Welcome all to this Q2 2021 presentation from Arise. Linus, would you like to start, perhaps? Sure. I'm turning to page two. Good morning, everyone. Arise, we develop renewable energy for a sustainable future. We want to be a strong partner for investors into the space of renewable electricity production and help to create value throughout the life cycle of these investments. We also look to maximize the value of our own green electricity production through professional operation management, sales, and financing. Turning to the next page, Arise in brief. The business was founded in 2017. We're roughly some 31 employees. Following the announcement yesterday where we released a partnership with Hällefors Tierp Skogar, a big forestry company, we now have a portfolio of a pipeline of projects exceeding 2,600 MW. On top of that, we own 139 MW of own production. We manage more than 1,350 MW on behalf of investors, and currently, we have 231 MW under construction. Turning to the next page to give some details on the Q2 report that we released this morning. All in all, it was quite low activity. Basically, mostly in development because we did not complete any sales in the quarter, but as you may know, we finalized the sale of Ranasjö och Salsjöhöjden after the end of the quarter. Sales came in at SEK 36 million compared to SEK 30 million the corresponding period last year. Despite low activity and development, this was an increase due to that production performed better than last year. Following that, the EBITDA came in at SEK 12 million, compared to SEK 6 million last year, which is a good improvement, again, driven by the production business. Comparable profit before tax amounted to SEK -10 million, compared to SEK -28 million. We had a currency impact of some SEK 4 million relating to EUR versus SEK changes on our EUR debt facility. Reported profit after tax was SEK -6 million, in line with the reported pre-tax profit. Operating cash flow was SEK 12 million, again, driven by production side. Total cash flow was SEK -58 million, and that's due to that we finalized the acquisition of Kringelvind, which was the company that owned the rights to the project Ranasjö and Salsjöhöjden, which we sold in July. It was a cash outflow late in the quarter, but after the end of this period, we received some SEK 93 million of consideration for Ranasjö and Salsjöhöjden as an upfront payment. The cash position at the end of the quarter was impacted by this acquisition, but immediately after the quarter, we received funds corresponding to SEK 93 million. Production was 61 GWh, which was lower than last year due to weaker winds. Prices were a lot better than last year. Last year was a wet, warm year. Currently we have a quite different situation in the power market, which Daniel will speak to later. Total income came in at SEK 420 million for production, with some SEK 415 million per MW from electricity. As you know, Daniel announced that he will resign. Per-Erik Eriksson will be acting CEO until a new CEO has been recruited. After the period, we've had some interesting developments. The sale of Ranasjö and Salsjöhöjden, totaling some 242 MW, was finalized. We expect to earn some SEK 135 million during the period 2021 to 2024, of which approximately SEK 45 million in Q3 2021. As I mentioned, cash flow-wise, we received SEK 93 million in July. As we announced yesterday, we now have a partnership with Hällefors Tierp Skogar, which is a big forestry company. Our aim is to strengthen the power supply in the middle of Sweden. The total potential of the land areas that are covered by this agreement, we estimate to more than 1,500 MW. It's also important to know that these are all located in price area three, and the areas in general are very close, in a region, basically, we're close to bigger cities, super exciting. Turning to the next page, I will then hand over to Daniel, please. Thanks. This project pipeline slide is as of 30th of June, it is still over 1,300 MW. As you know, we did conclude the sale of Ranasjö and Salsjöhöjden early July. We will go to the next project on the slide, which is Lebo. We are anticipating an investment decision to be taken around the turn of the year. It is a good but small project, and we do believe that we can fund this on our own books in order to maximize the valuation of the project. Turning to Fasikan, it is up to 15 turbines and some 100 MW potentially in price area two in Sweden. Very good wind resource. We are waiting for the decision on grid concession, which we hope to get later this year, then we are basically good to go. We anticipate an investment decision early next year. Turning to Kölvallen. It's a 47-turbine project, some 300 MW potentially. We just received a positive court decision from the environmental court, giving a permit for 43 turbine positions, which was a positive outcome still. Good to know is that under these circumstances, since the environmental court is usually the last instance for this kind of decision, we expect the project to become around 43-turbine project. Because under normal circumstances, you are not likely to get granted leave to appeal to the upper court, regardless of whether it's us or if the other counterparties who are appealing. We have a positive view that this probably will gain legal force during the autumn, and then we can proceed and reach financial close during first half of next year. Turning to Finnåberget, also SE2 project, around 25, it can actually be up to 27 turbines, some 150 MW. We did receive a positive decision from the county and the district board just a few weeks back. This is going to be appealed, both by us from some practical construction reasons, but also from some counterparties. We are not too worried because the environmental court already beforehand did rule on the reindeer issues, which we saw as the most challenging ones. We have a positive view on the project likelihood of becoming permitted, but it will take some more time. We are now also starting to work on the line grid concession application and also erecting met masts to verify the wind conditions, which are really good. Tormsdale in Scotland is a 12-turbine project. We will be ready to file the full application after summer. There's been delays due to some practical reasons that we tried to sort out beforehand. Very positive project for us and important. As you know, we also have more early-stage development going on in SE2, in SE3, in SE4, and in Norway and in Scotland. Totaling more than 500 MW in different early phases. As the projects progress, we will gradually move them up to the late-stage development. We hope that one or two of the projects will be moved up within half a year or so. As you know, the Ranasjö and Salsjöhöjden showed expected profit of SEK 135 million on a 240 MW project. That's below our historical average. That was due because the project Salsjöhöjden did have a bit of weak conditions, but also some challenges on price hikes from sub-suppliers and on the grid. We are firmly convinced that profit multiples will well exceed SEK 1 million per MW on the upcoming projects. Wind conditions are much better than for Ranasjö and Salsjöhöjden. Turning to the next page. I'm very glad to be able to speak about the portfolio expansion. It's been a while since we actually did identify the Hällefors Tierp Skogar as the most exciting opportunity we have seen in the Swedish market. We are very happy that we have concluded this agreement and partnership with Måns i Skoga. It's extremely attractive that the land is situated in price area three. It gives a security that this will be an area where you probably have less of power supply than the demand, basically. It also constitutes an important possibility for us to actually contribute to solving capacity constraints in an area where we have some of the largest cities in Sweden, such as Stockholm, for one, and Uppsala. Very attractive opportunity for us, and we will start the work right after summer. Very excited about that. In Norway, we are working with people on the ground to secure more pipeline. We see that Norway holds a tremendous opportunities going forward. Trying to secure significantly more rights there. Very glad that we, in the U.K., have started to work on our first concrete project there of some 30 MW of solar. We are doing a lot of development work right now and hope to be able to proceed during the autumn. We also see additional opportunities with this landowner, who holds considerably larger estates. It's a very nice start for us in the U.K. In Poland, we are in numerous discussions with different potential partners, but haven't concluded anything yet, but working on a numerous number of different opportunities there. All in all, I think our portfolio expansion is having a good progress right now. Turning to next page, on production side. I think we have seen quite a staggering development over the last couple of months with regards to the south of Sweden, where the prices are really going up. Of course, at the same time, you have a large price differential to the north of Sweden, where the prices are kind of low still. Which is quite interesting given that you have, at the same time, a lot of investment decisions or upcoming investment decisions into battery centers, data centers, factories for batteries, of course, and hydrogen production, green steel production. This is likely to change over time, but hasn't really affected forward markets significantly yet. We have also seen that the hydro reservoirs, the water reservoirs, have declined to more normal levels due to not that wet, but especially quite warm weather in the Nordics recently. From Norway, two new cables have been started during this year. One to Germany and now the first one to U.K., which will have a significant impact on the outflow from the Nordic market to other European markets. As you also know, Sweden has shut down four nuclear reactors during the past few years. Of course, this is affecting the power supply in the south of Sweden. Also, you see a quite exciting development now with more ambitious goals and more political decisions being taken on the EU level with higher goals for reduction of greenhouse gas emissions. On the back of that and some other efforts, the price of CO2 is surging also within the EU ETS system, which obviously also helps driving the power prices higher. Turning to next page, an update on our project under construction. We are proceeding according to plan in Skellefteå with the civil and grid works. We have seen some small cost increases on the grid connection side. We also have communicated some delays on the turbine deliveries, but we feel we have a good limitation to the impact because of the contract structure we sit in there. COD is expected in Q2 2022 instead of by the turn of the year, as was originally planned. Ranasjö och Salsjöhöjden just sold to TRIG and funds managed by InfraRed. That is planned to start the civil works after summer. It's well planned for, and the completion is expected by the turn of the year 2023/2024. As Linus mentioned, we still expect profits of SEK 135 million between the years 2021 to 2024. Out of those, SEK 45 million are planned to be recognized during the third quarter of this year, adding to the full year's results, of course, of this year. Turning to next page, key activities planned for 2021. We have, as you know, concluded a sale of Ranasjö och Salsjöhöjden. We want to take the investment decision to construct Lebo, and that's expected to happen somewhere around the turn of the year. We are initiating a process to properly format existing production, working on that. We are, of course, starting preparations to be able to start the process of selling Kölvallen and Fasikan to the market. We expect the situation to be more clear during the autumn and later this year on the grid for the. For Fasikan project and final permit for Kölvallen. We are working on securing pipeline in Poland and the U.K., as mentioned. I think we can say that we have a good prospect to post a positive P&L for the full year and also increase profits for the years to come for the company. The growth strategy is moving on. Okay, thank you all for the attention. I'm ready to answer any questions. Ladies and gentlemen, if you have a question for the speakers, please press zero one on your telephone keypad. Our first question is from Ofelia Aspemyr of ABG. Please go ahead. Yeah, thank you so much, and hello. I have a couple of questions. Maybe we could start with the ones regarding the development. I wonder if you can say something on the development write-downs that you did this quarter. I wonder if this is within the Skaftåsen project, and if you can help us understand if this is of normal magnitude. I can take that one. Are you referring to write-down in development? That was basically a few smaller transformers that we had sitting in our books for projects, and we decided to flip them to another party. They took a write-down in connection to that of SEK 1 million or SEK 2 million. It has nothing to do with ongoing projects. Okay. Thank you for that. From what I understand, you didn't receive any additional proceeds from Kringelvind yet this quarter. I wonder if we should expect this in Q3 instead, and also if this will be reported as an income in the development segment? Yeah, I can take that one. We have a process with some of the involved parties, but it's very difficult to say, when that cash, if it comes, will hit our accounts. It could even take into next year. The amounts are not substantial, but we will communicate when we get them. They would also hit the income side if they do. Okay, thank you for the clarification. I also wonder about the Skaftåsen here. You said that you had some COD delay for Skaftåsen, and it's now expected to be in Q2 2022, instead of Q4 this year. Is that correct? Yes. Yeah. Okay, perfect. If we move over to the production side, I also wonder about the average income. You said that this was affected by some hedges in prices, but also this to some extent for the hourly price that you received. I wonder if you can give just the clarification of the total price hedges for this year. Yeah. They are in line with what we reported in our annual report. Obviously, the hedged price has been lower than the spot price in this quarter, the average spot price. That's only mentioned, there's been quite a big surge in the areas in Sweden where we have our production. Okay. Yeah, thank you for that. You also stated that you had some costs linked to the change of service provider that could arise in the second half of Q2. Can you say something about the total impact of this? It's still too early to say, but it's basically sort of in the interface where we are moving over to the new service provider, and shutting down the old one. We're probably going to have to take some costs that we expect to recoup later on, from the earlier service provider. It's a bit too early to say exactly the cost, but it will be a few million SEK, but we expect to recoup it. Yeah, it's fair to say that we are confident that we will recoup that kind of capital that we will spend. Okay. Can you say something about, is it SEK 5 million or SEK 10 million or SEK 20 million, or? Yeah, I would say somewhere around those two numbers, but whether it's five or seven or nine, it's too early to say. Okay, thank you. A final question from me. I also wonder regarding yesterday's partnership announcement. Should we see this as one large project or several smaller? These are several projects. We are together with the Hällefors Tierp Skogar, which is a big landowner. We have sort of screened their land and identified a number of areas that would be suitable for wind power. It will be. It's more in the magnitude of 15 projects. Yeah. Somewhere around, plus, minus. Okay. That was all from me. Thank you so much. Thank you. Thank you. Thank you. Our next question is from Magnus Skoog of Erik Penser Bank. Please go ahead. Hello, Daniel and Linus. Congratulations to the deal with Hällefors Tierp Skogar. I know it's a greenfield project, so it will take a while for the projects to be developed and sold. In what time frame do you think we will see the first projects? I think it's fair to say that we would need to do some work, and then, of course, start the permitting process. In the order of five years, I would say, before you can reach investment decisions is a reasonable time frame, and sometimes even a bit longer. Super. Thank you. Also with the delay of Skaftåsen, you touched upon it, but around how much do you think the financial consequences will be from the delay? Yeah, I can take that. I think the delay itself is not likely to cause any material changes on the financial side, because we basically have pretty good protection in the contract structure. Basically, that we are penalized towards the buyer on a delay, but the project is compensated by the suppliers for delays. That sort of typically nets out. Not always exactly, but there's a reasonably good protection there. I would argue that the delay alone, it will cause a delay in the payment to us, but we don't expect, or at least as of now, we don't see that it will have a big impact on the payment itself. However, the grid costs, those really impact us because grid companies is basically monopolies, and they don't take any risk on construction. Those would impact the project and ultimately trickle down to us. It's a bit too early to say, but we expect some haircut to the EUR 6.5 million. Still, it's going to be a big number in the end of the day. Okay, super. Thank you. Regarding the Scottish project, Tormsdale, which was a little bit delayed, do you think that could affect the rest of the Scottish portfolio, or is it just something specifically for Tormsdale? It's been a specific situation there where we tried to be a bit proactive in order to have a more stable permitting process. It's only for this project. Okay, super. Last question, regarding the raw material prices, is it primarily steel for the wind turbines that's affecting you? Are you able to pass it on to your buyers? How is the mechanics of that situation? Yeah. I think in any contract that we've already done, it doesn't impact. I think it's specifically relating to before you sign all the contracts, and as I'm sure everybody's aware, the pandemic, it's been havoc in some markets, including steel, but also forward freight markets, et cetera. Copper as well. Yeah, copper. Yeah. We expect this to subside once the markets go back a bit more to normal. We've already seen China interfering, et cetera. We expect it to go back to normal. Yes, it's been super volatile during the spring and early summer. Super. Thank you. That was all from me. Thank you very much. Thank you. Our next question is from Henrik Alveskog of Redeye. Please go ahead. Yes. Hello, Henrik here. Well, I was just wondering, regarding the solar projects in Poland and the U.K., if you could give us some idea of the timeline, what to expect, both in terms of when the first deal could be maybe on the table, and then also the construction time for the solar projects. Yeah. Sure. I think to begin with, solar and wind, they have some similarities. It takes a lot longer to develop wind farms, and it's a more complex process. In construction, it's a much more complex process to construct wind farms than solar, period. That's the starting point. We expect that if we hit the greenfield opportunity, as we are doing now in the U.K., we expect the development period to be maybe around two years max, rather than 5 years +, as we're talking about in wind. It fits very well to our overall pipeline as well. I think, as we mentioned, in the U.K., we already have a situation that we are exclusive on and working on. Hopefully, if everything goes well, then it doesn't have to be that long before we actually have a project good to go. If that project is successful, we have a situation where that existing landowners would like to include more land. We could grow from there. In Poland, we are taking a bit of a different approach where we are looking to acquire early-stage projects, but basically on a milestone basis so that we don't expose ourselves too much to binary risks. We expect to announce something, as we have said earlier, we expect to announce more information on Poland and the U.K. before the turn of this year. We definitely expect to come back with more info. Okay. Thank you. That's all from me. Thank you. Just as a reminder, if you wish to ask a question, that's zero one on your telephone keypad. There'll be a brief pause while we register any further questions. Yeah. I've gotten an email with a couple of questions, maybe I can take the opportunity to answer them. There are three additional questions. One is: will Arise require further financing to finance the development portfolio coming from the Hällefors Tierp Skogar partnership? No. We expect to be able to fund our development activities. The second question is: how are power prices and your average prices moving so far into Q3? Where do you expect them by year-end? I think it's difficult to comment where prices are realized in Q3 as we're only in the beginning of July, obviously, as Daniel mentioned, prices are quite high. Where do we expect pricing to be by year-end? Well, I don't know, Daniel, if you want to comment on that. I think we've spoken a lot about power prices in the past years, and I think we are actually at some kind of new normal now, where the situation with the close down of nuclear in the south of Sweden, the higher political awareness of the climate challenge, but also more interconnectors to Europe will substantially affect prices. Again, it's always very weather driven, but I think the normal prices will be higher, but you will still have a lot of variation. I think you can expect higher prices, but you can also expect that the variation will remain. Yeah. Okay, the final question from this email is: what makes you confident that you can be as successful with solar PV projects, than with wind projects? I think, as I alluded to in the previous questions, we have now been involved in solar now for quite some time, and we clearly see that both the development process is less complex and we see that the construction process is a lot less complex. The mounting of the solar PV is not at all the same process as constructing roads, foundation, et cetera, erecting turbines for wind. We feel that we are well-positioned to be successful within solar PV as well. The grid works are similar. Yeah to slightly easier. It's basically an easier thing to take on. We have done some work as well, and investigations and are working in practice in the U.K. I think we are pretty well-prepared. Yeah. I received from another person here, another question about our solar pipeline in the U.K. and Poland. Are these pure solar projects, or might you see the opportunity to deploy hybrid solutions of solar plus storage? I think absolutely, we would consider that as well. Yeah. For our Tormsdale project, we're actually going to ask for a permit also for storage. It's something that when the market conditions are right, we will of course add battery solutions as well. Okay. That was it from me on questions received via email. There are no further questions on the audio line. Okay. Thank you, all. Wish you a great summer. Yeah. Thank you, everyone.