Lundin rebrands as Orrön Energy after ditching E&P business
Nordic energy company Lundin Energy has changed its name to Orrön Energy, after merging its E&P business with Aker BP, to reflect its new status as a pure-play renewables business.
Back in March 2022, Lundin revealed that once the merger with Aker BP has been completed, it would operate its renewable energy assets as a standalone business with a focus on energy transition opportunities.
After this merger came into force on Thursday, 30 June 2022, Lundin explained that its shareholders will retain their existing holding in the firm’s renewable business.
In an update on Friday, Lundin informed that Orrön Energy will be a pure-play renewables business, with “a strong portfolio of high-quality and low-cost assets” in the Nordics, becoming the new renewables growth company within the Lundin group of companies.
Daniel Fitzgerald, CEO of Orrön Energy, remarked: “We see many opportunities in the energy transition, and Orrön Energy is uniquely positioned to take advantage of these with a strong portfolio of cash-generating renewables assets, no debt and with the board, management and the major shareholders fully aligned to grow the business.”
Furthermore, Orrön Energy aims to “create long-term shareholder value with cash-flowing assets, no debt and a financial capacity of up to $180 million for acquisitions.”
When it comes to its power generation outlook, the firm intends to have a 190 MW installed capacity by the end of 2023 and it plans to extend its presence in Europe, while it was initially Nordic-focused.