Øyfjellet Wind Investment AS
Vestersidevegen 212
8658 Mosjøen
Business Registration No.
927 378 779
Annual Report 2024
The Annual General Meeting adopted the Annual Report on 30 / 4 2025
________________________
Chairman of the General Meeting
Øyfjellet Wind Investment AS
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Company Information
The Company
Øyfjellet Wind Investment AS
Vestersidevegen 212
8658 Mosjøen
Norway
Business Registration No.: 927 378 779
Registered office: Mosjøen
Financial year: 01.01.2024 - 31.12.2024
Board of Directors
Christian Heidfeld, Chair
Roman Zervas
Executive Board
-
Auditors
PricewaterhouseCoopers AS
Dronning Eufemias gate 71
0194 Oslo
Norway
Øyfjellet Wind Investment AS
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Company description
Øyfjellet Wind Investment AS was established on July 07, 2021 as a financing vehicle and a holding entity
with no other assets than the shares in Øyfjellet Wind AS. The company has its business office in Vefsn
municipality. Øyfjellet Wind AS was established on February 17, 2012, the company owns and operates
the Øyfjellet Power Plant in Mosjøen. Øyfjellet Wind Investment AS owns this company with 100% own-
ership.
Organisational structure:
Shareholder
Øyfjellet Wind Investment AS is wholly owned by Øyfjellet Wind Holding AS. Øyfjellet Wind Holding
AS is owned by investment funds and mandates managed or financed by Aquila Capital. All existing share-
holdings are illustrated above. There are no outstanding options for other companies or individuals to ac-
quire additional shares. Aquila Capital aims to promote growth, green industry and green employment
through long-term investment in renewable energy.
Business overview
The Øyfjellet Wind Farm is located outside of the city of Mosjøen City in Vefsn municipality in Nordland
county in Norway. The installation and commissioning of 72 N149/5.x MW turbines, with a hub height of
105 meters and a rotor diameter of 149 meters, is complete and the wind farm is in full operation since
November 2022. The turbines utilize the latest wind turbine technology and provide renewable energy with
no CO2 emissions and the least possible impact on the surrounding natural environment. The wind park
has a capacity of 400MW and expected production volume of 1,3 TWh.
History
The wind park development began as a local project around 2011 and is firmly rooted in the local commu-
nity. Øyfjellet Wind Farm has been through a thorough licensing process, providing both individuals and
organisations with the opportunity to provide comments and suggestions. The Project has been adapted on
an ongoing basis in keeping with local community feedback. The license for the Project was granted in
2016, and subsequently updated in 2018. Construction began in December 2019.
Øyfjellet Wind Investment AS
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Corporate governance
The Group is committed to uphold high standards of corporate governance in all of its activities and believes
that strong corporate governance is essential to building and maintaining the trust of our shareholders, cus-
tomers, employees, and other stakeholders including the local community. This section of our annual report
provides an overview of our corporate governance practices and structures.
Board of Directors
Our Board of Directors is responsible for the overall direction, management, and control of the company.
The Board comprises two members, with diverse backgrounds and expertise. The Board of Directors meets
regularly to review and discuss the company's business, financial performance, and outlook.
Christian Heidfeld – Chairman
Christian Heidfeld is the Chairman in the Board of Directors in Øyfjellet Wind AS, Øyfjellet Wind Invest-
ment AS and Øyfjellet Wind Holding AS. He is leading the Asset Management department at Aquila Cap-
ital and has more than 10 years’ experience with acquisition, management and sale of renewable invest-
ments in different roles and executive positions.
Roman Zervas – Board member
Roman Zervas is a board member in Øyfjellet Wind Investment AS and Fund Manager at Aquila Capital.
He is also a board member in Øyfjellet Wind Holding AS and has more than 15 years’ experience with
acquisition, management and sale of alternative investments.
There are no provisions in the articles of association which would permit the board members to repurchase
or issue own shares without a resolution of the shareholder.
Corporate governance policies and procedures
The Group adheres to relevant regulations and applicable corporate governance codes, including the Nor-
wegian Code of Practice for Corporate Governance and has established a set of corporate governance pol-
icies and procedures, which are regularly reviewed and updated as necessary. These policies and procedures
cover a range of areas, including:
Code of Conduct and Ethics: Our Code of Conduct and Ethics sets out the standards of behavior expected
of all employees, officers, and directors of the company. The Code covers topics such as social responsi-
bility, confidentiality, and compliance with laws and regulations.
Risk Management: Our Board of Directors oversees the company’s risk management and accounting pro-
cesses and ensures that appropriate systems are in place to identify, assess, and manage risks. The company
maintains a system of internal controls to ensure the accuracy of the financial reporting, which are designed
to prevent and detect errors, fraud, or other irregularities that could materially affect the financial state-
ments. The group instructed third parties to oversee the preparation of the financial statements and engaged
an independent auditor to audit the financial statements annually.
Øyfjellet Wind Investment AS
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Shareholder & Shareholder Engagement: The group is committed to maintaining open and constructive
communication with our shareholders and local stakeholders. The Group regularly engages with sharehold-
ers & stakeholders.
Ultimate shareholders of the group are companies and investment funds managed or financed by the Aquila
Group. The financing agreements include market standard change of control provisions regarding the trans-
fer of shares. All shares in Øyfjellet Wind AS and Øyfjellet Wind Investment AS are pledged to the respec-
tive Bond Trustees.
Compliance and ethics
The Group is committed to maintaining the highest standards of legal and ethical conduct in all of its activ-
ities. The Group is committed to complying with all applicable laws and regulations and also expects its
employees, officers, and directors to adhere to the highest standards of ethical conduct. Policies and proce-
dures are established to promote ethical behavior and prevent violations of the law.
Work environment and staff
Øyfjellet Wind AS has its own employees in the positions of managing director, responsible for professional
and operational management, an administration officer as well an operations manager. Other services are
purchased from subcontractors.
No sick leave was recorded in 2024. The working conditions are considered very good. The company will
focus on maintaining a safe and pleasant working environment in the future in the hope of keeping absences
to a minimum. No serious work accidents or significant personal injuries have occurred or been reported
during the year. The cooperation between employees, service providers and subcontractors is considered to
be professional and effective.
Information
Øyfjellet Wind has provided extensive information about the business on the website www.oy-
fjelletvind.no, which is the primary information channel.
Supply-chain and the Norwegian Transparency Act
From 1 July 2022, the new Act relating to enterprises' transparency and work on fundamental human rights
and decent working conditions (Transparency Act) came into force.
“The purpose of the Transparency Act is to promote enterprises’ respect for fundamental human rights and
decent working conditions, and to ensure public access to information regarding the efforts enterprises
make in these areas.
The 2023 report was published in June 2024, and the 2024 report will be published by 30 June 2025 on the
website: www.oyfjelletvind.no. The work with due diligence assessments is a continuous process, and
ØWAS`s goal is continuous improvement in our own operations and in our supply chain.
Øyfjellet Wind Investment AS
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The due diligence reviews ØWAS has carried out for the reporting year 1 January – 31 December 2024
have primarily been based on a risk assessment of our own operations, the supply chain and the business
partners. Our main focus has been on finding appropriate mitigating measures to identify and limit potential
adverse impacts on the local reindeer herding district. The Norwegian Ministry of Energy has established
a detailed list of mitigating measures that will reduce inconveniences for the local reindeer herding district.
Helgeland District Court has also, in its ruling on 20 December 2024, determined the amount of compen-
sation to be paid to the district for potential additional work and extra costs when using the migration route
through the wind park. The Court also noted that the facility licence and expropriation permit are deemed
valid. The judgement is appealed by the reindeer herding district. During the reporting year 2024, there has
also been dialogue about moving reindeer to and from grazing areas, and ØWAS has contributed to this
work.
Social Responsibility
Environment
Øyfjellet Wind strives to mitigate climate change through renewable energy production. We support the
development of a low-carbon society and contribute to the transition to a sustainable society by operating
the wind power plant on Øyfjellet.
Øyfjellet Wind always complies with Norwegian laws and monitors relevant environmental issues and reg-
ulations in order to adjust our operations and actions accordingly. Øyfjellet Wind strives to minimize the
negative environmental impact caused by our operations.
Incidents
In 2024, no dead birds or other injured animals were registered in the wind park.
HSEQ
Øyfjellet Wind is committed to facilitating a safe environment for our employees, contractors and visitors.
Øyfjellet Wind follows all Norwegian laws and regulations and is concerned with safeguarding the physi-
cal, mental and social health of our employees and contractors.
To support the company in providing the best work conditions, each employee is responsible for protecting
themselves, their colleagues and the third parties working at our locations from any potential health dam-
ages. Øyfjellet Wind is also responsible for protecting the local population and other visitors of the wind
power plant.
Local community and stakeholders
It is essential for us to have a close and open dialogue with local stakeholders and everyone who is affected
by our operations. In our operations, we strive to adapt to and accommodate the needs and interests of local
stakeholders, such as the municipality, land owners, and the local reindeer herding district.
Øyfjellet Wind Investment AS
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Anti-Corruption
Øyfjellet Wind has zero tolerance for corruption. Our employees shall not, under any circumstances, offer
or accept money, gifts, services, or other things of value that are intended to influence a business decision.
Øyfjellet Wind complies with Norwegian anti-corruption laws and guidelines.
Equality
We are committed to working actively, deliberately, and systematically to advance equality and prevent
discrimination, in line with the Norwegian Equality and Anti-Discrimination Act and the equality and di-
versity policy of our owners. Our efforts to promote gender equality encompass all aspects of the employ-
ment relationship — including recruitment, salaries and working conditions, career advancement, develop-
ment opportunities, workplace accommodations, and the balance between work and family life.
Our Code of Conduct clearly states that we have zero tolerance for harassment and discrimination.
We plan to introduce a new policy on equality and diversity in 2025. Øyfjellet Wind AS aims to be a
workplace where full equality prevails between women and men. There are three employees in Øyfjellet
Wind AS. Of the Company’s employees there is one woman.
Human rights
We respect, protect and promote all the regulations in force regarding the protection of human rights as a
fundamental, general requirement. This applies not only to cooperation within our company, but also to the
behaviour of our business partners.
Labour rights
We operate in line with the Norwegian Working Environment Act regulating the working environment,
working hours and employment protection. In the supply chain, we expect all suppliers to reject any use of
child labour and forced or mandatory labour, as well as modern slavery. Work practices and conditions that
are in breach of fundamental human rights are forbidden.
Board of Director Report
Major events in 2024
As of December 2024, the construction of a storage hall and an administration building was completed. By
that, the construction of the complete wind farm has been completed. Øyfjellet has one supplier that has
been responsible for the supply and installation of wind turbines, as well as service and maintenance, and
continues to be a long-term part of the local business community.
Risk factors
The Group and its wind farms is exposed to several risk factors. Without limitation, this may include risks
with respect to weather variations, changing tax regime, the performance of suppliers and/or contractors
who are engaged to operate assets held by the Group, credit risk with respect to the sole off taker under the
Øyfjellet Wind Investment AS
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PPA for the Øyfjellet Wind Farm, future prices of power, origin guarantees and wind farm operations. The
group is also exposed to litigation risk in relation to ongoing appraisal case for the compensation connected
to the expropriation of certain land rights, including a motion for invalidity of the facility license. The
company had a disagreement with the turbine supplier over certain aspects of the delivery, which is not
uncommon in a project of this scale. This dispute has now been resolved in 2025, with Øyfjellet Wind
receiving an award of 45 million EUR and 52 million NOK.
Power price uncertainty
91.22% of the electricity generated by the wind park is sold to a local off-taker through a power purchase
agreement at a fixed price until 2036. However, as the risk management strategy foresees to only hedge
70% of the total volume, the Group has entered into a swap agreement to reduce the hedged amount by
21.22%. Short-term fluctuations in the electricity spot market can therefore indirectly impact 30% of the
generated volume.
Currency fluctuations
There can be a difference in currency regarding revenues, loans, procurement and construction invoices.
The main currency exposure relates to fluctuations between NOK, and EUR. Based on the currency hedging
policy, the Group mitigates this risk by strictly controlling and monitoring currency exposure, as well as
balancing revenues and costs in the same currency.
Financing and interest rates
The construction of large energy projects is capital intensive. Corporate funding and guarantee lines make
interest payments a significant expense and an important factor in the cost of energy projects. The Group
has secured the long-term financing through the issuance of bonds and receiving shareholder loans. There
are no significant fluctuations expected as the interest rate for bonds and the shareholder loans are fixed.
The utilized bonds include options which allow for a repayment of previously drawn down amounts includ-
ing compensation for the net present value of underlying hedges. The Group currently does not intend to
exercise such options.
Environment
Revenues of the Group will depend on wind resources. The effects of climate change might affect the wind
conditions at the wind farm location.
Social
Wind farm operations could affect local communities. Failure to maintain a good relationship and construc-
tive dialogue with local stakeholders could result in impaired operations or additional costs during the life-
time of the project.
Øyfjellet Wind Investment AS
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Delay and construction costs overrun
The wind farm is operational and the construction contracts are declared completed. Remaining works,
which are not expected to impair operations, were agreed in a “snag list” and were completed in the year
2024. The risk for further cost overruns related to construction works is low.
Operations
The total production in 2024 was recorded at 1,126 GWh, which is below the expected budget of 1,300
GWh annually. The main factors which have impaired performance are low wind, repair works on gear-
boxes, generator, transformers and hub misalignment. One turbine was severely damaged during the repair
works and Turbine supplier erected a completely new turbine that was back in full operation from October
2024. In addition, during 2024, Turbine supplier has been working on completion of the rectification of the
Anti-icing system, which was not fully operational during the last winter period 2023/2024. The Anti-icing
system has been in full operation since December 2024. As the production in 2024 was negatively affected
by the aforementioned events, the company has received a substantial compensation according to the avail-
ability warranty in the O&M agreement with the Turbine supplier. The entity has agreed on a compensation
of EUR 3.8 million connected to the second-year production. This was already recognised as of year-end
2024.
Risk management
The group has implemented a comprehensive risk management framework that is designed to identify,
assess, and mitigate potential risks across all aspects of operations. The risk management framework in-
cludes several key elements, such as:
Risk identification:
Oyfjellet Wind regularly review its operations to identify potential risks, both internal and external,
that could impact the business. This process involves engaging with various stakeholders, third party
advisors, suppliers, and industry experts, to gather insights and identify emerging risks.
Risk assessment:
Aquila Capital, as a regulated Fund Manager, utilized a comprehensive assessment methodology to
evaluate the potential impact and likelihood of identified risks.
Risk mitigation:
The group takes proactive measures to mitigate identified risks, such as implementing controls, de-
veloping contingency plans. These measures are regularly reviewed and updated to ensure they re-
main effective and relevant.
Risk monitoring and reporting:
The group continuously monitors its operations and performance to identify any changes in our risk
profile. Oyfjellet Wind also provides regular updates to our stakeholders on risk management activ-
ities and any significant risks or incidents that have occurred.
Øyfjellet Wind Investment AS
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Going concern
In accordance with the Accounting Act § 3-3a, we confirm that the financial statements have been prepared
under the assumption of going concern and considering the Group’s long-term strategic forecasts. The
Group has a liquidity position of EUR 24.6 million as of Dec. 2024, which is considered sufficient to meet
all reasonably expected obligations.
Insurance
The Group has a Directors & Officers liability insurance, which was provided via Aquila Capital that covers
Directors and executive management. Other procured insurances cover liability and business interruption
and machine.
Financial review
For the year of 2024, the consolidated revenue was EUR 33.2 million, this is an increase of 15.8% compared
to 2023, where in 2023 had more downtime compared to 2024. Most revenues are generated by the sale of
electricity through fixed price power purchase agreements with local offtakes.
Operating expenses of EUR 16.7 million consist of Operations and Maintenance fees, advisor expenses,
salary and personnel expenses as well as other operating expenses. The costs are slightly down or stable
compared to previous years, as most of the activity is now recuring, however expected to be reduced some-
what during 2025.
Financial income amounted to EUR 6.0 million compared to 2.8 million in 2023. The main explanation
connected to the increase is the impact of fair value on derivatives, compared to 2023.
Financial expenses of EUR 26.0 million consists mainly of interest on existing bonds as well as Shareholder
Loan interest to group companies, compared to EUR 28.2 million. The decrease compared to 2023 is con-
nected to reduced currency loss and reduced other financial expenses.
Total comprehensive income was negative EUR 32.6 million, compared to negative EUR 27.4 million in
2023. The main driver for the decrease is the other income (energy-derivatives) and effect of corporate tax
2024, which was slightly offset by increased revenue and decreased net financial items.
Financial position
Total assets amounted to EUR 566.3 million (EUR 567.7 million at the end of 2023), and total equity
amounted to EUR 112.1 million (2023: negative EUR 18.6 million). The increase in equity is mainly caused
by the debt injection through the debt conversion of shareholder loans in late 2024, while the net operations
for the group was negative EUR 32.6 million.
Current assets amounted to EUR 48.8 million (2023: EUR 51.4 million). Trade and other receivables de-
creased to EUR 9.5 million (2023: EUR 12.4 million).
Øyfjellet Wind Investment AS
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Cash and cash equivalents decreased to EUR 24.6 million (2023: EUR 28.6 million), mainly due to pay-
ments towards the construction of the operational building.
Cashflow and cash and equivalents
Cash flow from operating activities was EUR 12.1 million compared to negative EUR 18.4 million in pre-
vious year. This was mainly driven by a decrease in interest paid to shareholder loans. In addition to an
increased revenue from customers and other changes to working capital.
Cash flow from investing activities was negative EUR 10.7 million compared to negative EUR 2.1 million
in previous year. The increase is mainly due to higher acquisition of property, plant and equipment con-
nected to the new operational building that was completed at year end.
Cash flow from financing activities was negative EUR 5.5 million compared to negative EUR 3.3 million
in previous year. The decrease is mainly due to repayment of shareholder loans in addition to reduced
proceeds from loans in 2024 compared to previous year.
At the end of the financial year, cash and cash equivalents amounted to EUR 24.6 million (2023: 28.6
million).
Outlook
Øyfjellet Wind AS is a wind farm operating company that is committed to delivering reliable electricity to
its customers. Despite the challenges faced by the industry in the past years, the company is well positioned
in a dynamic market environment. With the successful repair of broken gearboxes, completion of snag-list
items, and rectification of the anti-icing system, the company is confident that electricity production will
be further improved in the coming years.
The financial situation of the group will continue to be affected by macroeconomic factors, such as prices
for electricity and certificates, wind conditions and the tax regime in Norway. While power prices remain
volatile, the project company continues to benefit from a long-term offtake agreement which substantially
reduces market price exposure and secures revenues.
As a reaction to increased prices for electricity, the Norwegian government has proposed the introduction
new taxes for wind energy, such as a resource rent tax. The implication of this newly introduced tax was
included in companies’ business model, but several provisions to mitigate the tax impact for existing wind
farms will apply, resulting in no required impairment on the carrying value of the companies assets or
adverse effect on the ability to meet its financial obligations.
Several key trends will continue to shape the market, such as the ongoing shift towards renewable energy
sources, further developments in energy storage technologies, intended decarbonization around the world
and digitalization.
Øyfjellet Wind Investment AS
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The group is confident in its ability to deliver a strong financial performance in the coming year. The man-
agement will continue its focus on operational excellence and cost optimization.
Responsibility Statement
Today, the Board of Directors reviewed and approved the Øyfjellet Wind Investment AS consolidated an-
nual report as of December 2024.
To the best of our knowledge, we confirm that:
• The Øyfjellet Wind Investment AS consolidated annual report as of December 2024 have been pre-
pared in accordance with IFRS as adopted by the European Union (EU), and additional Norwegian
disclosure requirements in the Norwegian Accounting Act, and that
• The report has been prepared in accordance with applicable financial reporting standards, and that
• The information presented in the financial statements gives a true and fair view of the Group’s assets,
liabilities, financial position and results for the period viewed, and that
• The report gives a true and fair view of the development, performance, financial position, principle
risks and uncertainties of the Group.
Oslo, 30 April 2025
Executive Board
-
Board of Directors
Christian Heidfeld Roman Zervas
Chair
Øyfjellet Wind Investment AS
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Consolidated Financial Statements
Statement of comprehensive income
2024 2023
TEUR Note
Revenue 3 33,196 28,658
Other income 4 (347) 5,406
Other operating expenses 4.5 (16,698) (16,994)
Depreciation and amortization expenses 6,7,8 (21,664) (21,102)
Operating profit/(loss) before tax (5,513) (4,032)
Fina ncial income 9 5,988 2,808
Financial expenses 10 (25,970) (28,165)
Profit/(loss) before tax (25,495) (29,389)
Income tax expense 11 (7,086) 1,959
Net loss (32,582) (27,430)
Other comprehensive income - -
Total comprehensive income for
the financial ye ar
(32,582) (27,430)
Øyfjellet Wind Investment AS
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Consolidated Financial Statements
Balance sheet
Assets
31. December 2024
31. December 2023
TEUR N
ote
Intangible assets 6 25,752 26,743
Property, plant and equipment 7 444,213 453,915
Right-use-asset 8 8,115 7,869
Non-current prepayments 12 4,194 3,755
Deferred tax assets 11 14,061 3,327
Non-current financial assets 13 21,129 20,700
Total non-current assets 517,465 516,309
Trade receivables 14 9,528 12,352
Prepayments 12 9,332 9,063
Other current receivables 2,021 1,372
Prepaid tax 11 3,354 -
Cash and cash equivalents 24,560 28,586
Total current assets 48,796 51,373
Total assets 566,261 567,682
Øyfjellet Wind Investment AS
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Consolidated Financial Statements
Balance sheet
Oslo, 30 April 2025
Executive Board
-
Board of Directors
Christian Heidfeld Roman Zervas
Chair
Equity and liabilitie s
31. December 2024 31.
December 2023
TEUR Note
Share capital 15 3,213 2,958
Share premium reserve 190,562 27,521
Other paid-up equity (81,711) (49,127)
Total equity 112,064 (18,648)
Deferred ta x liabilitie s 11 18,904 -
Loans and borrowings 13 387,259 530,887
Lease liabilities 8 7,276 7,316
Provisions 16 5,619 5,431
Total non-current liabilities 419,058 543,634
Trade and other payables 13 5,700 5,483
Short term loans and borrowings 13 26,656 34,712
Short-term lease lia bilities 8 427 420
Other current lia bilities 2,356 2,081
Total curre nt liabilities 35,139 42,696
Total equity and liabilities 566,261 567,682
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Consolidated Financial Statements
Changes in equity
Share
Capital
Share
premium
Othe r paid-up
equity
Total
equity
TEUR
Equity at 1. January 2024 2,958 27,521 (49,127) (18,648)
Debt conversion 255 163,040 - 163,295
Net profit/(loss) for the period - - (32,582) (32,582)
Total comprehe nsive income - - - -
Balance at 31. December 2024 3,213 190,562 (81,710) 112,064
The debt conversion of the shareholder loans was carried out on 19.12.2024 and registration date was 04.02.2025
Share
Capital
Share
premium
Othe r paid-up
equity
Total
equity
TEUR
Equity at 1. January 2023 2,958 27,521 (21,698) 8,781
Net profit/(loss) for the period - - (27,430) (27,430)
Total comprehe nsive income - - - -
Balance at 31. December 2023 2,958 27,521 (49,127) (18,648)
Øyfjellet Wind Investment AS
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Consolidated Financial Statements
Cash flow statement
2024 2023
TEUR Note
Operating profit/loss (5,513) (4,032)
Depreciation 6,7,8 21,664 21,102
Fair value adjustments 685 612
Change in provisions 188 (2,776)
Change in operating receivables 1,906 (5,721)
Change in trade payables and other payables 933 (2,849)
Interest received 1,516 3,202
Interest paid (7,075) (26,739)
Income taxes, received/(paid) (2,172) (1,183)
Cash flow from operating activitie s 12,133 (18,384)
Disposal of plant, property and equipment 7 700 5,814
Acquisition of plant, property and equipment 7 (11,381) (7,923)
Ne t cash flows from investing activities (10,681) (2,109)
Proceeds from loans 18 - 1,100
Repayment of notes 18 (4,000) (4,000)
Repayment Shareholder Loan 18 (1,100) -
Payment of principal portion of lease liabilities 8,18 (432) (403)
Cash flow from financing activities (5,532) (3,303)
Cash and cash equivalents, beginning of the period 28,586 52,873
Net (decrease)/increase in cash and cash equivalents (4,080) (23,926)
Foreign exchange differences on cash 55 (491)
Cash and cash e quivalents at 31. De ce mbe r 24,560 28,586
Cash and cash equivalents in the cash flow statement comprise:
Cash and cash equivalents 24,560 28,586
Øyfjellet Wind Investment AS
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Notes
1. General accounting policies
2. Critical accounting judgements and key sources of estimation uncertainty
3. Revenue
4. Other operating income and expenses
5. Fees paid to auditors appointed at the annual general meeting
6. Financial income
7. Financial expenses
8. Income Tax
9. Intangible assets
10. Property, plant and equipment
11. Leases
12. Prepayments
13. Financial assets and financial liabilities
14. Trade receivables
15. Share capital
16. Provisions
17. Financial risks
18. Other disclosures relating to consolidated statement of cash flow
19. Commitments and contingencies
20. Related parties
21. List of Group companies
22. Events after the reporting period
Øyfjellet Wind Investment AS
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Notes
1. General accounting policies
Basis of preparation
The Group's consolidated financial statements have been prepared in accordance with IFRS ® Accounting
Standards as adopted by the EU and additional Norwegian disclosure requirements in the Norwegian Ac-
counting Act.
Øyfjellet Wind Investment AS is a financing entity with the sole purpose to own shares in Øyfjellet Wind
AS. Øyfjellet Wind AS is a wholly owned subsidiary established to construct and operate the Øyfjellet
Wind Farm. Øyfjellet Wind Investment AS was incorporated in June 2021, and a reorganisation of the
Group structure was decided in September 2021. As part of the reorganisation, a contribution in kind was
made to the Company by Oyfjellet Wind HoldCo S.à.r.l. transferring all shares in Øyfjellet Wind AS and
Oyfjellet Wind Holdco S.à.r.l to the Company. Øyfjellet Wind Holding AS is the Groups ultimate parent
and has business adress at Tveråsvegen 370, 8658 Mosjøen.
The financial statements are presented in Euros (EUR). All amounts have been rounded to the nearest EUR
thousand, unless otherwise indicated.
The financial statements have been prepared on a going concern basis and in accordance with the historical
cost convention, except where IFRS explicitly requires use of other values.
For the purpose of clarity, the financial statements and the notes to the financial statements are prepared
using the concepts of materiality and relevance. This means that line items not considered material in terms
of quantitative and qualitative measures or relevant to financial statement users are aggregated and pre-
sented together with other items in the financial statements. Similarly, information not considered material
is not presented in the notes.
Basis of consolidation
The Consolidated Financial Statements comprise the Financial Statements of Øyfjellet Wind Investment
AS (the Parent Company) and subsidiaries which are entities controlled by Øyfjellet Wind Investment AS.
The Group controls an entity when it directly or indirectly owns more than 50% of the voting rights or may
otherwise exercise a controlling influence.
Principles of consolidation
The Consolidated Financial Statements are prepared on the basis of the financial statements of the Parent
Company and its subsidiaries.
Øyfjellet Wind Investment AS
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Notes
1. General accounting policies (continued)
The Consolidated Financial Statements are prepared by combining items of a uniform nature and subse-
quently eliminating intercompany transactions, internal shareholdings and balances and unrealised inter-
company gains or losses. The financial statements used for consolidation are prepared in accordance with
the Group’s accounting policies.
The line items of subsidiaries are recognised 100% in the Consolidated Financial Statements. Invest-
ments in subsidiaries are offset by the interest’s share of subsidiaries.
Changes in accounting policies
The Group has not implemented any new accounting standards or otherwise made any significant changes
to accounting policies during 2024.
The following updates were implemented:
• Amendments to IAS 7 Statement of Cash Flows
• Amendments to IFSR 7 Financial Instruments: Disclosures
• Amendments to IAS 1 Presentation of financial statements
The implementations of IAS 7 and IFRS 7 did not have any impact on the financial statements. The Group
has adobted the amendments to IAS 1 Classification of liabilities as current or non-current and non-current
liabilities with covenants for the first time in 2024. The amendments did not have any impact on the amounts
recognized in the current or prior period, and are not expected to significantly affect future periods. Other
changes to IFRS are not expected to have any significant impact on recognition and measurements.
Issued, not yet effective IFRS standards and amendments not yet implemented
IFRS standards and amendments not yet implemented may have an impact on the Group’s financial report-
ing. IFRS 18 is assessed to have a significant impact on the financial statements. The other current updates
and changes to the issued standards and amendments not yet implemented, have been assessed to currently
not significantly impact the financial statement.
IFRS 18 presentation and disclosure in financial statements
IASB issued IFRS 18 in April 2024, which replaces IAS 1 Presentation of Financial Statements. IFRS 18
introduces new requirements for presentation within the statement of profit or loss, including specified
totals and subtotals. Entities are required to classify all income and expenses within one of the five catego-
ries operating, investing, financing, income taxes and discontinued.
The Group has made an early analysis of the effects, and there will be several reclassifications from current
operating result and financing result to the new categories.
• Parts of agio and disagio will be reclassified from financing result to operating and investing.
• Interest income from banks will be reclassified from financing to investing.
Øyfjellet Wind Investment AS
20
Notes
1. General accounting policies (continued)
The standard is effective from reporting periods on or after 1 January 2027. IFRS 18 will apply retrospec-
tively.
Cash flow statement
The cash flow statement is presented using the indirect method and shows cash flows from operating, in-
vesting and financing activities for the year as well as the Group’s cash and cash equivalents at the begin-
ning and end of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, working capital changes,
financial income received, financial expenses paid and income tax paid.
Cash flows from investing activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant and equipment, and financial assets.
Cash flows from financing activities comprise payments arising from changes in the size or composition of
the Group’s share capital and dividend paid. Cash and cash equivalents comprise cash at bank and in hand.
Foreign currency translation
Transactions denominated in currencies other than the functional currency are considered transactions in
foreign currency.
On initial recognition, transactions denominated in foreign currencies are translated to the functional cur-
rency at the exchange rates at the transaction date. Foreign exchange rate adjustments arising between the
transaction date and at the date of payment are recognised in the statement of profit or loss in financial
income or financial expenses.
Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates at the
reporting date. The difference between the exchange rates at the reporting date and at the date of transaction
or the exchange rate in the latest financial statements is recognised in the statement of profit or loss in
financial income or financial expenses.
2. Critical accounting judgements and key sources of estimation uncertainty
As part of the preparation of the financial statements, management makes a number of accounting estimates
and assumptions as a basis for recognising and measuring the Group’s assets, liabilities, income and ex-
penses as well as judgements made in applying the entity’s accounting policies. The estimates, judgements
and assumptions made are based on experience gained and other factors that are considered prudent by
Management in the circumstances, but which are inherently subject to uncertainty and volatility.
Øyfjellet Wind Investment AS
21
Notes
2. Critical accounting judgements and key sources of estimation uncertainty (contin-
ued)
The assumptions may be incomplete or inaccurate, and unforeseen events or circumstances may occur for
which reason the actual results may differ from the estimates and judgements made.
Management considers the following accounting estimates and judgements to be significant in the prepa-
ration of the financial statements:
Evaluation of power purchase agreement
To secure cash flows from the wind farm the Group has entered into a power purchase agreement (PPA)
with Alcoa Norway. The PPA is guaranteed by the Norwegian state through GIEK (”Garantiinstituttet for
Eksportkreditt”). GIEK guarantees that if Alcoa defaults under the PPA, a portion of the payment obliga-
tions will still be fulfilled. The Group has analysed the agreements and concluded that the PPA agreement
is not in scope of IFRS 16, as it is a predetermined asset and customer does not operate the asset nor has
the customer designed it. However, the PPA is in scope of IFRS 15 due to the physical delivery to a bal-
ancing party.
Fair value of long-term power swap agreement
The Group has entered into a counter-hedging plan whereby the Group purchases up to 21.22% of annual
production at spot reducing the effective hedge position. Assumptions used for measuring fair value were
replacement price for the PPA amounting to 29,27 EUR/MWh (31 December 2023: 30 EUR/MWh), PPA
volume of 276 GWh/a and a discount rate of 6,8%. Management performed a sensitivity analysis, 1
EUR/MWh increase (decrease) in the PPA price would result in an increase (decrease) in PPA fair value
by TEUR 2,305. Refer to note 13 for further information.
Assessment of embedded derivatives and valuation of put option.
In 2021, the Group issued EUR 235 million bonds primarily to US investors. The contract has an embedded
prepayment option. If the Group chooses to prepay a portion or the full notional of the loan the Group
should compensate the investor(s) in terms of the discounted remaining payments including a potential net
gain/loss from designated hedging instruments (e.g. FX swaps). It is not within the Group’s business plan
to exercise the prepayment option.
A derivative embedded in a loan contract (i.e. a host) is separated and accounted for as a separate derivative
if: the economic characteristics and risks are not closely related to the host; a separate instrument with the
same terms as the embedded derivative would meet the definition of a derivative; and the loan contract is
not measured at fair value through profit or loss.
Øyfjellet Wind Investment AS
22
Notes
2. Critical accounting judgements and key sources of estimation uncertainty (contin-
ued)
Embedded derivatives are measured at fair value with changes in fair value recognised in profit or loss.
Reassessment only occurs if there is either a change in the terms of the contract that significantly modifies
the cash flows that would otherwise be required or a reclassification of a financial asset out of the fair value
through profit or loss category.
Assumptions used for measuring the fair value include the hedge ratio of the investors (0%, 50%, 75%,
100%), foreign currency rate changes by 5% up and down and the rating of the Group. Based on these main
assumptions the fair value was calculated by the likelihood of the option being exercised multiplied with
the payoff (prepayment of loan plus/minus net settlement of one or more swaps in dollars). A sensitivity
analysis has not been performed as impact was assessed to be immaterial.
Provision for decommissioning
The Group has recognised a provision for decommissioning obligations associated with the wind turbines
erected on leased land. In determining the best estimate of the provision, assumptions and estimates are
made in relationto discount rates, the expected cost to dismantle and remove the wind farm from the site
and the expected timing of those costs. The expected cost for the decommissioning increased at the end of
the reporting period 2022 due to additional information received. Additional assumptions used for the cal-
culation were long-term inflation rate of 2%, a risk-free interest rate and the useful life of the underlying
assets. The carrying amount of the provision as at 31 December 2024 was TEUR 5,619.
Impariment of non-financial assets
As the tax legislation has been suggested a change in the resource rent tax (“grunnrenteskatt”) for the tax
year 2024, the Group has assessed if the investment in the wind park needs to be impaired. Impairment
exists when the carrying value of an asset exceeds its recoverable amount, which is the higher of its fair
value less costs of disposal and its value in use. The value in use calculation is based on a DCF model,
focusing on free cash flow to equity. The cash flows are derived from the budget until the end of the license
period. The recoverable amount is most sensitive to the following assumptions:
• expected future cash-inflows which depends on pricing per MWh and the production volume
• resource rent tax
• discount rate
The value in use was assessed to be higher than the carrying value of assets and therefore no requirement
of impairment in 2024 exists.
Øyfjellet Wind Investment AS
23
Notes
2. Critical accounting judgements and key sources of estimation uncertainty (contin-
ued)
Value in use
Estimated cash flows are based on next year’s budgets and forecasted earnings going forward. As the group
has fixed price contract for 91% of the production, this is a main factor into the model. In addition, a long-
term contract for the maintenance of the main components of the wind park have been made, which in turn
is used in the calculations for expected operating expenses including additional expenses based on history
and expectations from management. Estimated future cash flows are based on expected production with
seasonality including downtime. No additional or increased production has been included. Critical assump-
tions in the assessment are related to WACC, expected production and pricing for the variable portion. In
addition, the new legislation of Resource rent tax has been included and updated with the expected impact
based on the current information and guidance.
Discounting rate
The discounting rate is based on a weighted average cost of capital (WACC) for the Group. The cost of
equity is derived from risk free rate German Svensson-Method (risk-free interest rate), market risk premium
and an additional idiosyncratic risk premium. The debt element of the discounting rate is based on the risk-
free interest rate, plus a premium equivalent to the difference between risk-free interest rate and market
rates. The discount rate used for 2024 is 5.12%.
3. Revenue
Segment information
For management purposes and based on internal reporting information, the Group is organised in only one
operating segment, as the information reported includes operating results at a consolidated level only. The
costs related to the main nature of the business are not attributable to any specific revenue stream or cus-
tomer type and are therefore borne centrally. The results of the single reporting segment are shown in the
statement of comprehensive income.
The Executive Management is the Chief Operating Decision Maker (CODM), which is made up of the
senior leadership across the respective functional areas and is responsible for the strategic decision making
and for the monitoring of the operating results of the operating segments for the purpose of performance
assessment. Segment performance is evaluated based on revenue and is measured consistently with revenue
in the Consolidated Financial Statements.
In 2024, the Company had one customer that buyed all the power that the Company produced TEUR 30,518
(2023: One customer with accumulated revenue of TEUR 24,300).
Øyfjellet Wind Investment AS
24
Notes
3. Revenue (continued)
Set out below is the disaggregation of the Group’s revenue:
The remaining performance obligation from the sale of power expected to be recognised in the future and
depends on the annual production. The performance obligation is connected to delivering most of the pro-
duced volume, however with no minimum delivery.
Accounting policies
The Group recognizes revenue from sale of power and renewable energy certificates. Revenue is measured
based on the consideration specified in the power purchase agreement and is a fixed price contract with
variable elements included: A fixed price with variable volume, variable price at spot rate as well as an
price adjustment feature based on total annual production. The agreement does not include a minimum
required volume. The revenue excludes VAT and taxes collected on behalf of third parties.
Revenue from sale of power produced by the wind farm is recognized when control of the power is trans-
ferred to the customer, that being when the power is delivered. The sale of power is considered to comprise
of a series of identical goods that are transferred to the customer over time. The Group recognizes the
related revenue in accordance with the practical expedient in IFRS 15 Revenue from Contracts with Cus-
tomers by the amount it has a right to invoice. The consideration for the power is due when the actual
power is delivered to the customer. The agreement includes variable consideration, which is estimated at
the beginning of the reporting period and adjusted at the end of the reporting period when the total annual
production is known.
Revenue from sale of renewable energy certificates originating from the Group’s own wind farm is recog-
nized at a point in time when the certificate is transferred to the customer.
Realised and unrealised cash flows from the power swap derivative is presented under Other Income and
these items are measured in accordance with IFRS 9.
2024 2023
TEUR
Re ve nue
Fixed price 30,518 24,288
Variable price 1,868 1,924
Certificates 576 2,316
Other 233 130
Total reve nue 33,196 28,658
Øyfjellet Wind Investment AS
25
Notes
4. Other operating income and expenses
Staff costs are further detailed in the table below:
Remuneration to the general manager was TEUR 105 in 2024. Accrued pension for the general manager
was TEUR 11.
Pension liabilities
The company is liable to maintain an occupational pension scheme under the Mandatory Occupational
Pension Act. The company’s pension schemes satisfy the requirements of this Act.
Other income includes the changes in fair value relating to the power swap agreement and invoice to
Nordex.
5. Fees paid to auditors appointed at the annual general meeting
TEUR 2024 2023
Salaries 255 195
Other benefits 5 6
Pensions 26 21
Other social security costs 45 25
Total 330 247
Average numbers of employees during the year 3 3
TEUR 2024 2023
Energy swap derivative (3,827) (989)
Operational guarantee income 3,480 6,395
Total othe r operating e xpe ns e s (347) 5,406
TEUR 2024 2023
Raw materials and consumables 2,987 2,971
Staff costs 330 247
General operating expenses 11,587 11,885
Audit & accounting services 691 788
GIEK guarantee 1,103 1,103
Total othe r operating e xpe ns e s 16,698 16,994
TEUR 2024 2023
Statutory audit 300 228
Other assurance services 19 -
Total 319 228
Øyfjellet Wind Investment AS
26
Notes
6. Intangible assets
Accounting policies
The useful lives of intangible assets are assessed as finite.
Intangible assets with finite lives are amortized over the useful economic life and assessed for impairment
when ever there is an indication that the intangible asset may be impaired. The amortisation year and the
amortisation method for an intangible asset with a finite useful life are reviewed at least at the end of each
reporting year. Changes in the expected useful life or the expected pattern of consumption of future eco-
nomic benefit embodied in the asset are considered to modify the amortisation expense on intangible assets
with finite lives are recognised in the statement of profit or loss in the line item “Depreciation and amorti-
zation expenses”.
Following the completion of assets they are amortised on a straight-line basis over the estimated useful life
from the date when the assets are available for use. The amortisation periods are: Concessions period has
been set to 30 years as per 31.12.2023, thus the depreciation from 01.01.2024 is adjusted accordingly.
TEUR Concessions
2024
Cost at 1 January 29,713
A
dditions -
Cost at 31 December 29,713
Amortisation and impairment losses at 1 Januar (2,970)
Amortisation during the year (991)
Amortis ation and impairme nt losse s at 31 De ce mbe r (3,961)
Carrying amount at 31 De ce mbe r 25,752
TEUR Concessions
2023
Cost at 1 January 29,713
Additions -
Cost at 31 December 29,713
Amortisation and impairment losses at 1 Januar (1,979)
Amortisation during the year (991)
Amortis ation and impairme nt losse s at 31 De ce mbe r (2,970)
Carrying amount at 31 De ce mbe r 26,743
Øyfjellet Wind Investment AS
27
Notes
7. Property, plant and equipment
In 2020 and 2021, Øyfjellet Wind AS has 72 wind turbines under development located in the Vefsn munic-
ipality. All 72 wind turbines (towers and wind turbines) were finished and have been put in operation as
per 31 December 2022. After the mechanical milestone was reached, management concluded that the con-
struction phase was finalised after all turbines were installed. Depreciation started according to Group ac-
counting policies. The amount of borrowing costs capitalised during the year ended 31 December 2024 was
TEUR 0 (2023: TEUR 668).
No impairment was recognised in 2024 based on management's impairment assessment.
TEUR
Plant and
machine ry
Cons truction
in progre s s
2024
Cost at 1 January 495,449 816
Additions 3,382 4,025
Disposals (157) (543)
Addition legal costs 3,974 -
Transfer 3,877 (3,877)
Cost at 31 December 506,525 422
Depreciation at 1 January (42,351) -
Depreciation during the period (20,382) -
Depreciation at 31 December (62,733) -
Carrying amount at 31 De ce mbe r 443,792 422
TEUR
Plant and
machine ry
Cons truction
in progre s s
2023
Cost at 1 January 495,498 -
Additions 1,853 2,400
Disposals (5,814) -
Addition legal costs 2,329 -
Transfer 1,583 (1,583)
Cost at 31 December 495,449 816
Depreciation at 1 January (22,539) -
Depreciation during the period (19,812) -
Depreciation at 31 December (42,351) -
Carrying amount at 31 De ce mbe r 453,098 816
Øyfjellet Wind Investment AS
28
Notes
7. Property, plant and equipment (continued)
Accounting policies
Property, plant and equipment are measured at cost less accumulated depreciation and impairment. Cost
comprises the acquisition price and other directly attributable costs until the date on which the wind turbines
were installed and started being depreciated. No significant components were identified by management,
so no assets are broken down into components.
Borrowing costs directly attributable to the acquisition, construction or production of an asset that neces-
sarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the
cost of the asset. All other borrowing costs are expensed in the period in which they occur. Borrowing costs
consist of interest and other costs that an entity incurs in connection with the borrowing of funds. The
purpose of the notes and shareholder loans are specifically to fund the construction of the wind farm, interest
has been capitalised in full. The purpose of the bonds was partly related to the construction, the rate used
to determine the amount of borrowing costs eligible for capitalisation was 95%.
The present value of the expected cost for the decommissioning of an asset after its use is included in the
cost of the respective asset if the recognition criteria for a provision are met. Refer to significant accounting
judgements, estimates and assumptions (note 2) for further information about the recognised decommis-
sioning provision.
Depreciation is recognised on a straight-line basis from the time of acquisition, or when the asset is available
for use, over the expected useful life. The expected useful lives are assessed individually for every class of
assets. A reassessment is made once a year to ascertain that the depreciation basis reflects the expected
useful lives and future residual values of the assets. Land is not depreciated.
The expected useful lives are as follows:
Machinery & Equipment 5 years
Plant (Windfarm) 30 years
The windfarm is depreciated over the period of the concession, which is 30 years. In addition the company
started a construction of an operational building, which is under construction as of 31.12.2024 and is due
to be completed in 2025. Concessions period has been set to 30 years as per 31.12.23.
Øyfjellet Wind Investment AS
29
Notes
8. Leases
Carrying amounts of lease liabilities and movements during the period:
The following amounts have been recognised in the statement of profit or loss:
TEUR < 1 Ye ar 1 to 5 year >5 years Total
Year ended 31 December 2024
Nominal va lue lease lia bility 427 2,108 8,675 11,210
Fa ir value le ase liability 427 1,976 5,300 7,703
TEUR < 1 Ye ar 1 to 5 year >5 ye ars Total
Year ended 31 December 2023
Nominal va lue lease lia bility 420 2,102 9,247 11,769
Fa ir value le ase liability 420 1,915 5,401 7,736
TEUR 2024 2023
Depreciation expense of right-of-use assets 290 304
Interest expense on lease liabilities 250 215
Adjustment to minimum lease payment (included in depreciation
expenses)
- -
Expense relating to short-term leases (included in other operating
expenses)
- -
Variable lease payments (included in other operating expenses) 819 1,485
Total amount recognis e d in the state me nt of profit or loss 1,359 2,004
2024 2023
TEUR L
and Land
At 1 January 7,736 7,240
Additions 339 -
Accrual of interest 250 215
Payments (432) (403)
FX gain / loss (388) (520)
Adjustments 197 1,204
At Re porting date 7,703 7,736
Non-current 7,276 7,316
Curre nt 427 420
2024 2023
TEUR Land Land
Cost at 1 January 8,514 7,310
Additions 339 -
Disposals - -
Adjustments and revaluations 197 1,204
Cost at 31 December 9,050 8,514
Depreciations at 1 January (645) (341)
Depreciation during the year (290) (304)
Depreciation at 31 December (935) (645)
Carrying amount at 31 De ce mbe r 8,115 7,869
Øyfjellet Wind Investment AS
30
Notes
8. Leases (continued)
The group had a total cash outflow for leases of TEUR 432 (2023: TEUR 403).
The lease payment of the wind farm has a variable amount of 2,75 % of gross revenue of the production
from the concession area. In 2024 Øyfjellet undertook a new lease agreement for a lease on a piece of land
where their administration building is placed. The right-of-use asset is depreciated on a straight-line basis
over the shorter of the lease term and the useful life of the asset which is from 2024 30 years. The lease
payment is a yearly fee of 315.000 NOK in 2014, and is adjusted for inflation each year.
Accounting policies
The Group leases the land where the wind farm is built on.
The right-of-use asset is depreciated on a straight-line basis over the shorter of the lease term and the useful
life of the asset which is 25 years. Concessions period has been set to 30 years as per 31.12.23, thus the
depreciation from 01.01.2024 is adjusted accordingly. During 2023, the useful life was 25 years.
The lease term is defined as the non-cancellable period of a lease together with periods covered by options
to extend the lease if it is reasonably certain that the options will be exercised, and periods covered by
options to terminate the lease if it is reasonably certain that the options will not be exercised. The leases
contain extension and termination options in order to guarantee operational flexibility in managing the
leases. The lease obligation, which is recognised in “Lease liabilities”, is measured at the present value of
the remaining lease payments, discounted by the Group’s incremental loan interest rate, if the implicit in-
terest rate is not stated in the lease agreement or cannot reasonably be determined.
The lease obligation is subsequently adjusted if:
• There is a change in the exercise of options to extend or shorten the lease period due to a material event
or material
change in circumstances which are within the control of the lessee.
• The lease term is changed as a result of exercising an option to extend or shorten the lease term.
Subsequent adjustments of the lease obligation are recognised as a correction to the right-of-use asset.
However, if the right-of-use asset has a value of EUR 0, a negative reassessment of the right-of-use asset
is recognised in the statement of profit or loss.
The lease contracts include variable lease payments based on the gross turnover of the production. Lease
payments have been calculated with the minimum lease which was set at NOK 10,000/year per contract
until concession has been granted and NOK 10,000 per MW installed after commissioning of the wind
park. Variable lease payments will be accounted directly through profit or loss.
Øyfjellet Wind Investment AS
31
Notes
8. Leases (continued)
Short leases with a maximum lease term of 12 months and leases where the underlying asset has a low
value are not recognised in the statement of financial position.
9. Financial income
10. Financial expenses
11. Tax for the year
Consolidated profit or loss
TEUR 2024 2023
O
ther interest income 1,362 1,167
Other financial income 3,248 -
Foreign exchange gains 1,378 1,641
Change in fair value of derivatives (note 13)
- -
Total 5,988 2,808
TEUR 2024 2023
Interest on loans and borrowings 23,748 23,894
Other interest expenses 258 254
Foreign exchange losses and other adjustments 951 1,923
Interest on lease liability (note 11) 249 215
Unwinding of discount rate on provisions (note 15) - 211
Change in fair value of derivatives (note 13) 763 1,668
Total 25,970 28,165
TEUR 2024 2023
Current tax for the year income - -
Correction previous years - (11)
Deferred tax relating to temporary differences (corporate tax) 1,757 12,031
Resource rent deferred tax (8,843) (10,061)
Income tax expe nse re porte d in the s tate ment of profit or los s (7,086) 1,959
Payable tax in the balance:
Prepaid tax - production fee 2,271 -
prepaid corporate tax 1,083 -
Total prepaid tax in the balance 3,354 -
Øyfjellet Wind Investment AS
32
Notes
11. Tax for the year (continued)
Reconciliation of tax expense and the accounting profit multiplied by Norwegian tax rate for 2023 and
2024:
The change in the effective tax rate compared to prior year is mainly due to currency gain effects as the tax
return is prepared in NOK and the functional currency of the Group is EUR. The depreciation on property,
plant and equipment is not fixed, but changes every year based on the FX rate changes.
Deferred tax is recognised in the statement of financial position as follows:
The Group has tax losses that arose in Norway in the amount of TEUR 52,684 (2023: TEUR 32,600) that
are available for offsetting against future taxable profits. The Group expects to be profitable from 2025
onwards.
Deferred tax by temporary differences (corporate tax):
TEUR 31 December 2024 31 December 2023
Deferred tax (asset) corporate tax 73,149 52,631
Deferred tax (liability) corporate tax (58,736) (39,243)
Net deferred tax asset corporate tax 14,414 13,387
Deferred tax RRT (18,904) (10,061)
TEUR 2024 2023
Tax calculated as 22% of profit/loss before tax 5,609 6,466
Change deferred resource rent tax (8,843) (10,061)
Permanent differences (3,852) 5,554
Effective tax (7,086) 1,959
Effective tax rate -27.8 % 6.7 %
31 December 2024 31 December 2023
Tangible assets (54,395) (32,347)
Financial assets (4,250) (4,040)
Prepayments - (2,753)
Trade receivables 350 350
Leases (91) (102)
Provisions 1,598 1,557
Loans and borrowings 11,948 9,848
Unrecovered interest carried forward 7,616 8,275
Loss carry-forward 51,283 32,600
Total 14,061 13,387
Øyfjellet Wind Investment AS
33
Notes
11. Tax for the year (continued)
The unrecovered interest carried forward is available for offsetting against future tax profit within ten years.
There are uncertainty towards the deductibility on invested amounts connected to the resource rent tax. The
group has therefore assessed that and concluded to exclude a value of tax value of MEUR10 of capitalized
interest in the financial, however will be adjusting it in the tax return.
Deferred tax liabilities, net
Accounting policies
Tax on the profit or loss for the year comprises the year’s current tax and changes in deferred tax. The tax
expense relating to the profit or loss for the year is recognised in the statement of profit or loss, and the tax
expense relating to items recognised in other comprehensive income and directly in equity, respectively, is
recognised in other comprehensive income or directly in equity. Exchange rate adjustments of deferred tax
are recognised as part of the adjustment of deferred tax for the year.
Current tax payable and receivable is recognised in the statement of financial position as the expected tax
on the taxable income for the year, adjusted for tax paid on account. The current tax charge for the year is
calculated based on the tax rates and rules enacted at the statement of financial position date.
Deferred tax is calculated using the liability method on all temporary differences between the accounting
and taxable values of assets and liabilities.
Deferred tax assets are assessed yearly and only recognised to the extent that it is more likely than not that
they can be utilised. Deferred tax assets, including the tax value of tax losses carried forward, are recognised
as other non-current assets and measured at the amount at which they are expected to be realised, either by
setting off deferred tax liabilities or by setting off tax on future earnings within the same legal entity or a
jointly taxed entity.
TEUR 2024 2023
Deferred tax 1 January 3,327 1,357
Deferred tax for the year recognised in the statement of profit or loss
(8,169) 1,970
Deferred tax for the year recognised in other comprehensive income
- -
Deferred tax 31 December (4,842) 3,327
De fe rred tax - Re s ource rent tax on land base d wind
2024 2023
Property, plant and equipment 32,774 7,839
Derivatives
1,660 2,222
Total 34,434 10,061
Deferred resource rent Tax loss carry forward
(15,530) -
Deferred resource rent tax
18,904 10,061
Tax rate 25 % 25 %
Øyfjellet Wind Investment AS
34
Notes
11. Tax for the year (continued)
Deferred tax is measured based on the tax legislation and statutory tax rates in the respective countries that
will apply under the legislation in force on the statement of financial position date when the deferred tax
asset is expected to crystallise as current tax. Changes in deferred tax resulting from changes in tax rates
are recognised in the statement of profit or loss.
The Group recognises deferred tax assets relating to losses carried forward when Management finds that
these can be offset against taxable income in the foreseeable future. An assessment is made taking into
consideration the effect of restrictions in utilisation in local tax legislation. Future taxable income is as-
sessed based on budgets as well as Management’s expectations regarding growth and operating margin in
the coming years.
Resource rent tax, land based wind
With effect from 2024, a resource rent tax is introduced on land-based wind power. Wind power installa-
tions consisting of more than five turbines or with a combined installed capacity of 1 MW or higher shall
pay a nominal rate of 32 percent, equivalent to an effective tax rate of 25 percent. The tax is structured as
a cash flow tax with direct deductions for new investments.
For investments made before January 1, 2024, deductions are granted for depreciations based n the calcu-
lated initial value. Deferred resource rent tax on wind power is recognised with effect from the accounting
year 2023.
12. Prepayments
Accounting policies
Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.
TEUR 2024 2023
Advance supplier payments 9,332 9,063
GIEK Garantee 4,194 3,755
At 31 December 13,526 12,818
Current 9,332 9,063
Non-current 4,194 3,755
Øyfjellet Wind Investment AS
35
Notes
13. Financial assets and financial liabilities
Set out below is an overview of financial assets and liabilities held by the Group as at 31 December 2024
and 31 December 2023 including a comparison of the carrying amounts and fair values. Carrying amounts
of financial assets and liabilities measured at amortised costs are a reasonable approximation of fair values:
TEUR
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial as s e ts at fair value through
profit or loss:
Trade receivables 9,528 9,528 12,352 12,352
Deposits 1,810 1,810 2,353 2,353
a c a assets at a va ue t oug
profit or loss:
Interest rate derivatives 12,469 12,469 9,477 9,477
Power swap derivatives 6,641 6,641 8,668 8,668
Embedded derivatives 209 209 202 202
Total Financial asse ts 30,657 30,657 33,052 33,052
TEUR
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities measured at
amortized cost:
Trade and other payables 5,700 5,700 5,483 5,483
Loans and borrowings
Notes 222,251 163,767 226,085 181,061
Bonds 80,060 73,462 79,829 79,754
Shareholder loans 111,603 55,624 259,685 199,055
Lease liabilities 7,703 7,703 7,736 7,736
bilities at fair value through profit or loss:
Power swap derivatives - -
Total financial liabilitie s 427,319 306,257 578,818 473,089
31 December 2023
31 December 2023
31 December 2024
31 December 2024
Øyfjellet Wind Investment AS
36
Notes
13. Financial assets and financial liabilities (continued)
Management considers that the Group has so far fulfilled all covenants required in the borrowing agree-
ments and expects to fulfil the convenance as well in the next financial year.
- The Company has the following financial covenants in the borrowing agreements:
- Projected debt service coverage ratio - the Company will not permit, on each calculation date, the
Debt Service Coverage ratio for the succeeding twelwe month period to be less than 1.05 to 1.
- Projected debt service coverage ratio - the Company will not permit, on each calculation date, the
Debt Service Coverage ratio for the succeeding twelwe month period to be less than 1.05 to 1.
- The Company must calculate the Debt service coverage ratio in the most recent financial statements
in accordance with the financial Statement covenants.
- Solely for the purposes of determining compliance with financial covenants set forth in this section,
each Equity Cure amount received by the Company shall be included in the calculation of Project
Revenues for the semi-annual period to which such Equity Cure amount relates.
In addition, the Company has Financial Annual Audited, Unaudited and Interim Statement covenants.
The following table provides the fair value measurement hierarchy of the Group’s financial assets and fi-
nancial liabilities as at 31 December 2024:
TEUR Total Level 1 Level 2 Level 3
Financial as se ts me as ured at fair value :
Interest rate derivatives 12,469 - 12,469 -
Power swap derivatives 6,641 - - 6,641
Embedded derivatives 209 - - 209
Total 19,319 - 12,469 6,850
Interest rate
Maturity
31 December
2024
31 December
2023
TEUR
Loans and borrowings
Notes 2.12 % Sep. 2045 212,156 222,085
Bond loan 2.75 % Sep. 2026 80,060 79,829
Shareholder loans 7.25 % Sep. 2046 95,043 228,973
Lea se liabilities 3.28 % Nov. 2045 7,276 7,316
Non-current 394,535 538,203
Notes 2.12 % Sep. 2045 10,095 4,000
Bond loan 2.75 % Sep. 2026 - -
Shareholder loans 7.25 % Sep. 2046 16,560 30,712
Lea se liabilities 3.28 % Nov. 2045 427 420
Curre nt 27,083 35,132
Total financial liabilities 421,618 573,335
Øyfjellet Wind Investment AS
37
Notes
13. Financial assets and financial liabilities (continued)
The following table provides the fair value measurement hierarchy of the Group’s financial assets and fi-
nancial liabilities as at 31 December 2023:
Reconciliation of fair value measurement:
Accounting policies
Financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair
value through profit or loss. The classification of financial assets at initial recognition depends on the fi-
nancial asset’s contractual cash flow characteristics and the Group’s business model for managing them. In
order for a financial asset to be classified and measured at amortised cost or fair value through OCI, it needs
to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the principal amount
outstanding.
TEUR Total Level 1 Level 2 Level 3
Financial as s e ts me as ured at fair value :
Interest rate derivatives 9,477 - 9,477 -
Power swap derivatives 8,668 - - 8,668
Embedded derivatives 202 - - 202
Total 18,347 - 9,477 8,870
Embe dde d
derivatives
Interest rate
derivatives
Powe r s wap
derivatives
As at 1 January 2024 201 9,477 8,668
Remeasurement recognised in statement of profit or loss during the period 8 2,992 (2,027)
Purchases - - -
Sales - - -
As at 31 December 2024 209 12,469 6,641
As at 1 January 2023 194 11,144 9,280
Remeasurement recognised in statement of profit or loss during the period 7 (1,667) (612)
Purchases - - -
Sales - - -
As at 31 December 2023 201 9,477 8,668
Øyfjellet Wind Investment AS
38
Notes
13. Financial assets and financial liabilities (continued)
This assessment is referred to as the SPPI test and is performed at an instrument level. Financial assets with
cash flows that are not SPPI are classified and measured at fair value through profit or loss, irrespective of
the business model.
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired.
The Group’s financial assets at amortised cost includes trade receivables.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss under financial income and
expenses. This category includes derivative instruments.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings or payables. All financial liabilities are recognised initially at fair value and, in
the case of loans and borrowings and payables, net of directly attributable transaction costs. The Group’s
financial liabilities include trade and other payables and loans and borrowings.
Financial liabilities at amortised cost
This is the category most relevant to the Group. After initial recognition, interest-bearing loans and bor-
rowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recog-
nised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement
of profit or loss.
Fair value measurement
The Group measures financial instruments such as derivatives at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
Øyfjellet Wind Investment AS
39
Notes
13. Financial assets and financial liabilities (continued)
The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data
are available to measure fair value, maximising the use of relevant observable inputs and minimising the
use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are cate-
gorised within the fair value hierarchy, described as follows, based on the lowest level input that is signif-
icant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For the purpose of fair value disclosures, the Group has determined classes of assets and liabilities on the
basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hierarchy,
as explained above.
Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on
observable market data as of the end of the reporting period. Fair value of level 3 assets and liabilities is
primarily based on the present value of expected future cash flows. A reasonably possible change in the
discount rate is not estimated to affect the Group’s profit or equity significantly. For further information on
assumptions and significant unobservable inputs used for the valuation refer to note 2
14. Trade receivables
The Group has material risks related to a single customer based on the amount of revenue gained from that
single customer. However, Management limited risks through the aforementioned GIEK guarantee, which
protects the beneficiary against credit losses. Refer to note 2 for further information.
TEUR 31 December 2024 31 D
ecember 2023
Trade receivables 9,528 12,352
Total 9,528 12,352
Øyfjellet Wind Investment AS
40
Notes
14. Trade receivables (continued)
Accounting policies
Trade receivables are measured at amortised cost less allowance for lifetime expected credit losses. The
Group has assessed their expected credit losses on an individual level, and has deemed their expected losses
immaterial, for which reason there has not been included any allowance.
15. Share capital
The share capital comprises 3,000,000 shares of NOK 11 each (2023: 3,000,000). The shares are all au-
thorised, issued and fully paid. No shares carry any additional special rights. The Group continuously as-
sesses the need for adjustment of the capital structure. Øyfjellet Wind Holding AS owns 100% of the shares.
The consolidated financial statement of Øyfjellet Wind Holding AS is available at the Register of Company
Accounts.
16. Provisions
Concessions period has been set to 30 years as per 31.12.23,
hus the depreciation from 01.01.2024 is adjusted accordingly. During 2023, the useful life was 25 years
TEUR Litigation Decommissioning Total
At 1 January 2024 1,647 5,431 7,078
Arising during the year - - -
Adjustment provisions - - -
Unwinding of discount rate - 188 188
At 31 December 2024 1,647 5,619 7,266
Current 1,647 - 1,647
Non-current - 5,619 5,619
TEUR Litigation
De commissioning
Total
At 1 January 2023 1,
647 6,561 8,208
Arising during the year - - -
Adjustment provisions - (1,341) (1,341)
Unwinding of discount rate - 211 211
At 31 December 2023 1,647 5,431 7,078
Current 1,647 - 1,647
Non-current - 5,431 5,431
Øyfjellet Wind Investment AS
41
Notes
16. Provisions (continued)
Accounting policies
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a
past event, it is probable that an outflow of resources embodying economic benefits will be required to
settle the obligation and a reliable estimate can be made of the amount of the obligation.
If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate
that reflects, when appropriate, the risks specific to the liability. When discounting is used, the increase in
the provision due to the passage of time is recognised as a finance cost.
Decommissioning liability
The Group records a provision for decommissioning costs of the wind turbines. Decommissioning costs are
provided for at the present value of expected costs to settle the obligation using estimated cash flows and
are recognised as part of the cost of the wind turbines. The cash flows are discounted at a current pre-tax
rate that reflects the risks specific to the decommissioning liability. The unwinding of the discount is ex-
pensed as incurred and recognised in the statement of profit or loss as a finance cost. The estimated future
costs of decommissioning are reviewed annually and adjusted as appropriate. Changes in the estimated
future costs, or in the discount rate applied, are added to or deducted from the cost of the asset.
Litigation provision
During the construction of the wind park one of the contractors raised claims against the Group. In return,
the Group has claims for liquidated damages caused by construction delay against that contractor. Parties
were unable to settle the dispute before end of the reporting period. A ruling in the arbitration process is
expected by the end of the financial year 2024 and the Group has recorded a conservative provision for
precautionary reasons.
Also during the construction period, the Group was in dispute with another of their contractors regarding
amounts invoiced in relation to construction agreements. The total amount of the disputed invoices EUR
7.1m was booked as part of the PPE in the 2022 accounts and was paid by way of withdrawal of a bank
guarantee. A settlement agreement was signed during the year 2023 and the dispute therefore concluded.
Øyfjellet Wind Investment AS
42
Notes
17. Financial risks
Capital management
The Group manages its capital to ensure that it will be able to continue as going concern while maximising
the return to shareholders through the optimisation of the debt and equity balances. The capital structure of
the Group consists of net debt and equity. Management reviews the capital structure continually to consider
if the current capital structure is in accordance with the Group's and shareholders’ interests.
Financial risk management
As a result of its operations, investments and financing, Øyfjellet Wind Investment AS is exposed to market
risks in the form of changes in exchange rates and interest rates, as well as credit risks and liquidity risks.
The Group operates with a low risk profile, so that currency, interest rate and credit risks only arise based
on commercial conditions.
The Group’s financial risks are managed centrally in the finance function in accordance with the board's
adopted policy and instructions, which set guidelines and frameworks for the company’s financial transac-
tions.
Interest risk
Interest rate risk arises in relation to interest-bearing assets and liabilities. Current borrowing rates are based
on a three-month EURIBOR plus a premium. If market interest rates increased by one percentage point,
the interest rate sensitivity as calculated based on the loan balance to credit institutions at year-end 2024
would lead to a yearly increase in interest expenses of TEUR 6,346. A corresponding decrease in market
interest rates would have the opposite impact.
Credit risk
Credit risk is the risk that a counterparty will not meet its obligations towards the Group, leading to a
financial loss. The Group is exposed to credit risk primarily related to its trade receivables, receivables from
group enterprises and cash held at financial institutions.
The Group has no write-off policy with respect to trade receivables since revenue is generated through long
term purchase agreements, which are secured by a GIEK guarantee. The counterparty risk is continuously
monitored. The maximum exposure to credit risk at the reporting date is the carrying amount of trade re-
ceivables.
Øyfjellet Wind Investment AS
43
Notes
17. Financial risks (continued)
It is the Group’s assessment that the exposure to credit risk is not significant. Impairment of receivables are
deemed immaterial in both 2024 and 2023 due to the aforementioned GIEK guarantee (refer to note 2 and
12).
In terms of financial covenants for the bond loans, the debt service coverage ratio has to be greater than 1.05. If
financial covenants are met, the Group has 90 days after compliance testing date for distribution.
Currency risk
Foreign currency risk is the risk that arises from changes in exchange rates and affects the Group’s results.
The group's currency risks are not hedged
The carrying amounts of the Group’s monetary assets and monetary liabilities denominated in foreign cur-
rency
at the reporting date are as follows:
The foreign currencies to which the Group is mainly exposed fluctuate only slightly, therefore currency
risk is deemed immaterial and no sensitivity analysis is disclosed.
Liquidity risk
The Group is monitoring the need of liquidity based on a ongoing basis. At 31 December 2024, the Group
has loans and borrowings of TEUR 411,648 to ensure that the Group is able to meet its short- and midterm
obligations. Management considers the Group’s credit availability to be sufficient for the next 12 months.
The table below summarises the maturity profile of the Group’s financial liabilities based on contractual
undiscounted payments which include estimated interest payments. Floating interest payments on bank
borrowings have been determined applying a forward curve on the underlying interest rate at the reporting
date.
TEUR 31 Dec 2024 31 Dec 2023 31 Dec 2024 31 Dec 2023
Curre ncy
NOK 87 69 (12,559) (5,974)
SEK - - (5) (7)
Liabilities
Assets
Øyfjellet Wind Investment AS
44
Notes
17. Financial risks (continued)
* includes interest
18. Other disclosures relating to consolidated statement of cash flow
Additional information about the changes to liabilities arising from financing activities can be found in the
below tables:
TEUR < 1 Ye ar 1 t
o 5 year >5 ye ars Total
Year ended 31 December 2024
Notes 14,762 70,894 187,998 273,654
Bond loan 2,231 82,041 - 84,272
Shareholder loan* 23,217 34,533 202,344 260,094
Lease liabilitie s 427 2,108 8,675 11,210
Trade and other payables 5,700 - - 5,700
Total non-derivative financial liabilitie s 46,337 189,576 399,017 634,930
TEUR < 1 Ye ar 1 to 5 year >5 years Total
Year ended 31 December 2023
Notes 8,802 71,281 202,373 282,456
Bond loan 2,237 84,272 - 86,508
Shareholder loan* 52,377 66,399 519,529 638,305
Lease liabilitie s 420 1,681 9,667 11,768
Trade and other payables 5,483 - - 5,483
Total non-derivative financial liabilitie s 69,318 223,633 731,569 1,024,520
TEUR Loans and borrowings Le ase liabilities Total
2024
Liabilitie s at 1 Janua ry 565,599 7,736 573,335
Loans raised - - -
New leases - 339 339
Repayments (5,100) (432) (5,532)
Debt conversion (163,295) - (163,295)
Other 16,711 60 16,771
Liabilities at 31 December 413,915 7,703 421,618
TEUR Loans and borrowings Le ase liabilities Total
2023
Liabilitie s at 1 Janua ry 566,424 7,240 573,664
Loans raised 1,100 - 1,100
New leases - - -
Repayments (4,000) (403) (4,403)
Other 2,075 899 2,974
Liabilities at 31 December 565,599 7,736 573,335
Øyfjellet Wind Investment AS
45
Notes
19. Commitments and contingencies
Contingent liabilities
The Group is involved in an ongoing appraisal case to determine the compensation to the local reindeer herding
district, where the validity of the facility license and expropriation decision also is questioned. First instance
court rendered its judgement in December 2024 and the level of compensation was determined by the court in
line with the Group’s expectations. The reindeer herding district has appealed the judgement. The Group has no
reason to expect a materially differed result in the appeal court.
Øyfjellet has carried out work on Tveråvegen, a road that is partly municipal. According to the VAT act, the
work on the road is subject to the VAT adjustment rules. In November 2022, Vefsn Municipality took over the
roadwork, however no agreement regarding transfer of the adjustment liabilities between Øyfjellet and the mu-
nicipality was made before the deadline.
Øyfjellet has repaid to the tax office the amount of NOK 11 828 950 which represents VAT formerly deducted
as investments on the municipal part of Tveråvegen. Øyfjellet has further on 14 November 2024 entered an
agreement Vefsn Municipality regarding the transfer of VAT adjustment rights to Vefsn Municipality. Øyfjellet
has recently 14th of January 2025 received NOK 2,365,790 in return from the municipality under this agreement
and expect to receive the nominal remaining amount of NOK 9,318,160 in arrears with the last payment from
the municipality being expected in early 2032.
20. Related parties
*Basis of influence is indirect through ownership in Øyfjellet Wind Holding AS
Balances and transactions between the Company and its subsidiary, which are related parties, have been elimi-
nated on consolidation and are not disclosed in this note.
The major transactions with related parties are in connection with the shareholder loan received from Øyfjellet
Wind Holding AS (open balance 31 December 2022). For further information please refer to note 13.
Shareholde rs
Registered
office
Direct/indirect
owne rship
Basis of
influe nce
Øyfjellet Wind Holding AS Norway Direct 100 %
Raven Projects II S.a.r.l. Luxembourg Indirect* 32 %
Tesseract Holdings Limited United Kingdom Indirect* 13.7 %
Nika Renewables Holding S.a r.l. Luxembourg Indirect* 13.5 %
Pangion Holding S.a r.l. Luxembourg Indirect* 13.0 %
Achmea IM Climate Infra-structure Fund HoldCo 1 B.V. The Netherlands Indirect* 10.8 %
European Sustainable Projects XVI S.à. R.l. Luxembourg Indirect* 10.8 %
Tesmena Renewables Holding S.a.r.l. Luxembourg Indirect* 6.2 %
Øyfjellet Wind Investment AS
46
Notes
21. List of group companies
Name
Registered office
% equity interest
Øyfjellet Wind AS
Mosjøen
100
22. Events after the reporting period
Arbitration with turbine supplier
The group had a disagreement with the turbine supplier over certain aspects of the delivery, which is not
uncommon in a project of this scale. This dispute has now been resolved, with Øyfjellet Wind receiving an
award of 45 million EUR and 52 million NOK.
Øyfjellet Wind Investment AS
47
Parent Company Financial Statements
Statement of profit or loss
2024 2023
TEUR Note
Other operating expenses 2 139 161
Operating profit/(loss) before tax (139) (161)
Interest income from group companies 19,293 20,949
Other interest income 204 163
Other financial income 4,699 14
Interest expenses to group companies 16,349 16,632
Other interest expenses 2,976 2,169
Other financial expenses 2 1,947
Ne t Financial items 4,870 378
Net profit(loss) before tax 4,730 217
Income tax expense (income) 3 658 46
Ne t income (loss) 4,072 171
Other comprehensive income - -
Total compre he ns ive income (los s ) for the financial ye ar 4,072 171
Øyfjellet Wind Investment AS
48
Parent Company Financial Statements
Balance sheet
Assets
31. December
2024
31. December
2023
TEUR Note
Shares in subsidiaries 4 239,048 30,012
Interest bearing receivables from group com
5 138,742 282,862
Other long-term receivables 6 1,810 2,353
Other non-current financial assets 7 12,469 9,477
Total non-current assets 392,069 324,704
Other current receivables 12 12
Tax receivable 3 1,083 -
Receivables from group companies 5 18,137 55,066
Cash and cash equivalents 3,915 2,589
Total current assets 23,148 57,667
Total assets 415,217 382,371
Øyfjellet Wind Investment AS
49
Parent Company Financial Statements
Balance sheet
Oslo, 29 April 2025
Board of Directors
Christian Heidfeld Roman Zervas
Chair
Equity and liabilities
31. December
2024
31. December
2023
TEUR Note
Share capital 8 3,213.103 2,958.044
S
hare premium reserve 190,561.532 27,521.294
Other equity 14,470.391 10,398.427
Total equity 208,245.026 40,877.765
Deferred tax liabilities 3 451 274
Inte rest be aring liabilities 7 79,829 79,829
Interest bearing liabilities to group companies
5,6,7 95,273 228,973
Total non-curre nt liabilities 175,553
309,076
Current portion of interest bearing liabilities t
5,9 16,329 32,417
Other curre nt liabilities 15,089
-
Total current liabilities 31,419 32,417
Total equity and liabilitie s 415,217 382,371
Øyfjellet Wind Investment AS
50
Parent Company Financial Statements
Changes in equity
Share
Capital
Share premium
reserve
Othe r
equity
Total
equity
TEUR
Equity at 1. January 2024 2,958 27,521 10,398 40,878
Debt conversion 255 163,040 - 163,295
Net profit/(loss) for the period - - 4,072 4,072
Total comprehensive income - - - -
Balance at 31. December 2024 3,213 190,562 14,470 208,245
Share
Capital
Share premium
reserve
Othe r
equity
Total
equity
TEUR
Equity at 1. January 2023 2,958 27,521 10,228 40,878
Net profit/(loss) for the period - - 171 -
Total comprehensive income - - - -
Balance at 31. December 2023 2,958 27,521 10,398 40,878
The debt conversion of the shareholder Loans was carried out on 19.12.2024 and registration date was 04.02.2025
Øyfjellet Wind Investment AS
51
Parent Company Financial Statements
Cashflow statement
TEUR
1 January - 31
December 2024
1 January - 31
December 2023
CASH FLOW FROM OPERATIONS
Operating profit/(loss) (139) (161)
Change in operating receivables 1 (2,615)
Change in operating liabilities - 1,622
Interest received 3,758 7,478
Interest paid (2,237) (15,931)
Income taxes, received/(paid) (1) (1,183)
Non cash items (0) -
Net cash flow from operations 1,380 (10,790)
CASH FLOW FROM INVESTMENT ACTIVITIES:
Repayment of loan from subsidiary 1,047 10,022
Ne t cash flow from inve stment activities 1,047 10,022
CASH FLOW FROM FINANCING ACTIVITIES:
Increase in shareholder loan - 1,100
Repayment shareholder loan (1,100) -
Ne t cash flow from financing activities (1,100) 1,100
Net change in bank deposits, cash and equivalents 1,327 331
Foreign Exchange difference on cash and cash equivalents - -
Bank deposits, cash and equivalents at 1 January 2,589 2,257
Bank de posits , cash and equivale nts at 31 De cember 3,915 2,589
Øyfjellet Wind Investment AS
52
Notes
1. Accounting policies
2. Salary costs and benefits, remuneration to the chief executive, board and auditor fees
3. Tax
4. Subsidiaries
5. Intercompany items between companies in the same group
6. Receivables and liabilities
7. Financial assets and financial liabilities
8. Shareholders
9. Related party transactions
Øyfjellet Wind Investment AS
53
Notes
1. Summary of significant accounting policies
The separate Parent Company Financial Statements have been incorporated in the Annual report, as a sep-
arate set of financial statements is required for the Parent Company. The financial statements have been
prepared in conformity with the Norwegian Accounting Act, Regulation on simplified IFRS ® Accounting
Standards laid down by the Ministry of Finance on 16 December 2024 and generally accepted accounting
principles in Norway. The following updates were implemented
• Amendments to IAS 1 Presentation of financial statements
The company has adobted the amendments to IAS 1 Classification of liabilities as current or non-current
and non-current liabilities with covenants for the first time in 2024. The amendements did not have any
impact on the amounts recognized in the current or prior period, and are not expected to significantly affect
future periods. Other changes to IFRS are not expected to have any significant impact on recognition and
measurements
Cash flow statement
The cash flow statement is presented using the indirect method and shows cash flows from operating, in-
vesting and financing activities for the year as well as the Company’s cash and cash equivalents at the
beginning and end of the financial year.
Cash flows from operating activities are calculated based on operating profit/loss, working capital changes,
interest received, financial expenses paid and income tax paid.
Cash flows from investing activities comprise payments in connection with the acquisition and sale of non-
current intangible assets, property, plant and equipment, and financial assets.
Cash flows from financing activities comprise payments arising from changes in the size or composition of
the Company’s share capital and dividend paid. Cash and cash equivalents comprise cash at bank and in
hand.
Currency
The functional currency are in Euros, monetary items in foreign currencies are evaluated according to the
exchange rate at the balance sheet date.
The company has investments in EUR, and has also entered into a power swap agreement strongly linked
to EUR. The financing of the company is also in EUR. Monetary items in non-EUR currencies are valued
at the exchange rate on the balance sheet date.
Currency rate at the balance sheet date: 11,7950
Average currency rate through 2024: 11,6276
Øyfjellet Wind Investment AS
54
Notes
1. Summary of significant accounting policies (continued)
Classification and valuation of assets and liabilities
Assets intended for permanent ownership or use in the business are classified as non-current assets. Other
assets are classified as current assets. The classification of current and non-current liabilities is based on
the same criteria.
Current assets and current liabilities normally include items that fall due for payment within one year of the
balance sheet date, as well as items that relate to the stock cycle. Current assets are valued at the lower of
acquisition cost and fair value. Other non-current liabilities, as well as current liabilities, are valued at
nominal value.
Shares in subsidiaries
Subsidiaries are recognised using the cost method in the company accounts. The investment is valued at
acquisition cost for the shares unless a write‐down has been necessary. A write‐down to fair value is made
when a fall in value is due to reasons that cannot be expected to be temporary and such write‐down must
be considered as necessary in accordance with good accounting practice. Write‐downs are reversed when
the basis for the writedown is no longer present.
Dividends, group contributions and other distributions from subsidiaries are posted to income in the same
year as provided for in the distributor’s accounts. To the extent that dividends/ group contributions exceed
the share of profits earned after the date of acquisition, the excess amounts represent a repayment of in-
vested capital, and distributions are deducted from the investment’s value in the balance sheet of the parent
company.
Receivables
Receivables from customers and other receivables are entered at par value after deducting a provision for
expected losses. The provision for losses is made on the basis of an individual assessment of the respective
receivables.
Derivatives
Derivatives are recorded on the balance sheet at fair value, adjusted for net changes in fair value over net
income.
Øyfjellet Wind Investment AS
55
Notes
1. Summary of significant accounting policies (continued)
Interest bearing debt
After initial recognition, interest-bearing loans will be measured at amortised cost using the effective inter-
est rate method. Gains and losses are recognised in profit when the obligation has been set off. Amortized
cost is calculated by taking into account any discount or premium associated with the purchase, or costs
and taxes that are an integral part of the effective interest rate. The effective interest rate is presented as
finacial expenses in the income statement. Liabilities are mesured at their nominal amount if the effect of
discounting is negligble.
2. Salary costs and benefits, remuneration to the chief executive, board and auditor
fees
Remuneration
The company has no employees and the management and board has not received any remuneration. The
entity does not have any pension plans.
Auditor fees
Audit fees expensed for 2024 amount to EUR 102,846 incl. vat.
3. Tax
TEUR 2024 2023
Income tax expense:
Payable tax 481 1,705
Correction previous years - (99)
Change in deferred tax 177 (1,559)
Income taxes 658 46
Taxable income:
Profit before taxes 4,730 217
Permanent differences - 13
Changes in temporary differences (805) 7,817
Group contribution (1,705) (7,750)
Effect on changes in foreign exchange rates (34) -
Taxable income (loss): 2,186 298
Payable tax in the balance:
Payable tax on this year's result 481 1,705
Group contribution (481) (1,705)
Total payable tax in the balance - -
Øyfjellet Wind Investment AS
56
Notes
3. Tax (continued)
The tax effect of temporary differences that has formed the basis for deferred tax and deferred tax ad-
vantages, specified on type of temporary differences.
The tax note represents the tax position in EUR. Deferred tax liability per 31.12.23 amounts to EUR 273
722 (1 EUR = 11,2405 NOK) deferred tax assets per 31.12.24 amounts to EUR 743 397 (1 EUR = 11,795
NOK).
Reconciliation of tax expense and the accounting profit multiplied by Norwegian tax rate for
2023 and 2024:
Accounting policies
The tax charge in the profit and loss account consists of tax payable for the period and the change in deferred
tax. Deferred tax is calculated at the tax rate at 22 % on the basis of tax‐reducing and tax increasing tem-
porary differences that exist between accounting and tax values, and the tax loss carried forward at the end
of the accounting year. Tax‐increasing and tax‐reducing temporary differences that reverse or may reverse
in the same period are set off and presented net.
2024 2023
Tax calculated as 22% of profit/loss before tax 1,041 48
Correction from previous years - (99)
Permanent differences (375) 13
Currency effects (7) 85
Effective tax in TEUR 658 46
Effective tax rate (%) 14 % 21 %
2024 2023 Change
Non-current receivables and liabilities in foreign currency (10,420) (8,232) 2,187
Derivatives 12,469 9,477 (2,992)
Total 2,050 1,244 (805)
Loss carry forward - - -
Bas is for de ferre d tax 2,050 1,244 (805)
Deferred tax (22%) 451 274 177
Øyfjellet Wind Investment AS
57
Notes
4. Subsidiaries
Øyfjellet Wind Investment AS owns 100% of the shares in Øyfjellet Wind AS, which gives Øyfjellet Wind
Investment AS 100% of the votes in the company. Øyfjellet Wind AS has its registered office I Mosjøen.
The annual result for the period 01.01-31.12.2024 was TEUR -34 368. The book value of equity capital as
at 31.12.2024 was TEUR 122 875. The impairment test indicates a headroom between MEUR 4 and 23 and
and thus no need for write-downs of the shares in Øyfjellet Wind AS.
5. Intercompany items between companies in the same group
6. Receivables and liabilities
The shares in Øyfjellet Wind AS has been pledged for the bond loan of TEUR 80 000. The book value of
the charged assets amounts to TEUR 239 048. The bond has an interest rate of 2.75% and a maturity date
of September 2026.
2024 2023
Receivables with maturity > 1 year 1,810 2,353
Non-current debt with maturity > 1 year 80,000 80,000
Receivables 2024 2023
Loan to companies in the same group (Maturity 1 year <) 138,742 282,862
Other current receivables within the group (Maturity <1 year) 18,137 55,066
Total 156,880 337,928
Liabilities
Loan from companies in the same group (Maturity 5 years <) 95,273 228,973
Other current liabilities within the group (Maturity < 1 year) 31,188 32,417
Total 126,461 261,390
Øyfjellet Wind Investment AS
58
Notes
7. Financial assets and financial liabilities
Set out below is an overview of financial assets and liabilities held by the Group as at 31 December 2024
and 31 December 2023 including a comparison of the carrying amounts and fair values. Carrying amounts
of financial assets and liabilities measured at amortised costs are a reasonable approximation of fair values:
Effective interest rate relatd to the bond is 3,123%.
Management considers that the company has so far fulfilled all covenants required in the borrowing agree-
ments and expects to fulfil the convenance as well in the next financial year.
The Company has the following financial covenants in the borrowing agreements:
- Debt service coverage ratio - the Company will not permit, on each calculation date, the Debt Service
Coverage ratio to be less than 1.05 to 1.
- Projected debt service coverage ratio - the Company will not permit, on each calculation date, the
Debt Service Coverage ratio for the succeeding twelwe month period to be less than 1.05 to 1.
- The Company must calculate the Debt Service Coverage ratio in the most recent financial statements
in accordance with the Financial Statement covenants.
TEUR
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial assets at fair value through profit or loss:
Interest rate derivatives 12,469 12,469 9,477 9,477
Total financial as sets 12,469 12,469 9,477 9,477
TEUR
Carrying
amount
Fair
value
Carrying
amount
Fair
value
Financial liabilities measured at amortized cost:
Bonds 79,829 73,462 79,829 76,754
Shareholder loans 111,603 55,624 258,567 199,055
Total financial liabilities 191,431 129,086 338,396 275,809
TEUR Interest rate Maturity
2024 2023
Loans and borrowings
Bond loans 2.75 % Sep. 2026 79,829 79,829
Shareholder loans 7.25 % Sep. 2046 95,273 228,973
Non-current 175,102 308,802
Shareholder loans 7.25 % Sep. 2046 16,329 29,594
Curre nt 16,329 30,712
31 December 2023
31 December 2024
31 December 2024
31 December 2023
Øyfjellet Wind Investment AS
59
Notes
7. Financial assets and financial liabilities (continued)
- Solely for the purposes of determining compliance with financial covenants set forth in this section,
each Equity Cure amount received by the Company shall be included in the calculation of Project
Revenues for the semi-annual period to which such Equity Cure amount relates.
In addition, the Company has Financial Annual Audited, Unaudited and Interim Statement covenants.
The following table provides the fair value measurement hierarchy of the Entity's financial assets and fi-
nancial liabilities as at 31 December 2024:
The following table provides the fair value measurement hierarchy of the Entity's financial assets and fi-
nancial liabilities as at 31 December 2023:
Reconciliation of fair value measurement:
Accounting policies
Financial assets
Financial assets are classified, at initial recognition, as subsequently measured at amortised cost and fair
value through profit or loss. The classification of financial assets at initial recognition depends on the fi-
nancial asset’s contractual cash flow characteristics and the company’s business model for managing them.
In order for a financial asset to be classified and measured at amortised cost or fair value through
TEUR Total Level 1 Level 2 Level 3
Financial as sets me as ure d at fair value :
Interest rate derivatives 12,469 - 12,469 -
Total 12,469 - 12,469 -
TEUR Total Level 1 Level 2 Level 3
Financial as sets me as ure d at fair value :
Interest rate derivatives 9,477 - 9,477 -
Total 9,477 - 9,477 -
Interest rate derivatives
As at 1 January 2024 9,477
Remeasurment recognised in the statement of profit or loss during the period 2,992
Purchases -
Sales -
As at 31 December 2024 12,469
As at 1 January 2023 11,144
Remeasurment recognised in the statement of profit or loss during the period (1,668)
Purchases -
Sales -
As at 31 December 2023 9,477
Øyfjellet Wind Investment AS
60
Notes
7. Financial assets and financial liabilities (continued)
OCI, it needs to give rise to cash flows that are ‘solely payments of principal and interest (SPPI)’ on the
principal amount outstanding. This assessment is referred to as the SPPI test and is performed at an instru-
ment level. Financial assets with cash flows that are not SPPI are classified and measured at fair value
through profit or loss, irrespective of the business model.
Financial assets at amortised cost (debt instruments)
Financial assets at amortised cost are subsequently measured using the effective interest (EIR) method and
are subject to impairment. Gains and losses are recognised in profit or loss when the asset is derecognised,
modified or impaired. The company’s financial assets at amortised cost includes trade receivables.
Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss are carried in the statement of financial position at fair
value with net changes in fair value recognised in the statement of profit or loss under financial income and
expenses. This category includes derivative instruments.
Financial liabilities
Financial liabilities are classified, at initial recognition, as financial liabilities at fair value through profit or
loss, loans and borrowings or payables. All financial liabilities are recognised initially at fair value and, in
the case of loans and borrowings and payables, net of directly attributable transaction costs. The company’s
financial liabilities include trade and other payables and loans and borrowings.
Financial liabilities at amortised cost
This is the category most relevant to the company. After initial recognition, interest-bearing loans and bor-
rowings are subsequently measured at amortised cost using the EIR method. Gains and losses are recog-
nised in profit or loss when the liabilities are derecognised as well as through the EIR amortisation process.
Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or
costs that are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement
of profit or loss.
Fair value measurement
The company measures financial instruments such as derivatives at fair value at each balance sheet date.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date. The fair value measurement is based on
the presumption that the transaction to sell the asset or transfer the liability takes place either:
• In the principal market for the asset or liability, or
• In the absence of a principal market, in the most advantageous market for the asset or liability.
Øyfjellet Wind Investment AS
61
Notes
7. Financial assets and financial liabilities (continued)
The company uses valuation techniques that are appropriate in the circumstances and for which sufficient
data are available to measure fair value, maximising the use of relevant observable inputs and minimising
the use of unobservable inputs.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are cate-
gorised within the fair value hierarchy, described as follows, based on the lowest level input that is signif-
icant to the fair value measurement as a whole:
• Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities
• Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is directly or indirectly observable
• Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value
measurement is unobservable
For the purpose of fair value disclosures, the company has determined classes of assets and liabilities on
the basis of the nature, characteristics and risks of the asset or liability and the level of the fair value hier-
archy, as explained above.
Fair value of derivatives is mainly within level 2 of the fair value hierarchy and is calculated based on
observable market data as of the end of the reporting period. Fair value of level 3 assets and liabilities is
primarily based on the present value of expected future cash flows. A reasonably possible change in the
discount rate is not estimated to affect the company’s profit or equity significantly.
8. Shareholders
The share capital in Øyfjellet Wind Investment AS as of 31. December 2024 consist of:
Shareholders pr 31.12.2024 was:
Total Face value Entere d
Ordinary shares 3,000,000 11 33,000,000
Sum 3,000,000 33,000,000
Ordinary Ownership inte re st Share of votes
Øyfjellet Wind Holding AS 3,000,000 100 100
Øyfjellet Wind Investment AS
62
Notes
9. Related party transactions
Futher explanation to related party transactions:
Transaction/transaction type 1: Interest income related to shareholder loan
Transaction/transaction type 1: Interest cost related to shareholder loan
Oyfjellet Wind AS
Other current liabilities consists of accrued group contributions
Other receivables consists of accrued interest on shareholder loan and group contribution
Oyfjellet Wind Holding AS
Other current liabilities consists of accrued interest on shareholder loan and group contribution
Trans action type Counte rpart
Re lationship to
the counte rpart
2024 2023
TEUR
Interest income from subsidiaries Øyfjelle t Wind AS Subsidiary 19,293 20,949
Interest cost to parent Øyfjellet Wind Holding AS Parent company 16,349 16,632
Counte rpart
Re lationship to
the counte rpart
2024 2023 2024 2023
TEUR
Øyfjellet Wind Holding AS Parent company - - 16,329 30,712
Øyfjellet Wind AS Subsidiary - - 14,859 1,705
Counte rpart
Re lationship to
the counte rpart
2024 2023 2024 2023
TEUR
Øyfjellet Wind AS Subsidiary - - 18,137 55,066
Øyfjellet Wind Holding AS Parent company - - - 2
Accounts payable
Other current liabilities
Accounts receivables
Other receivables