sustainability 
Report and media interviews. The stakeholder dialogue is 
important for the Company to foster transparency, trust, 
and collaboration. The dialogue ensures that the Company’s 
Board and management are aware and prepared to 
address relevant emerging issues, material risks and 
opportunities.
In 2024, the Company initiated a targeted dialogue with 
some of its larger shareholders and other stakeholders 
to benchmark its material sustainability topics against 
their expectations. This dialogue confirmed alignment 
between the Company’s main focus areas and stakeholder 
priorities. Through this process, two sustainability topics 
were specifically highlighted: supply chain risks associated 
with greenfield projects, particularly for solar and batteries, 
and waste management, including circularity. In response, 
the Company evaluated these topics to ensure alignment 
with the evolving risk landscape. While supply chain risks are 
an integral part of the Company’s material sustainability 
topics, waste management and circularity were added as 
new material topics. These updates ensure the Company’s 
material topics remain relevant and responsive to 
stakeholder expectations.
Material sustainability topics
Orrön Energy’s material sustainability topics, which are 
the focus of this report, are listed below. These topics are 
closely aligned with the Company’s overall risk management 
process and have been identified based on the views and 
interests of internal and external stakeholders such as 
employees, shareholders, lenders, industry organisations, 
landowners, local communities and regulators. 
Material sustainability topics:
• Climate change and the energy transition: Support global 
decarbonisation and energy security by increasing 
renewable energy production and installed capacity.
• Environmental impact and biodiversity protection: 
Minimise environmental impact and safeguard biodiversity 
through assessments, targeted projects and proactive 
management of impacts.
• Waste management and circularity: Promote resource 
efficiency in procurement and business activities, adopt 
circular economy principles to increase recycling levels 
and reduce waste.
• Safe operations: Ensure health and safety of employees, 
contractors and safeguard local communities.
• Strong and inclusive communities: Foster positive 
relationships with local communities through ongoing 
dialogue, public consultations and transparent 
communication.
• Governance and ethics: Uphold high standards of 
corporate governance, ethical business practices and 
regulatory compliance.
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 global 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 plays 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.
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. The EU 
has announced a target of 42..5 percent renewable energy by 
Highlights 2024
Achieved carbon neutrality for 
Scope 1 and Scope 2 (market-
based) carbon emissions.
In 2024, 100% of Orrön Energy’s 
turnover and Operating 
Expenses (OpEx), and 95% of 
Capital Expenditure (CapEx) 
were taxonomy-aligned.
Increased the year-on-year 
renewable power generation 
by 19% while advancing 
a 40 GW pipeline of new 
renewable energy projects.
Enhanced the due diligence 
procedure to strengthen risk 
mitigation in the wider supply 
chain.

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

13
DIRECTORS’ REPORT | Sustainability Report
2030, requiring nearly double the renewable energy capacity 
compared to 2023 levels. 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
Orrön Energy is committed to supporting the energy transition 
and mitigate the effects of climate change through supplying 
and investing in renewable energy. By increasing the 
renewable energy generation in its countries of operation, 
Orrön Energy directly contributes to mitigating climate change 
while enhancing energy security for future generations. 
In 2024, the Company produced a total of 907 GWh of 
renewable energy in the Nordics, corresponding to over 
200,000 tons of CO
2e avoided, based on the average EU-27 mix 
as published by the IEA. This is equivalent to powering around 
250,000 European households.
Carbon responsibility
The Company recognises that although its core business 
activities significantly contribute to the energy transition, some 
of its business activities do result in direct and indirect carbon 
emissions. The Company is fully committed to identifying and 
implementing measures to reduce its carbon footprint. In 
2023, the Company mapped its direct Scope 1 and 2 carbon 
emission sources. In 2024, the Company mapped its indirect 
Scope 3 carbon emissions, to bring further transparency to its 
climate impact and enabling targeted reduction strategies. 
Achieving carbon neutrality – Scope 1 and 2
In 2024, the Company achieved a significant milestone in its 
sustainability journey by becoming carbon neutral across its 
Scope 1 and 2 emissions. This achievement was made possible 
through:
• Offsetting Scope 1 residual emissions with high-quality 
carbon offsets.
• Actively reducing Scope 2 (market-based) emissions 
to zero through fossil-free agreements with its largest 
electricity suppliers and cancellation of the Company’s own 
Guarantees of Origins.
The Company is dedicated to continuing to explore 
opportunities to minimise its own climate impact, while actively 
contributing to the decarbonisation of energy systems by 
supplying renewable energy. This dual approach ensures 
that carbon responsibility is integrated across the Company’s 
operations and drives substantial progress towards a 
sustainable future.
 
Orrön Energy’s carbon emissions
The following section provides more detailed information 
around Orrön Energy’s carbon emission sources and reporting 
principles. The carbon emissions have been identified and 
reported in line with the Greenhouse Gas Protocol (GHG 
Protocol). The carbon emissions are reported based on the 
equity approach, and the Company has aligned its reporting 
with its proportionate financial reporting to reflect the 
Company’s proportionate ownership of assets. This reporting 
boundary has been chosen to fairly reflect the Company’s 
climate impact. The organisational boundary includes Orrön 
Energy AB and its affiliates in Sweden, Finland, Switzerland, UK, 
Germany, and France.
Carbon emissions (tCO2e) 2024 2023
Scope 1 13 12 
Scope 2 (market based)1 0 614
Total GHG emissions (Scope 1 and 2) 13 626
High-quality carbon offsets applied 
(tCO
2e) -13 –
Net emissions post-offsets (Scope 1 and 2) 0 626
Scope 3 581 N/A2
Category 1: Purchased goods and services 345 N/A2
Category 2: Capital goods 142 N/A2
Category 5: Waste generated in operations 24 N/A2
Category 6: Business Travel 70 N/A2
Total GHG emissions 581 6262
Total energy consumed (MWh) 3,286 2,377
Scope 1 and 2 CO2e intensity in g/kWh 
produced, prior to carbon offsets 0.01 0.82
1 Starting from 2024, the Company uses market-based Scope 2 
emissions in the overall calculation and reporting of its GHG emissions, 
as these represent carbon emissions that the Company can influence 
through targeted actions. The Company’s location-based Scope 2 
emissions based on the average grid emission intensity, amounted to 
93 tCO
2e in 2023 and 95 tCO 2e in 2024.
2  The Company mapped its Scope 3 carbon emissions in 2024. No data is 
available for the comparative period of 2023.
Scope 1 emissions cover the Company’s direct carbon 
emission sources. This category consists of emissions from 
company-owned cars used for business activities, such 
as regular maintenance at operational facilities. These 
emissions are quantified based on fuel consumption and 
corresponded to emissions of 13 tCO
2e in 2024, which is in line 
with the levels reported in 2023. 
In 2024, the Company continued expanding its business 
activities across Europe and added electric vehicles to its car 
fleet. This enabled the Company to grow its business without 
causing material increase of its direct carbon footprint. 
Furthermore, the Company reduced its Scope 1 carbon 
emissions intensity per GWh produced electricity by around 
10 percent compared to 2023 levels, which demonstrates 
the Company’s ability to achieve sustainable growth. 
The Company remains committed to further reducing its 
absolute Scope 1 carbon emissions.
To achieve carbon neutrality in 2024, the Company utilised 
high-quality carbon offsets certified under the Verified 
Carbon Standard (VCS) combined with tree planting efforts 
in the UK.
Scope 2 emissions cover the Company’s indirect carbon 
emissions linked to energy consumed in offices and 
electricity used by wind power facilities to power operational 
functions such as turbine rotations, blade pitching, de-icing 
systems and curtailments. In 2024, the Company’s total 
energy consumption amounted to 3,286 MWh. The total 
energy consumption increased in 2024, mainly as a result 
of a full year impact of the Karskruv wind farm and was 
slightly impacted by increased electricity consumption from 
voluntary production curtailments.

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

14
At the end of 2023, the Company entered into carbon-free 
agreements with its largest electricity suppliers, covering 
around three-quarters of its operational portfolio. This 
resulted in a significant reduction in the market-based Scope 
2 carbon emissions compared to 2023 levels. The Company 
compensated for the remaining energy consumption by 
cancelling its own Guarantees of Origins, achieving zero 
market-based Scope 2 emissions in 2024.
Scope 3 emissions were mapped in 2024 in accordance with 
the categories outlined by the GHG Protocol, which forms 
the base year for the Company’s Scope 3 reporting. These 
emissions are calculated using a combination of supplier-
specific data, hybrid methods, and industry estimates to 
achieve a high level of accuracy. The Company prioritises the 
use of the most specific and accurate data available, with 
ongoing initiatives aimed at further enhancing the data. 
The Company’s Scope 3 emission sources include cradle-
to-gate emissions of material components related to 
operations and developments, emissions from transportation 
and maintenance services provided by third-parties, 
waste, and business travel. The Company reports emissions 
from four material categories, which are detailed below. 
These categories have been assessed as material for the 
Company’s indirect carbon footprint.
Category 1: Purchased goods and services
The Company reports carbon emissions associated with 
third-party services and goods used for regular maintenance 
activities, including operational services and procurement 
of grease and oil for operational facilities. The data used is a 
combination of actual data and estimates for certain wind 
farms to fill the gaps where specific data is unavailable. 
Category 2: Capital goods
This category includes cradle-to-gate emissions from the 
Company’s development and construction projects, which is 
reported on a project basis and includes indirect emissions 
related to the raw materials extraction, manufacturing, 
transportation, and installation services. In 2024, the 
Company constructed a 1 MW battery project in Sweden, 
which contributed to the Company’s Scope 3 emissions. 
Emissions related to the battery project are a combination of 
supplier specific data and industry estimates.
Category 5: Waste generated in operations
Waste is generated at the Company’s operational facilities, 
such as oil, grease, and cardboard. From a materiality 
point of view, waste from the Company’s offices has been 
excluded. Waste emissions are calculated using a hybrid 
approach, combining site-specific data provided by 
the waste management provider for certain assets and 
estimated data to address gaps where specific data is 
unavailable. The emission factors are based on information 
from the waste management provider, taking into account 
recycling rates. 
Category 6: Business Travel
Business travel, particularly for project development, site 
visits, and stakeholder engagement, also contributes to 
Scope 3 emissions. These emissions are calculated based 
on information from the Company’s travel booking platform. 
To account for travel activities that may occur outside of this 
platform, but on behalf of the Company, a ten percent buffer 
is added to the calculated emissions.
The Company actively seeks to manage these emissions by 
favouring low-carbon travel options when feasible and by 
using virtual meetings when appropriate.
Managing Scope 3 carbon emissions
As the Company continues to expand its development 
portfolio and develop new projects, the absolute Scope 3 
emissions may temporarily increase during years with 
ongoing construction activities. However, these emissions 
are associated with the development of long-term assets 
that will drive renewable energy generation capacity and 
contribute to the global energy transition.
More energy-efficient extraction, production, and 
manufacturing processes, along with the use of less 
carbon-intensive materials, are expected to reduce Scope 3 
emissions from the upstream value chain in the future, 
and more efficient recycling processes are expected to 
reduce the indirect emissions downstream. The Company 
is committed to reducing its Scope 3 emissions by 
collaborating with suppliers to promote sustainable practices 
throughout the value chain, both upstream and downstream.
Climate-related risks
The Company’s operational assets and development 
projects are located onshore and may therefore be subject 
to physical climate-related risks. In 2024, the Company 
conducted a climate risk assessment of its operational 
assets and development projects to map and evaluate 
the resilience of its asset portfolio and identify necessary 
mitigation measures and monitoring protocols. 
To mitigate the physical climate-related risks in the 
operational portfolio, the Company continuously evaluates 
the evolving risk landscape, with region-specific monitoring 
and response systems alongside operational strategies.
The Company’s large-scale greenfield projects undergo 
early-stage assessments for climate-related risks and 
vulnerabilities of the project site during the zoning, screening, 
and permitting stages, well before any development begins. 
The Company integrates climate change adaptation into 
the planning process, and resilient design solutions will be 
implemented to meet the specific needs of each project 
location.
More information on how the Company manages risks 
relating to climate change can be found in the section Risk 
Management on pages 21–23.
DIRECTORS’ REPORT | Sustainability Report

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

15
DIRECTORS’ REPORT | Sustainability Report
The EU Taxonomy regulation is a system for classifying 
economic activities based on their environmental impact, 
aimed at helping investors understand whether an investment 
is environmentally sustainable. In 2024, the Company 
assessed its operational assets, greenfield portfolio and 
economic activities in line with the EU Taxonomy and 
developed a framework for self-assessing future projects 
against the EU Taxonomy criteria. To confirm alignment, 
the Company commissioned a third-party to review this 
assessment and conduct a detailed review based on a 
selection of ten wind farms which together contribute to 
around two-thirds of the Company’s power generation.
Eligibility Assessment
The Company has assessed its economic activities against 
the EU Taxonomy criteria and identified key eligible activities 
consisting of wind power, solar energy, and battery storage. 
These activities form a core part of the Company’s business 
and financial results.
Do No Significant Harm (DNSH) Criteria
Climate Adaptation
The Company has conducted a climate risk assessment of 
its operational assets and greenfield portfolio to evaluate the 
resilience to physical climate risks. The assessment identified 
potential climate-related risks, such as an increased risks 
of wildfires, erosion and changes in wind and precipitation 
pattens, and the Company has measures in place to monitor 
and mitigate negative impacts. Resilience planning is also 
integrated into new developments from an early project 
stage.
Biodiversity and Ecosystems 
The Company has assessed its operational assets against 
the EU Taxonomy’s DNSH criteria. The majority of the 
Company’s assets have undergone an Environmental Impact 
Assessment (EIA), including a thorough habitat survey, strict 
environmental requirements in terms of environmental 
and biodiversity protection, and with regular performance 
reporting to authorities in place. Based on this evaluation, 
the Company assesses that all of its operational assets 
subject to EIAs fulfil the EU Taxonomy requirements of DNSH to 
biodiversity and ecosystems. 
For operational assets that have not undergone an EIA, 
an environmental screening has been conducted, with 
regular environmental reporting protocols and monitoring 
processes in place. For wind farms, the Company specifically 
evaluated their proximity to biodiversity-sensitive areas and 
the adequacy of environmental reporting and monitoring 
protocols. 
When the Company acquires assets in the future, a self-
assessment based on the aforementioned criteria will be 
used to evaluate compliance with DNSH requirements.
The Company’s large-scale development projects 
are developed with a strong focus on biodiversity and 
ecosystem preservation. The Company actively seeks to 
avoid high-biodiversity zones during the planning phase 
and implements mitigation strategies to minimize impact on 
nature and biodiversity. Large-scale greenfield projects are 
expected to undergo extensive habitat surveys and EIAs prior 
to construction. 
For smaller development projects, the aim will be to conduct 
an environmental screening to outline the environmental 
impact, including monitoring and mitigation measures. 
The Company also aims to enhance biodiversity through 
targeted projects. In 2024, the Company constructed 
a battery project of 1 MW and initiated a biodiversity 
enhancement project close to the project location. 
The project has not been subject to an environmental 
screening and is therefore in the Company’s assessment 
not considered to be aligned, but eligible for EU Taxonomy 
alignment. The battery was constructed on a gravel road, 
avoiding deforestation and minimizing environmental 
impact.
Based on this evaluation, the Company assesses that all of 
its operational assets or development projects subject to EIA 
requirements or environmental screenings, with sufficient 
safeguards in place for the environment and biodiversity, 
are aligned with the EU Taxonomy’s DNSH requirements for 
biodiversity and ecosystems.
Transition to a Circular Economy
The Company has a waste management process designed 
to minimise environmental impact and promote resource 
efficiency. This process focuses on minimising waste and 
increasing recyclability. To address this, the Company 
collaborates with reputable partners to seek to increase 
recycling levels and will seek to explore solutions for recycling 
and repurposing of wind power blades in future repowering 
activities. 
Compliance with Minimum Social Safeguards
The Company adheres to a robust governance framework 
aligned with internationally recognized principles to ensure 
its business activities are conducted in line with the highest 
ethical standards. The Company’s Code of Conduct outlines 
its commitment to human rights, labour rights, and anti-
corruption measures, fulfilling the EU Taxonomy’s minimum 
safeguard requirements. The Company has a due diligence 
process in place, along with a Contractor Declaration that 
outlines the Company’s expectations and requirements 
throughout the supply chain.
Continuous Monitoring and Reporting
The Company has monitoring and reporting protocols in place 
to maintain alignment with the EU Taxonomy. These include 
regular assessments of its wind farms to ensure ecological 
conditions are preserved, with self-reporting against 
environmental performance criteria, and yearly environmental 
reports to evaluate performance. This approach ensures 
transparency for stakeholders and that the Company’s 
activities do not significantly harm biodiversity or ecosystems.
EU Taxonomy KPI:s
Orrön Energy reports its Taxonomy alignment based on 
the Company’s consolidated financial results. In 2024, the 
Company’s turnover and operating expenses were generated 
from its operational wind farms, which are aligned with the EU 
Taxonomy requirements. A non-material portion is attributed 
to the battery project, which is not considered to be aligned 
with the EU requirements, and this has been rounded off as it 
accounts for less than 0.1 percent.
Turnover OpEx CapEx
Aligned
100%
Aligned
100%
Aligned
95%
Eligible
5%
EU taxonomy

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

16
In 2024, 95 percent of the Company’s CapEx was aligned 
with the EU Taxonomy and related to operational assets 
and the Company’s greenfield business. Five percent of the 
Company’s CapEx was eligible for EU Taxonomy alignment 
and related to a battery project (see above under the “Do No 
Significant Harm (DNSH) Criteria).
Environmental impact and biodiversity protection
Orrön Energy’s Environmental Policy outlines the objectives 
and expectations for its operations, with procedures in 
place to minimise environmental impact and safeguard 
biodiversity. The Company operates and develops renewable 
energy projects in Sweden, Finland, the UK, Germany, and 
France —countries with strict environmental regulations and 
biodiversity protection. Orrön Energy follows both regulatory 
requirements and industry best practices to uphold high 
environmental and biodiversity standards.
All of the Company’s operational wind farms have undergone 
an environmental impact assessment or screening, which 
is supported by regular monitoring and self-reporting at 
each project location to address site-specific monitoring 
programmes. These programmes are designed to minimise 
and mitigate negative impacts and include measures such 
as bird surveys at specific sites, and waste management 
procedures to ensure responsible waste disposal. Annual 
environmental reports are produced to summarise the 
results of these monitoring programmes.
Construction and development projects are subject to a 
rigorous planning and approval process by authorities, where 
environmental and biodiversity protection is an integral 
part. Projects are planned and constructed to minimise 
negative impacts on the surrounding environment and 
local communities. Special consideration is 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 
production curtailments on wind farms during periods of bird 
or bat migration, as well as 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 public 
hearing processes. 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 assessed both 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, adheres 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 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 
without degrading land resources. If a wind turbine is no 
longer deemed suitable for life extension activities, the 
primary strategy will be to repurpose the existing facilities 
and infrastructure, and replace the wind turbine with another 
type of renewable energy, such as solar or batteries.
The Company seeks to avoid deforestation and minimise the 
environmental impact of its greenfield projects by favouring 
the use of industrial sites or farmland where feasible. 
Where deforestation cannot be avoided, the Company 
will implement actions and have mitigation plans in place 
to minimise negative impacts on the environment and 
contribute to local ecosystems. 
 
Biodiversity protection
Biodiversity protection is a cornerstone of the Company’s 
environmental efforts, and includes ongoing activities 
designed to monitor and reduce potential negative impacts 
on local ecosystems. Recognizing the delicate balance of 
nature, the Company employs a comprehensive approach 
to safeguard biodiversity at all stages of its operations. 
Special attention is given to protecting endangered species, 
birds, and bats, around the wind farms. The Company 
has implemented targeted nature conservation projects 
near migratory flyways and breeding territories to mitigate 
potential risks to these species.
Orrön Energy is developing projects to further enhance 
biodiversity in areas around its operational assets. These 
projects aim to restore natural habitats and promote a 
thriving ecosystem. In 2024, the Company contributed to 
the restoration of a lake meadow next to one of its battery 
projects. The restoration is expected to benefit a variety of 
vulnerable species by enabling a unique habitat anticipated 
to last for 25 years. It is set to contribute positively to local 
biodiversity and provide ecological benefits, particularly for 
fauna and bird populations. The Company also has ongoing 
projects for planting wildflowers, which not only adds to the 
visual appeal of the land but also encourages the growth 
and establishment of bee populations. This is crucial given 
the global decline of bees, which play an essential role in 
maintaining ecosystem health. In addition, the Company 
collaborates with local farming communities on grazing 
projects. Grazing by livestock helps to maintain grassland 
biodiversity by preventing the overgrowth of certain plant 
species, thereby supporting a diverse range of flora and 
fauna. 
Orrön Energy is integrating biodiversity and environmental 
considerations into every stage of the planning and 
development of greenfield projects. If the Company identifies 
a biodiversity-sensitive area during the screening and zoning 
phase, the primary goal is to avoid this area when possible. 
When avoidance is not feasible, the Company implements 
tailored mitigation efforts to reduce the impact on 
biodiversity. This may involve adjusting turbine placements, 
solar panels or battery facilities to avoid key habitats, 
creating buffer zones, using wildlife corridors, and designing 
infrastructure that accommodates the natural movement 
and behaviour of local species. 
In the UK, Orrön Energy is setting an industry-leading 
standard by developing large-scale greenfield projects 
that target a minimum of 10 percent biodiversity net gain. 
DIRECTORS’ REPORT | Sustainability Report

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

17
This approach ensures that each project will result in a 
measurable improvement in biodiversity, going beyond 
simply mitigating environmental impact to creating positive 
ecological outcomes that benefit wildlife, habitats, and 
overall ecosystem health.
To ensure continued biodiversity protection, the Company 
integrates risk management into its environmental 
strategy. Regular monitoring and assessment of potential 
environmental risks are conducted to proactively address 
and mitigate issues. More information around how the 
Company manages risks relating to environmental impact 
and biodiversity protection can be found in the section Risk 
Management on pages 21–23.
In 2024, 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.
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 2024 2023
Employees
Work-related injuries 0 0
Lost Time injuries 0 0
Fatalities 0 0
Contractors
Work-related injuries 0 0
Lost Time injuries 0 0
Fatalities 0 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 individuals will not 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 on pages 21–23.
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.
 
Wider societal impact
The Company is a long-term supporter of the Lundin 
Foundation, a non-profit organisation focused on strategic 
community investments that pave the way for long-term 
economic prosperity. Measured across a range of programs, 
these investments positively impact communities, small 
businesses, and social and environmental innovations across 
the globe.
Governance and ethics
Orrön Energy conducts its business in line with the highest 
standards of business ethics, in line with the Company’s 
Code of Conduct. 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.
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.
In 2024, there were no cases reported involving 
discrimination.
 
DIRECTORS’ REPORT | Sustainability Report

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

18
DIRECTORS’ REPORT | Sustainability Report
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 2024.
Responsible supply chains
The Company conducts supply chain due diligence for 
material procurement activities, to reduce and manage 
potential sustainability risks and uphold high ethical 
standards. To reinforce this commitment, Orrön Energy 
requires suppliers to sign the Company’s Contractor 
Declaration. This declaration sets clear expectations 
regarding ethical conduct, adherence to international 
human rights standards, and environmental responsibility 
across the suppliers’ operations and wider value chains. 
Suppliers are also required to meet specified quality 
standards and comply with the principles outlined in the 
Company’s Code of Conduct. 
In 2024, Orrön Energy conducted a review of its due diligence 
procedure and supply chain risks to better understand and 
address potential environmental, social, and governance 
concerns associated with its business activities. The review 
identified heightened risks for negative human rights and 
environmental impact in the procurement of batteries 
and solar panels, particularly when sourced from high-risk 
regions. Following this review, the Company strengthened 
its due diligence procedure, placing a greater focus on 
increased transparency around the provenance of procured 
materials.
Through these measures, the Company enforces compliance 
with sustainability principles across both direct and indirect 
supply chains.
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 2024, no whistleblowing cases were reported.
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 2024, 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:
• 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.
• 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.

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

19
DIRECTORS’ REPORT | Sustainability Report
GRI index
Orrön Energy has reported the information cited in this GRI content index for the reporting period 1 January 2024 to 31 December 
2024, 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 83
2-4 Restatements of information Page 11
2-5 External assurance Pages 75–78
Activities and workers
2-6 Activities, value chain, and other business relationships Page 11
2-7 Employees Pages 17, 59
2-8 Workers who are not employees Page 17
Governance
2-9 Governance structure and composition Pages 11, 25–26 
2-10 Nomination and selection of the highest governance body Page 27
2-11 Chair of the highest governance body Page 26
2-12 Role of the highest governance body in overseeing the management of impacts Pages 11, 27 
2-13 Delegation of responsibility for managing impacts Page 11
2-14 Role of the highest governance body in sustainability reporting Page 11
2-15 Conflicts of interest Page 35
2-16 Communication of critical concerns Page 18
2-17 Collective knowledge of the highest governance body Page 27
2-18 Evaluation of the performance of the highest governance body Page 27
2-19 Remuneration policies Remuneration Report, Pages 7-9
2-20 Process to determine remuneration Remuneration Report, Pages 2-6
Strategy, policies and practices
2-22 Statement on sustainable development strategy Page 11
2-23 Policy commitments Pages 17–18, 25 
2-24 Embedding policy commitments Pages 17–18, 25
2-25 Processes to remediate negative impacts Page 18
2-26 Mechanisms for seeking advice and raising concerns Page 18
2-27 Compliance with laws and regulations Page 24

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

20
Disclosure Description
Reference/
page number
Stakeholder engagement
2-29 Approach to stakeholder engagement Page 12
Material topics
3-1 Process to determine material topics Page 12
3-2 List of material topics Page 12
3-3 Management of material topics Page 12
GRI 201: Economic performance
201-1 Direct economic value generated and distributed Pages 9, 60
201-2 Financial implications and other risks and opportunities due to climate change Page 21
201-3 Defined benefit plan obligations and other retirement plans Remuneration Report, 
Pages 3-6
GRI 205: Anti-corruption
205-1 Operations assessed for risks related to corruption Page 18
205-2 Communication and training about anticorruption policies and procedures Page 17
205-3 Confirmed incidents of corruption and actions taken Page 18
GRI 206: Anti-competitive behavior
206-1 Legal actions for anti-competitive behaviour, anti-trust, and monopoly practice Page 18
GRI 302: Energy
302-1 Energy consumption within the organisation Page 13
GRI 304: Biodiversity
304-2 Significant impacts of activities, products and services on biodiversity Page 16
GRI 305: Emissions
305-1 Direct (Scope 1) GHG emissions Page 13
305-2 Indirect (Scope 2) GHG emissions Pages 13–14
305-3 Other indirect (Scope 3) GHG emissions Pages 13–14
GRI 306: Effluents and Waste
306-3 Significant spills Page 17
GRI 403: Occupational health and safety
403-1 Occupational health and safety management system Page 17
403-2 Hazard identification, risk assessment, and incident investigation Page 17
403-3 Occupational health services Page 17
403-4 Worker participation, consultation, and communication on occupational health and safety Page 17
404-5 Worker training on occupational health and safety Page 17
403-9 Work-related injuries Page 17
GRI 405: Diversity and equal opportunity
405-1 Diversity of governance bodies and employees Pages 17, 24
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 23 =====

21
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 evolve, requiring continuous adaptation and 
risk management.
Access to land, grid connections and permits
Risk: The construction, operation, and life extension of 
renewable assets require the Company to obtain, maintain 
and renew necessary permits, leases, grid connections, and 
rights. Inconsistent or shifting government policies, opposition 
from local stakeholders, or lengthy bureaucratic procedures 
may lead to project delays, increased costs, or the inability 
to secure necessary approvals. Failure to receive necessary 
approvals 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, tax and other 
regulations. Changes to applicable laws and regulations 
could negatively affect the Company, lead to investigations, 
litigations, 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 lead to gradual climate changes, 
such as shifts in wind patterns, rising temperatures, increasing 
sea levels as well as more acute weather events such as 
storms, landslides, and wildfires, which could impact the 
Company’s operational assets.
Response: As a renewable energy producer, Orrön Energy 
is making a significant contribution to mitigate the effects 
of climate change by increasing the share of renewable 
power generation in its countries of operation. In 2024, the 
Company conducted a physical climate risk assessment for 
its operational assets, identifying key climate-related risks, 
with a plan in place to manage these risks. The Company 
will continue to evaluate risks and opportunities related to 
climate change and will 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. 
Digital disruption, new technology and AI
Risk: Failure to adapt to emerging technologies, integrate 
AI effectively, data privacy, or ethical use of AI may result in 
operational inefficiencies, loss of market share, reputational 
harm, and increased regulatory scrutiny.
Response: To address this risk, Orrön Energy continuously 
monitors the development of emerging technologies, AI 
advancements, and evolving data privacy regulations to 
ensure compliance efficiency, and responsible innovation. 
Employee awareness training on AI and data protection 
further strengthens the Company’s ability to leverage 
technological advancements while maintaining compliance 
with regulatory requirements. 
Compliance
Risk: Failure to comply with applicable laws and regulations, 
including but not limited to anti-bribery, anti-corruption, data 
privacy, and environmental laws, may result in substantial 
fines, penalties or legal proceedings. Such non-compliance 
could also harm the Company’s reputation, erode stakeholder 
trust, and negatively impact financial performance and long-
term sustainability. 
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.

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

22
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. 
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: The Company continuously invests in its portfolio 
of early-stage greenfield projects in onshore wind, solar 
and battery projects in the Nordics, the UK, Germany, and 
France. Inability to recover the value of investments made in 
development projects 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. The geopolitical climate may lead to 
volatile market conditions which in turn impact the Company. 
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: The negative outcome in the 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. The tax filings in 
Canada since 2006 in relation to both corporate income tax 
and withholding tax are under review by the Canadian Tax 
Office. See Note 17 Contingent liabilities and assets of the 
consolidated financial statements.
Response: Despite the negative outcome in the legal 
proceedings in Indonesia, the Company does not believe it 
is probable that the judgement will lead to any outflow of 
resources for the Group. 
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 25 =====

23
DIRECTORS’ REPORT | Risk Management
Safe operations
Risk: Failure to maintain safe operations, including adherence 
to health, safety, and environmental standards, could 
result in workplace accidents, injuries, negative impacts 
to local communities, leading to environmental damage 
and operational disruptions. Such incidents may lead to 
regulatory fines, reputational damage, and loss of stakeholder 
confidence, as well as negatively impact employee morale 
and overall business performance.
Response: Safe operations are a key priority for Orrön 
Energy and the Company maintains a strong focus on 
health and safety for both employees, contractors and local 
communities. 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. For operational activities, risk assessments are 
conducted, including the identification of potential hazards, 
and remote monitoring systems are in place to detect and 
address operational disruptions at an early stage. 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 disruptions, particularly for solar and 
battery components, could lead to strained capacity 
and delays in development projects. The reliance on 
concentrated production of solar panels and batteries to 
specific regions in the world poses additional geopolitical risks, 
including potential import duties, taxes, and bans on certain 
components. Limited access to rare-earth metals and other 
critical materials essential for renewable energy technology is 
another risk, which may potentially increase project costs and 
affect project timelines.
Response: Orrön Energy actively mitigates these risks through 
regular engagement with key suppliers to ensure timely 
procurement of components and spare parts. The Company 
has a diversified supplier base and monitors geopolitical 
developments to ensure supply chain resilience and reduced 
exposure to geopolitical risks. Where possible, spare parts are 
kept in stock to mitigate potential delays. 
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 26 =====

24
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 wind assets in the Nordics, 
coupled with growth opportunities in onshore wind, solar 
and batteries in the Nordics, the UK, Germany, and France. 
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.
nasdaq.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 24
Shareholders’ meeting 26
External auditors of the Company 27
Nomination Committee 27
Board of Directors 27
Board Committees 28
Group Management 31
Policy on Remuneration 33
Internal control over financial reporting 36
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 no deviations from the 
Corporate Governance Code in 2024. 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.
2025 Annual General Meeting
The 2025 Annual General Meeting (AGM) will be held 
on 5 May 2025 at 11.00 CEST as a digital meeting 
combined with an option to vote by post in advance 
of the AGM. Shareholders may choose to exercise 
their voting rights at the AGM by attending online, 
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, of if the shares are registered in the name 
of a nominee, request that the nominee registers the 
shares in their own name for voting purposes on the 
day falling four 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 27 =====

25
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 2024
Sale of the Company’s 
50 percent interest in the 
Leikanger hydropower plant 
for a value accretive price 
of 53 MEUR, significantly 
strengthening the balance 
sheet and maintaining liquidity 
headroom through the 170 
MEUR revolving credit facility.
Adding a total of 50 GWh 
of annual long-term 
proportionate power 
generation through 
acquisitions, and ensuring 
a robust implementation of 
assets into the governance 
framework of Orrön Energy.
Reaching the Ready-to-
Permit milestone for the first 
large scale solar and battery 
greenfield development 
project in the UK.  
Appointment of Mike Nicholson 
as new Board member at the 
AGM held on 15 May 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, and regular compliance training is provided 
to all employees. 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 28 =====

26
Share capital and shareholders
The shares of Orrön Energy are listed on Nasdaq Stockholm. 
The total number of shares is 285,905,187. 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, 5,300,000 warrants of series 2024:1 and 6,300,000 
warrants of series 2024:2. The Company held no treasury 
shares on 31 December 2024.
At the end of 2024, Orrön Energy had a total of 55,083 
shareholders listed with Euroclear Sweden, which represents 
a decrease of 14,199 compared to the end of 2023. 
The 10 largest shareholders 
on 31 December 2024
Number of 
shares
Percent 
(rounded)
Nemesia S.à r.l.
1 95,478,606 33.4%
JNE Partners 34,749,250 12.2%
Handelsbanken Fonder 7,192,260 2.5%
Blackrock 3,439,061 1.2%
Banque Lombard Odier & Cie 3,427,150 1.2%
Avanza 3,412,348 1.2%
Dimensional Fund Advisors 2,967,193 1.0%
Nordnet Pensionsförsäkring 2,269,866 0.8%
Amundi 2,000,462 0.7%
SEB 1,971,928 0.7%
Other shareholders 128,997,063 45.1%
of which Investment 
Committee and Board 1,848,609 0.6%
Total 285,905,187 100%
1  An investment company wholly owned by Lundin family trusts.
 Source: Monitor Holdings 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.
2024 AGM
The 2024 AGM was held on 15 May 2024 in Stockholm. The 
AGM was attended by 68 shareholders, personally or by 
proxy, representing 36,7 percent of the share capital. The 
Chair of the Board, the CEO as well as all Board members 
were present at the meeting. 
The resolutions passed by the 2024 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 2023, 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 2023.
• 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 Grace Reksten Skaugen, Jakob Thomasen, 
Peggy Bruzelius and William Lundin, and election of Mike 
Nicholson as a new member 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 2025 AGM, 
authorised public accountant Anders Kriström being the 
designated auditor in charge.
• Approval of a revised Nomination Committee Process.
• 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 2024”).
• Approval to issue and transfer 5,300,000 warrants of series 
2024:1 to participants of the Employee LTIP 2024. 
• Approval to issue and transfer 6,300,000 warrants of series 
2024:2 to participants of the 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.
• 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; and
• Rejection of a shareholder proposals, which was put 
forward by a minority shareholder.
All AGM materials, in Swedish and English, are available on 
the Company’s website.
2024 Extraordinary General Meeting (EGM)
The 2024 EGM was held on 7 August 2024 in Stockholm. The 
EGM was attended by 63 shareholders, personally or by proxy, 
representing 47.6 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, in person or through video link. 
The resolutions passed by the 2024 EGM include:
• Election of advokat Klaes Edhall as Chair of the EGM.
• Approval to amend the Articles of Association. 
• Retirement of 19,427 shares and reduction of the share 
capital, and subsequent bonus issue to restore the share 
capital. 
All EGM materials, in Swedish and English, are available on the 
Company’s website.
DIRECTORS’ REPORT | Corporate Governance Report

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

27
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.
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 22 on page 64 and Note 7 on page 72. 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, a revised 
version of which was approved at the 2024 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 2024 AGM 
The members of the Nomination Committee for the 2024 
AGM are described in the Company’s 2023 Annual Report. 
The full Nomination Committee reports, including the final 
proposals, are available on the Company’s website. 
Nomination Committee for the 2025 AGM
The members of the Nomination Committee for the 2025 
AGM were announced and posted on the Company’s 
website on 30 October 2024. The Nomination Committee has 
held three meetings during its mandate so far. At the first 
meeting, Aksel Azrac was unanimously elected as Chair of 
the Nomination Committee. 
 
The full Nomination Committee report, including the final 
proposals to the 2025 AGM, is available on the Company’s 
website.
Nomination Committee for the 2025 AGM
Aksel Azrac (Chair) Nemesia S.à.r.l
Richard Ollerhead JNE Partners LLP
Sussi Kvart Handelsbanken 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 2024 AGM considered 
that the Board of five members elected at the 2024 AGM 
was, taking into consideration the Company’s planned future 
business and operations, sustainability strategy, and the 
economic and financial circumstances generally in which 
the Company operates, 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 fulfils the requirements 
regarding independence in relation to the Company, Group 
management and the Company’s major shareholders. Such 
expertise and experience relate 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 2024 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. 
The Nomination Committee further reviewed the 
remuneration of the Board ahead of the 2024 AGM and 
decided that no increase should be proposed.
DIRECTORS’ REPORT | Corporate Governance Report

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

28
Board meetings and work 2024
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. 
Nine Board meetings were held during 2024 and monthly 
operational reports were circulated to the Board.
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 2024: 
• Ongoing review of the performance management process 
through various meetings across the year.
• Preparing the 2023 Remuneration Report for Board and 
AGM approval and considering enhancements for the 2024 
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 2025 
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 2024, 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 2024.
• Preparing a proposal for award under the Employee LTIP 
2024 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.
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 31 =====

29
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 2024
The Board held nine 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 challenging market conditions, including factors impacting power pricing and renewables economics, 
and Company strategy.
• Considering the Company’s production and asset performance, business forecasts, and future outlook, including revenue 
optimisation through ancillary services and voluntary curtailments.
• Considering and approving multiple additional acquisitions to increase the power generation capacity in the Nordics, and 
evaluating several potential business opportunities.
• Overseeing the development of a pipeline of growth projects across five countries, including completion of the first Swedish 
battery project on time and on budget.
• Considering and approving the sale of 50 percent of the company owning the Leikanger hydropower plant at a value accretive price. 
• 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 2024, subject to 2024 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, share buybacks, and liquidity position.
• Reviewing and approving the exercise of an accordion option to increase the 150 MEUR revolving credit facility agreement to 
190 MEUR, and reducing it to 170 MEUR following the sale of the Leikanger hydropower plant.
• Discussing the Company’s ESG and safety ambitions and performance, including overseeing the achievement of carbon 
neutrality across Scope 1 and 2 emissions. 
• Discussing the Company’s risk management framework.
• Discussing and reviewing the operational performance of the Company.
• Approving to propose to the EGM 2024 to allow holding digital shareholder meetings, considering for example, the Company’s 
large international shareholder base and the activist disruptions at the 2024 AGM.
• Discussing the Company’s and peers’ share price performance.
• Monitoring and discussing the ongoing trial in the legacy Sudan case, including the Company defence presentation, and 
considering the outcome of the legacy Indonesian tax case.
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 six 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 finish during the second quarter 2026. 
More information regarding the past activities in Sudan during 1997–2003 can be found on www.lundinsudanlegalcase.com.

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

30
DIRECTORS’ REPORT | Corporate Governance Report
Board of 
Directors1: Grace Reksten Skaugen Jakob Thomasen Peggy Bruzelius William Lundin Mike Nicholson
Function Chair, elected 2015
Born 1953 
Compensation 
Committee Chair
Director, elected 2017
Born 1962
Audit Committee 
member 
Director, elected 2023
Born 1949
Audit Committee Chair 
Director, elected 2023
Born 1993
Compensation 
Committee member
Director, elected 2024
Born 1971
Audit Committee and
Compensation 
Committee member
Education 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.
Degree in Economics 
and Management 
Studies from Aberdeen 
University.
Experience 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. 
Various economics, 
financial and banking 
roles with Veba Oel, 
Canadian Imperial 
Bank of Commerce and 
Marathon Oil 1994-2004. 
Various roles at Lundin 
Petroleum, including;  
• Group Economics and 
Commercial Manager 
2005-2008. 
• General Manager 
Malaysia 2008-2012. 
• Managing Director SEA 
2012-2013. 
• CFO 2013–2017,
President & CEO of 
International Petroleum 
Corp. (IPC) 2017–2023.
Other Board 
duties
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, Hovedstadens 
Letbane, and Hyme 
Energy.
Chair of the Board 
of Lancelot Asset 
Management AB 
and member of the 
Board of International 
Consolidated Airlines 
Group S.A.
Member of the Board 
of IPC, ShaMaran, 
International Petroleum 
Corp., and the Lundin 
Foundation.
Member of the Board 
of IPC.
Attendance 
Board
Audit Committee
Compensation 
Committee
9/9
2/2
9/9
6/6
9/9
6/6
9/9
2/2
7/7
4
4/44
1/14
Remuneration
Board and 
Committee work
EUR 130,000 EUR 65,000 EUR 68,000 EUR 65,000 EUR 35,000
Shares as at 
31 December 2024
249,789
2
and 402,000 Board
 LTIP 2022 options
8,820 
and 201,000 Board 
LTIP 2022 options
30,000 900,0003 Nil
Independent of 
the Company 
and Group 
management
Yes Yes Yes Yes Yes
Independent 
of major 
shareholders
Yes Yes Yes No
3 No4
1  Board members and functions are included in this table as per 31 December 2024. The previous Board member C. Ashley Heppenstall (Board attendance 3/3, 
Audit Committee attendance 1/2, Compensation Committee attendance 1/1) did not stand for re-election at the 2024 AGM. The Board remuneration for C. Ashley 
Heppenstall was paid out in accordance with the 2023 AGM resolution, and can be found in note 20 on page 60. 
2 Grace Reksten Skaugen holds 69,789 shares personally and 180,000 shares through an investment company, Infovidi Ltd. 
3 William Lundin is in the Nomination Committee’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.
4  Mike Nicholson was elected to the Board on 15 May 2024. Mike Nicholson is in the Nomination Committee´s opinion for the time being not deemed independent of the 
Company’s major shareholder since he has very recently stepped down from an executive management position at International Petroleum Corp., a company in 
which the Lundin family are major shareholders.
Board members on 31 December 2024

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

31
DIRECTORS’ REPORT | Corporate Governance Report
Audit Committee work during 2024:
• Assessment of the 2023 year-end report and the 2024 
half-year report for completeness and accuracy and 
recommendation for approval to the Board.
• Assessment and approval of the first and third quarter 
reports 2024 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.
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 30 and in the notes to the financial 
statements, see Note 20 on pages 60–63.
Evaluation of the Board’s work
An evaluation of the work of the Board was conducted in the 
autumn 2024 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.

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

32
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 2024. The total number of 
shares available for the participants under the Employee 
LTIP 2024 was 5,300,000. The Board of Directors may in 
exceptional circumstances reduce (including reduce to zero) 
the allotment of options under the Employee LTIP 2024.
The Employee LTIP 2024 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 2024 is designed to promote 
business decisions that support long-term value creation 
and share price appreciation, rather than delivering scale 
and size without clear shareholder returns. 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 2024 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 2024 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 2024 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. 
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 2024.
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 2024
The 2024 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 2024), which follows the same 
principles as the Employee LTIP 2022 approved by the 2022 
EGM and the Employee LTIP 2023 approved by the 2023 AGM. 
Under the Employee LTIP 2024, participants were granted 
options free of charge. Each option entitles the participant 
to purchase shares in the Company at an exercise price 
of SEK 7.59 The employee options under the Employee LTIP 
2024 vest on 31 May 2027 and participants will be entitled 
to exercise all or part of the options until 31 May 2031 (the 
Major topics addressed by Group management in 2024
• Considering the strategy of the Company and evaluating future business opportunities under demanding market conditions.
• Considering numerous new ventures and investment opportunities.
• Negotiating and concluding transactions to add a total of 50 GWh of annual long-term proportionate power generation in the 
Nordics.
• Negotiating and completing the acquisition of an early-stage portfolio of wind and battery projects in Finland.
• Negotiating and completing the sale of the Leikanger hydropower plant at a value accretive price, reducing net debt 
significantly. 
• Managing and overseeing the early stage solar, wind and battery greenfield development portfolio, including reaching the 
Ready-to Permit stage for the first project in the UK and launching a sales process, and completion of the first battery project in 
Sweden on schedule and within budget.
• Managing the creation of new revenue streams through implementation of ancillary services across various assets.  
• Mitigating the impact of low pricing through implementation of voluntary curtailments across various assets.  
• Negotiating the exercise of an accordion option to increase the Company’s credit facility to 190 MEUR, with a subsequent 
reduction to 170 MEUR following the sale of the Leikanger hydropower plant. 
• Strengthening cybersecurity across the business, including ensuring compliance with upcoming regulations. 
• Managing the sustainability strategy of the Company, including overseeing the process to obtain Prime Status by ISS, creating a 
due diligence framework and achieving carbon neutrality across Scope 1 and 2 emissions.
• 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 monitoring systems and processes to 
further improve operational excellence and financial reporting. 
• Managing the implementation of the Swedish Foreign Direct Investment legislation. 
• Continued engagement with investors and other stakeholders. 
• Considering and managing the implications of the ongoing trial in relation to past operations in Sudan, and of the legacy 
Indonesian tax case.
DIRECTORS’ REPORT | Corporate Governance Report

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

33
The Board therefore believes that the Employee LTIP 2024 
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 2024 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.
Shares received through the Employee LTIP 2024 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 550,000 shares in the Company and 
the remainder of Group management hold 180,000 shares in 
aggregate as per 31 March 2025.
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.
DIRECTORS’ REPORT | Corporate Governance Report

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

34
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

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35
DIRECTORS’ REPORT | Corporate Governance Report
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.
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

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