Good morning and welcome to this first half year twenty twenty one presentation from Cloudbury. This is our first presentation as a listed company on Oslo Burche, a fully regulated markets. And we have had an exciting year so far. We have reached all our goals and we have also been able to attract New Investors and developed our sustainable local platform. We have prepared a presentation for you that we will go through and we have also opened up for Q and A session.
Together with me today, I have our CEO, Christian Helland and our Head of Sustainability, Sonae Alka. The agenda today is present here with an overview of Clalbury and then we will move on to have a run through of the project status and the key financials. Before we dive into the details, I would like to give you an introduction to Cloudbury. Cloudbury is a Nordic independent power producer. We develop and operate renewable assets in the Nordics.
We believe in developing in house projects from the very beginning until they are in production. So we have 2 segments in Cloudbury. We have the development segment that develops projects and we have the production company where we keep the producing assets that generates long term cash flow to the company. We have also a solid development track record developing projects over the last 10 years. With listing of the Oslo Stock Exchange main board, we have established our scalable Nordic Renewable Platform.
So this is Cloudbury today. We have a producing Portfolio of 26 power plants, 21 of them are now in production as we speak and 5 are under Construction and in production next year. With all these 26 Assets in production, we will reach producing capacity of about 140 megawatts. We have also a backlog of exclusive projects that we are developing through permits to construction and production. This backlog is exclusive.
And as many will see, we have been able to move projects from the backlog through to getting a permit and now in construction or production. One example we will give you later when we go into details on the home project. In addition to this, we have also a shallow water offshore pipeline of projects that we are currently working on And we have strengthened our development team to be able to both focus on the onshore develop but also on the offshore develop of projects. So a little bit about the highlights of the last year. As you can see, we have significantly ramped up our production.
12 months ago, we had producing assets of 3 megawatts. Today, we have 53 megawatts in production. And next year, we will have almost 140 megawatts. And these are all projects that we have in construction or production as we speak. And we have been able to deliver on plan, both when it comes to the both hydropower projects that are now in production, but also so far our projects under constructions are developing according to plan.
That is the Uddal Wind and the Horn Wind Farm projects and Ormold's Foss hydropower plant. At the same time, we have been able to strengthen our balance sheet and attracted value focused ESG investors. I will now take you through some of our projects and comment shortly on each of them. So, we have had 2 hydropower projects in the portfolio since 2019. That is Nesla Kloft and Bjergelva.
And we have been able to put them in production. They came in production after commissioning period and started to generate The income to Cloudera in July this year. And they will keep on generating income over the next 60 years. We expect equity IRR estimated to 8% on these projects. Moving on to our wind development in Uddal in Norway.
This is our largest project where we have increased our ownership from 15% to 33.4% this summer. The project is developing according to plan so far and we have estimated the commercial operation date in the first half year twenty twenty two. This project is all together with the local KLP pension fund and the local utility, Akershus and Machine. And then we have our own in house developed project, HORN. HORN is an add on to Markir Wind Farm, which We developed in 2019 and sold to KW, a Swiss utility.
We have, this July, started to construct the Hornwind Farm. We have estimated equity IRR on this or about 12%. And we have planned for production start in at end of 2022. And the production from these 5 vessel turbines will be approximately 74 GBH. I now hand over the word to our Head of Sustainability, Sohrab Alka, that will take us through the ESG slides.
Thank you.
Thank you, Anders. Our construction activities on projects are visible in the areas we operate. And we always look for ways to minimize the environmental footprint. ESG is top priority through the value chain on all projects. And today, we would like to give some examples on the ESG in practice From the Horn Wind Farm project.
We expect Horn Wind Farm to be a low impact project with less Life cycle emissions. We reduced the amount of concrete with rock anchored foundation. And with 5 efficient turbines instead of 7, It contributes to a lower carbon footprint, for instance, with lower towers and use of less steel. We're using existing infrastructure such as rig sites, parking lots and roads that are already in place. We're also utilizing local grid for temporary site offices, and we're avoiding diesel generators.
Clalbury requires contractors to comply with our health and safety routine cement framework and holds weekly meetings with the contractors on-site home to secure health and safety management. Local value creation is an important priority for Cloudera in all our developing and producing projects. At Home, we're using local suppliers and contractors and have established a suppliers' database for local and regional suppliers to register. The roads, which basically are intended for power cables, Clalbury collaborates with the municipality to develop a cycle path cross border between Norway and Sweden. The road will also provide land owners with easier access to their forests and thus improve their forest management.
And PSG due diligence at the Horn project was an integrated part prior to the final investment decision. The due diligence, guidance and guideline takes into account a selection of ESG aspects that may have material impact, both positive and negative. At all Cloudera's projects, we, As well as at Horn, we are engaged and responsible for the impact we caused during the construction phase. We always seek to bring nature back to its original condition as far as possible. As for sustainability management in a larger perspective, we would like to give you a brief insight on our Value Focused ESG Investors.
Cloudbury has taken several steps on integrating ESG principles throughout the organization, And we constantly work on developing Cloudbury and our projects according to the highest ESG standards. During the first half year, Cloudbury has implemented a standardized process for an annual Clalbury is carrying out a life cycle assessment of greenhouse gas emissions for the company's hydro and wind power plants, And our assets are within the life cycle emissions according to the EU taxonomy thresholds. We have improved the company's routines and policies with regards to health and safety. This topic will also be addressed in the supplier's code of conduct. Focusing on gender equality and diversity is a part of the company policy.
As already mentioned, local value creation is top priority for Cloudbury. And we believe the listing on Oslo We utilize best available technology in order to lower our carbon footprint and support EU's goal towards 2,030 And to secure the company's profitability and financial position. This year, Clalbury is implementing its ESG We have implemented our code of conduct within the organization and have developed ESG due diligence assessment as a part of investment processes. Clobbery's ESG committee is established and has had meetings during the first half year. Also, the management has established frequent ESG meetings to ensure alignment with the company's sustainability strategy.
And now, I will leave the word To our Chief Value Officer, Chris Chan.
Thank you,
Sohrab. Hi, everyone. Just to summarize the financials. For us, the first half year has been very good. We've been ramping up the full production pipeline.
And also to just give you an overview what's how the revenue keeps coming in, as you see Finsek, Becken, Reymir and Forte and sales and awards producing first half year. The Nesakraf Bergehr Van Usma came on stream now this summer. Almost Fos Erangelion and Skorane is coming on stream later this year. And then we expect our largest project, Odal and also home to come on stream in 2022. So this shows that we've been through now a significant ramp up.
We've been very pleased with the development And the project has been on time, on budget and we're very satisfied that we as a lean and local organization been able to deliver on yes, some relatively complex local projects. The report, as I understand, from 2 segments. So we're ramping up the production segment. We're starting to see the revenue coming in there, again, going from SEK 2,000,000 last year to SEK 18,000,000 this year and expecting significantly pickup now in H2 and in 2022. We also see that the EBITDA is becoming positive on the production segment.
On the development segment, we have focused on keeping the project in house. As you know, our strategy is we can both sell and keep. Since we strengthened the balance sheet and had a lot of focus on the balance sheet first half of twenty twenty one, We have decided to now construct home ourselves and we're also preparing for Blue Helen. So we have not sold any projects externally, we have decided to in that kind of sense, have cash flow for the next 30 years in these projects. We also done a provisional marker, The final settlement with the local contracted there and we received SEK 5,000,000 and we have set aside SEK10 1,000,000.
We hope the net effect will be less than SEK5 1,000,000 in total. So, we had an operating profit of minus SEK24 1,000,000 for the year. This is obviously something we are planning to improve. We have had some significant costs on the listing side. We've been very pleased with the process, done a lot of work with listing on the main list and also, as you see, the marker settlement.
So one offs, so about SEK 14,000,000 and now we see the significant ramp up coming in our production segment. We had some lower water in our rivers, so normalized. We believe that our production will be a little bit higher, But slow start of the year with a little less water in the rivers have also lowered our volumes. On the other hand, the power prices are picking up and have become very strong the later part of this year. I would also like to mention we report on 2 things, The consolidated financials, the IFRS and also the proportionate.
So we are able to show you our largest investments, both in Forte and investments both in Forte and Oudar where we are 34% owners. So focus for us this first half year has to be building a robust balance sheet, so we can build and continue to develop our in house projects and also be leaning forward in the M and A market. So as you see, significant ramp up in total assets. This is showing end of December, so the last 6 months, and also significant increase in equity. So we have raised capital and also we have paid debt.
So we have a very low interest bearing debt rate and obviously no net debt. So it's a very strong balance sheet for further growth and fully financed for all our 119 megawatts of projects that we have in house and most on the construction and some, Duhgen coming on hopefully next year. We have also secured a SEK 700,000,000 debt facility in SR Bank, giving us flexibility on the debt side when we're growing. So as mentioned in the yearly report, we're doing the same, focusing. We're going to be local.
We focus on our in house organic development. We have also employed 2 new employees there in Karlstad and one here in Oslo. So we can take the local position and increase our backlog and the in house development projects that we believe are highly profitable for us over time. Poland is a typical example of this where we did the FID and started the construction already in June and secured the contracts there with Vestas. Then we have the local and active M and A.
Usimme is a very good example of this, where we in Tramplag now acquired a very well run hydro plant and new plant, which we believe also have upside potential with possible storage in the future. Then we have the strategic initiatives. Oudal is a typical example of this, where we're with Gail P and Aker Shus, have now 1 third ownership and believe this is very good power to deliver to Oslo green renewable power directly to the NO1 in the Oslo region. Yes, Anders, time is running, so maybe a short sum up from you.
Thank you, Christian. As mentioned, we have been delivering all our goals so far and we are very happy to see that our scalable Nordic renewable platform is listed on a fully regulated market. That's something that we have been working with over the last year. In addition to that, we see that all our projects have developed according to plan. And that has been a challenge in these COVID-nineteen times.
And we are Very pleased that we have been able to so far progress with all our projects. And in parallel, We have also been able to build this robust balance sheet and attracted several new international ESG Focused Investors. So, so far, we also see that the Nordic market is active. We have opportunities in all the Nordic countries that we are looking at. We are currently in Norway and Sweden, But we also see opportunities in the other Nordic countries.
In general, I would say that The framework, the overall regulatory framework and focus on the energy Transition is very positive for Cloudbury. We see initiatives such as Fit for 55 from EU and also initiatives in the Nordic market supporting the Cloudbury business. And We are looking forward to take part in that energy transition and being one who is able to power also this transition. What we see is that the focus on the renewable projects is putting pressure on the commodity prices and also on the supply side. So that is something that we have to work with over the next years.
At the same time, we also see that the Nordic prices has picked up significantly over the last 12 months. And also forward Looking forward, the power prices looks strong. So all in all, we are very positive to the market and to the project that we are currently working on. Thank you so much for attending and have a nice day. Thank you.