The Company owns a 50 percent interest in the Leikanger hydropower plant north of Bergen in Western Norway.
The power plant was constructed by and remains operated by Sognekraft, which also owns the remaining 50 percent. The hydropower plant became fully operational in March 2021, with water sourced from two river systems (Grindselvi and Henjaelvi) and eight river inlets. The capacity of the plant is 77 MW and gross annual production is estimated to be about 200 GWh.
Leikanger delivered strong performance during the first quarter of 2022, with net production of 6.3 GWh, at an average power price of above EUR 135 per megawatt hour (MWh). As the asset is a river based hydropower plant, the production is forecast to increase in the second and third quarters of 2022 due to snow melting during the spring and summer months and increasing precipitation in the autumn season. With the facility located in the NO5 price region, continued strong power prices are forecasted for 2022.