Orrön Energy AB has entered into an agreement to sell three solar energy development projects in Germany to Gülermak Renewables Deutschland Holding GmbH for a total consideration of up to EUR 14 million. The announcement was made on December 22, 2025, as part of the company's regulatory disclosure requirements under the EU Market Abuse Regulation.

The buyer, Gülermak Renewables Deutschland Holding GmbH, is a 100% subsidiary of Gülermak Renewables Ltd. The three solar projects have a combined estimated installed capacity of 234 MW and are located in eastern Germany.

Project Details and Development Stage

The solar projects are being developed as Agri-PV projects with co-located battery options, which enable agricultural activities to take place alongside solar power generation. The projects are currently in a pre-ready-to-permit stage of development.

The projects are expected to reach the ready-to-permit stage in 2026 and the ready-to-build stage in 2027, subject to obtaining favorable permit approvals and grid reservations. Under the agreement, Orrön Energy will continue developing the projects up to the ready-to-build stage.

Payment Structure and Timeline

The consideration paid at closing for the first project is expected to be EUR 0.7 million, with the remaining consideration contingent on the achievement of development milestones up to the ready-to-build stage. The total consideration amounts to up to EUR 14 million if all contingent payments become due, which includes reimbursement of development costs and consideration payable for a series of pre-defined milestones.

The payment structure is divided into specific stages: 40 percent of the contingent payments are due at the ready-to-permit stage, and 60 percent at the ready-to-build stage. Closing for the first project is expected at the beginning of 2026.

Executive Commentary

Daniel Fitzgerald, CEO of Orrön Energy, commented on the transaction: “I am pleased to announce our second sale in Germany, this time with a portfolio of projects which clearly demonstrates the high quality of our greenfield platform. Supported by a growing and maturing pipeline of projects, I expect this platform to continue generating additional revenue streams as we deliver on our greenfield monetization strategy.

Gülermak is a strong and reputable partner with deep technical and engineering expertise, and I look forward to exploring further opportunities for collaboration.”

Türkekul Doğan, CEO of Gülermak Renewables Ltd, stated: “This reflects a fantastic milestone in our history and we’re extremely grateful to Orrön Energy for their enormous trust and partnering with us. After the acquisition of several ready-to-build projects, the next growth target for us was to acquire development stage projects. This is a robust partnership with a highly reputable name in Germany. Huge congratulations to our team as well as Orrön Energy for this success achieved before the year end!”

Company Information

Orrön Energy is an independent, publicly listed renewable energy company within the Lundin Group of Companies, trading on Nasdaq Stockholm under the ticker “ORRON”. The company's core portfolio comprises high-quality, cash-flow-generating assets in the Nordics, alongside greenfield growth opportunities in the Nordics, the UK, Germany, and France.

The company describes itself as having significant financial capacity to fund further growth and acquisitions, and as being backed by a major shareholder, management, and the Board, with a proven track record of investing in, leading, and growing highly successful businesses. According to the company, this position puts Orrön Energy in a position to create shareholder value through the energy transition.

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