Lundin Energy plans to rename itself Orrön Energy, as it focuses on entirely on renewables following the spin-off of its oil and gas business to Aker BP.
The proposed name change is subject to shareholder approval at the company’s upcoming EGM, to be held on June 16, 2022.
If approved, the rebrand would take effect from 1 July 2022, following the completion of the transaction to combine Lundin’s oil and gas assets with Aker BP, anticipated on 30 June 2022.
AkerBP set out a plan to buy Lundin’s E&P assets in December, offering to pay $2.22 billion in cash and issue 271.9 million new shares to Lundin shareholders, in a deal valuing the combined business at 125 billion NOK (£10.5bn).
The deal will leave Lundin/Orrön as a standalone company with three clean energy assets in the Nordics.
In a statement, it said the name change would mark “the beginning of a new era for the company” as it repositions itself as a renewable energy-focused business.
It will remain listed on Nasdaq Stockholm and maintain its headquarters in Sweden.
The business also retains key members of Lundin Energy’s board and management team, with knowledge of the asset base within renewables.
Daniel Fitzgerald, proposed CEO of Orrön Energy said: “The proposed name change to Orrön Energy marks the start of a new era for the company, reflecting our renewable focus, our Nordic roots, and the entrepreneurial spirit of the Lundin Group of companies.
“I am excited about the future, as we are convinced that Orrön Energy is uniquely positioned to create value for our shareholders through the energy transition.”
Its current portfolio consists of three newly constructed assets in the Nordics, one of which is a 50% stake in the 132MW Metsälamminkangas wind farm in Finland.
Lundin also holds 100% of the 86MW Karskruv wind farm in Sweden, currently under development, and a 50% interest in the 77MW Leikanger hydropower plant in Norway, which is fully operational.
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