Greenfield

The Company is maturing a 40 GW onshore greenfield portfolio consisting of onshore wind, solar and battery projects in the Nordics, the UK, Germany and France. This is led by experienced development teams, with a proven track-record of greenfield project origination and development in these markets. Final project realisation will be dependent on a number of factors, such as permitting, fulfilment of projects milestones and commercial viability.

The Company has an opportunistic approach to realising value from this portfolio and seek to monetise 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 development and construction costs.

UK, Germany and France
In the UK, the Company has secured a portfolio of grid connections with a capacity of 24 GW for solar projects and 12 GW for co-located battery projects, with expected grid energisation dates between 2030 and 2040. The grid connections are located in favourable areas for development, based on extensive screening of key criteria such as irradiation, grid capacity, land availability and constraint mapping. The UK has a high permitting success rate for projects and, in addition, large-scale projects benefit from increased regulatory support as nationally significant infrastructure projects (NSIP). Having already secured grid connections, the Company has secured multiple land exclusivity agreements in 2024 and is in negotiations to secure land rights for other projects.

In Germany, the Company has initiated land acquisition work in targeted regions which have been chosen based on a range of key criteria, such as irradiation, grid capacity and land availability. The Company has successfully originated a pipeline of around 3 GW of solar and battery projects, and secured multiple exclusivity contracts for land.

In France, the Company has carried out early-stage land availability studies as well as high level grid surveys. The Company has also identified key areas based on irradiation, land availability and grid capacity and is working to secure land for its first projects.

Nordics
In the Nordics, the Company is progressing a range of stand-alone and co-located project opportunities, ranging from early-stage projects in the screening phase, through to projects with construction permits in place moving towards investment decisions. 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 shares.

In Sweden, the Company has established a portfolio of greenfield project opportunities ranging from early-stage to permitted projects, totalling over 500 MW across wind, solar and battery projects.

In Finland, the Company has acquired a greenfield portfolio, consisting of four wind energy and battery projects with an initial estimated installed capacity of up to 180 MW, with land secured for all wind turbine locations. The greenfield projects are at an early-stage, and the Company aims to reach the ready-to-build stage in 2027.

Ancillary services
The Company is working towards having the Company’s wind farms set up to provide ancillary services to the grid. During the first quarter, MLK obtained approval from the transmission system operator, and the expectation is that the service will start to be delivered in the second quarter 2024. Karskruv is expected to be operational for delivering ancillary services within 2024.