Hi, everyone, and welcome to Cloudberry's second quarter presentation. My name is Anders Lenborg, and I am joined by Ole-Kristofer Bragnes today. I'm very happy to have Ole-Kristofer in his new role as CFO of Cloudberry, and in a short time, you will hear him take you through the financial numbers. Before we dive into the presentation, I would like to re-draw your attention to the picture here on the first page. This is from the construction of Øvre Kvemma Hydropower Plant on the west coast of Norway. The construction is done, and the power plant is today producing in our portfolio and delivering new renewable energy on the grid, so another very important project for Cloudberry.
I will take you through some of the highlights and the Cloudberry platform before Ole-Kristofer takes you through the key financials. We will also open up for questions, so please use your Q&A functions on the web page, and we will try to answer as many questions as possible. Hopefully, we will be through the presentation and questions over the next 30 minutes. We are happy to report yet another strong quarter from Cloudberry. We have a strong quarter based on good underlying results. We have increased our production. We have also a strong realized power price over the quarter. As you can see here on the right side, we are steadily increasing our power production and installed capacity.
In addition to the underlying production, and, and, we have also received a compensation from Siemens Gamesa on the Odal Wind Farm, and on top of that, we have also sold some hydropower plants and increased our ownership in Forte portfolio. We will now have a 49.9% ownership stake together with Swiss Life Asset Managers. So all in all, strong quarter, active quarter, and I will get back to some of our projects and the project development later in the presentation. Taking one step back, just giving you a quick introduction to Cloudberry. We have, over the last years, built a renewable platform, a Nordic independent power producer. This is a unique platform in the Nordics.
We have a setup that covers all the everything from greenfield project development until brownfield-producing assets. We develop many of the projects in-house. We have also a active M&A and commercial team in the company, and we cover today wind and hydropower plants in Norway, Sweden, and Denmark. We are also working on solar projects, especially in Denmark and in Sweden, and we have also now focused more on storage and batteries that we will come back to. The portfolio covers eight different price areas in three different countries, and with the maturity of everything from pipeline to production. All of this gives us a unique flexibility, where we can always focus on where we can see the best returns.
We have all experienced that how fast the power market can change and how fast the fundamentals can change in this sector. This flexibility is important and unique for us, and we see also more and more of our competitors getting into this market. All in all, flexibility is important for us. As you can see here, we have steadily diversified our portfolio over the years, starting off with a pure Norwegian hydropower portfolio back in 2020. Today, we have a Scandinavian portfolio of two different technologies. As mentioned, both solar and storage is in our portfolio developing projects today.
We are happy that Odal is back in production. As you all know, we have had some issues over the last half year, and we have had a good cooperation with Siemens Gamesa and our co-owners to get the wind farm back in production. Today, we have six turbines spinning, and the plan is to have 20 turbines in operation end of August. A lot of development is happening in Odal wind as we speak. The rest of the turbines we will see coming on grid over the year, and we should be fully operating by end of 2024.
Both on Sundby, Øvre Kvemma, and Munkhyttan, we have seen that we have managed to get the projects developing according to time and budget. Some of them also ahead of timeline and below budget. Munkhyttan will now come into test production over the next couple of weeks, and we will have a production from the Munkhyttan in Q3. In Denmark, we are working on the Nees Hede project. This is the solar, 175-MW solar and wind hybrid project, and things are developing according to plan, and we are looking to take a FID on that project later in this year, beginning of next year.
Also, on the Duvhällen project in Sweden, which that has a concession, we will see development over this quarter, and Yeah, so our strategic focus has not changed. We put profitability over growth. It's always important for us to focus on profitable projects. And as mentioned, the flexibility and our diversified portfolio of projects and technologies gives us this flexibility. And we have exciting projects both in Sweden and in Denmark on solar and also storage.
We have increased the focus on those technologies, and we have at the same time decreased the focus on the nearshore/offshore projects due to the basics of these projects and the market, how it has developed over the last couple of years. Still, a strong balance fully financed platform for our projects and also a very experienced team, where we can cover all these opportunities that I have mentioned. What you see here is a stable strategy, and you will see more of the same that we have done historically also going forward. We're also super happy to announce the cooperation with Holmen.
Holmen being a Swedish one of the largest landowners in Sweden. It's also a big industrial player. So it has both the land areas, but it has also one of the largest energy consumers in Sweden with their paper and pulp business. And this cooperation gives us access to large areas in SE3, where we see low conflict areas, and we see scalable project development in that cooperation. And we will come out with more information as these projects develops and get back to the cooperation in more detail over the next months. But very happy to see that coming through.
It's a partnership that we both have worked hard and long for realizing, and we are now looking to the future with Holmen in SE3. On the ESG side, we had no safety incidents over the last quarter. Continuing developing the project, we have also increased our avoided emissions over the last quarter. So in all in all, it's no big news on the ESG side. So then I will give the word to Ole-Kristofer. He will take us through the financials, and then I will finish off later with the market update and the conclusions. Thank you.
Thank you so much, Anders, and hi, everyone. My name is Ole-Kristofer Bragnes, and I'm the new CFO of Cloudberry. And very much looking forward to take you through the financial history of Q2 2024, and how our quarter has gone so far, our year has gone so far. So starting off, fundamental value creation is, of course, one of the most important aspects of Cloudberry, and here you see our growth trajectory from year of listing on our balance sheet from 2020 all up till Q2 2024. So it's been a history supported by strong owners raising equity in order to grow our balance sheet, while focusing on creating asset value per share.
So, we are now at the place where we've kept financial risk at a low level, already having a very stable, strong balance sheet now in Q2 2024, at the place we're able to capitalize on the platform that has been built over the years. So coming into the quarter in Q2 2024, we were reporting a very strong balance sheet with low proper debt in relation to our total size. You see, first of all, on the left-hand side there, that we had a small drop in total assets and total equity since the same quarter last year.
That's mainly explained by an impairment that we did in Q4 2023 on our offshore wind and the Captiva acquisition, reducing the levels to the same price that we acquired it for, and also due to foreign exchange differences. Over the period, we have had very stable results and healthy results. We still report a strong cash position at NOK 900 million, above NOK 900 million, and relatively low debt, as mentioned. Taking into account our associate companies, Odal and Forte, our ownership in them, and also the associate companies in Odin, we're at NOK 2.4 billion of debt in relation to a total asset size of NOK 8 billion. So a consolidated equity ratio of 69%, which we are happy with.
It was also important to note that all 75% of our proportionate interest-bearing debt is fixed at long-term agreements at all-in rate below 4%. Very happy to have had that policy for a long time, and something that we'll continue with. Not as affected or not affected by the increasing interest rates on the balance sheet. That's good. Going forward, our liquidity provides ample room for growth. As you saw from the previous slide, we have around NOK 940 million in proportionate cash. Then we also, as we have explained in the report, we have some remaining CapEx on our projects that has been under construction, which have been equity financed up until date, with the exception of Sundby, where we drew debt this quarter.
So we plan on drawing debt where we have a policy of around 50% of the total CapEx in Q3 or Q4 2024, which is net debt neutral but will increase our cash position. So all in all, we have available liquidity of around slightly below NOK 1 billion, but we also-- that's on the equity side. So we also have strong support from our bank connections and have around NOK 500 million of remaining debt capacity on our facility after we draw the debt on the project. So that's good, and we also are able to increase that through refinancing possibilities if we need to.
Moving on, on the P&L side, that has, of course, been influenced by coming at the time of listing, where we had, call it, the project ahead of us and the production ahead of us, to a time where we have slightly around 900 GWh of run rate production, which has also increased the profitability substantially. Robust performance through these years of somewhat challenging renewable market, but able to deliver good results. This growth has been supported by increase in production values, production volumes, as mentioned, but also through very efficient capital recycling and high-level terms able to sell 1 GWh in order to construct or acquire 2 GWh.
That's how we're able to sufficiently or effectively utilize our balance sheet in order to grow as well, and then supporting growth engine for Cloudberry. In addition to, of course, the value creation we do on the development side. You saw on the last slide that we had a drop from 2023 to LTM Q2 2024, and that's mainly due to the drop in financials from Q2 2023 to Q2 2024, so year-on-year drop. That is mainly explained by the larger asset sale that we did in Q2 2023 relative to the one that we did in Q2 2024. We also did a sale last year, but this was also three hydro assets, but in nominal terms, a larger sale.
So we had the gain of NOK 258 million in Q2 2023, relative to a NOK 109 million gain that we did in this quarter. Even though this quarter's gain is relatively better compared to the book equity of these assets. So that's a 2.3 x book equity in relation to the 2.0x that we did last quarter. So a better sale in relation to our book values this quarter, but smaller sale, which explains the drop in financials. Excluding these, both revenue and profitability have increased quarter-on-quarter. And that's mainly due to increased production volumes, as we talked about, offset by somewhat lower realized prices. Further, as Anders mentioned, this quarter is affected by the availability payment that has been received in Odal and booked in Q2.
So you remember in Q1 presentation or Q1 report, we talked about that the first availability period ended in May 2024. So that has ended, and we are very happy to report that we have received the financials, received the payment now, and booked this under Q2. The number is unfortunately undisclosed, but you can see in note 6, where we report the income from Odal both on a 100% basis and proportionate to Cloudberry, which will give you a very good estimate of where this figure is, considering that the wind farm shut down 10th of April. Still affected by some production stops in Odal, these financials, but very happy to report that the wind farm is now operational again.
With regards to the segment reporting, you see this on the left side, left-hand side here, and we'll revert back to the commercial segment on the next slide. But for the project segment, it's important to note that the financials here will be lumpy in nature, considering the main value drivers are maturing the projects and moving them towards the concession, where you have most of the value creation. The value creation will be shown in the financials when and if we do an internal or external sale.
So that's first when you see them in the numbers, even though we have Sundby delivering profitable or favorable results, as it is still reported under the project segment, which will be moved over to the commercial segment in the second half of 2024, now that we have finished the wind farm. But as mentioned, it's the project that's the main value drivers for the segment, and we have increased our backlog quite dramatically year-over-year, and also handed in several permit applications year to date for this year. Again, the very good partnership with Holmen, which we're very happy about, that Anders talked about, that will produce many projects over the years. That's the project segment. For asset management segment, we have.
We have signed several new clients over the quarter, which is good, and then we also the integration is going well, and we see clear synergies that we're able to talk to realize and which will reduce the cost going forward, as we mentioned, the second half of 2024. One of them is digital investment, where we're currently undergoing a strategic initiative, and then we're looking forward to talk more about in Q3 2024 when we have something to announce. The corporate segment, we just want to point out that there's NOK 5 million booked under the corporate segment that's related to the warrant, and that is non-cash, so it's a non-cash expense. Further, we have also booked NOK 3.5 million in the board remuneration, which is booked this quarter.
It's comparable to the same quarter last year, but when you look at quarter-on-quarter growth, that explains the difference. For our commercial segment, the main driver here is of course, the production volume times the average realized price. Production has increased from 143 GWh to 243 GWh, from 117 GWh, same quarter last year. That's mainly driven by our acquisition in Denmark, having a full quarter effect, which we're very happy about, and that's also driving up the average realized price. We're reporting NOK 0.54, NOK 0.59 per kWh, compared to 76 per kWh Q2 2023. Even though that's a drop quarter-on-quarter, relative to the underlying market price, this is a very good achieved price.
Further, as mentioned, the financials here are highly influenced by the sale that we did both in Q2 2023 and Q2 2024. And the same story, as I mentioned earlier, that the size of the sale has been larger in Q2 2023 than Q2 2024, and that's the reason for the drop in financials, but again, a relatively better sale in this year compared to the one last year. In addition, we have the acquisition of the Forte portfolio of 15.99% , as Anders talked about, and the result here is a better, an optimization of the portfolio composition of a hydro production. Moving production from NO3 and NO4 down to NO2 and NO5, which are better price areas, while also releasing the liquidity for Cloudberry. So a good transaction, which we're happy about.
Last but not least, is the Odal production. That's, of course, influenced in these numbers, which we've already talked about and covered more in the report. So that's that on the financials, Anders. I will hand this over to you for some market and summary before we do the Q&A.
Thank you, Ole-Kristofer, and let's move on. Here you see a picture of the Sundby wind farm, just outside Eskilstuna in Sweden. Nine turbines spinning and delivering production on the grid. We see favorable market developments. As you can see, we have a realized power price just above the price curve here, and we see also the price curve moving in the right direction over the next couple of years. I have already read some of your questions, and one of the questions is what drove the strong realized power price in the last quarter?
Just to have a comment to that, when we see the price curve, it's our mix, I think, of merchant exposure. We have mainly merchant exposure in our production portfolio. We also have entered into some PPAs both in Denmark and in Sweden on very attractive levels. And, of course, having eight different price areas, we see that these develop and give very different results over the quarters. So, this last quarter, we have for example seen fairly high power prices from the Danish price areas, and softer prices in the Swedish and Norwegian price areas, some of the Norwegian price areas.
This, of course, can and do change over the year and over time. That's also why we think it's important to have this portfolio covering all these price areas. We have focused on the price area south in Sweden and south in Norway. In Norway, also seeing where the interconnectors to Germany, to Denmark, the Netherlands, and to the U.K. is affecting the price level. We also see now that you have interconnectors out of DK1, where we have a lot of our turbines spinning in Denmark, both the interconnection to the Netherlands, but also now to the U.K.
So all in all, we think we have a good mix of merchant exposure, PPAs on a high level, and the price areas that we have focused on gives us this strong realized power price. Back to the presentation, we see that the market drivers and, you know, the regulatory frameworks and so forth is attractive, and I think this will just be even more so going forward, closing in on the 2030 goals. And we all know that we are. We have a lot of work to do to be able to reach these goals in the Nordics.
Based on the quarter, this is a closing remarks from Ole-Kristofer and myself. Strategy, as mentioned, it's firm. It's the same focus as we have had over the last years. Profitability over growth, focusing on the Nordics, use our network, use our footprint to always look for new opportunities, be flexible and agile and focused but where do we see the best returns on our projects? We will just continue to do more of that, also adding solar and battery. At the same time, we need to show that we deliver on our projects. We are delivering on time and cost.
We still have the focus and together with a strong balance sheet, we can be able to act on the opportunities that we are given. All in all, we see an exciting market going forward, falling CapEx prices on solar and batteries especially, but also we see the interest rates and also on the wind turbine side, CapEx coming down. All in all, we are positive to the future. Thank you so much. That was our presentation for the second quarter. We have, as I mentioned, received some questions. I have touched upon one of them.
Another question we have received is: "Do you consider to moving into Power-to-X projects with Holmen or other players?" And we are very focused on developing projects and focused on production, renewable energy production, and not looking at the demand side, not entering into Power-to-X projects or other project that is on the demand side. But what we see is that we, through our projects, and especially in Denmark and Sweden, we can contribute with the renewable production in the Power-to-X space. So we will continue to stay on the production side and focus on what we do best, but we can.
You will see that we will be deliver power into these Power-to-X projects in the Nordics going forward. Yes, that was the questions I had on my list, and Ole-Kristofer, you probably have some other questions coming in.
Yeah, I can, I can do one or two. So we're getting several questions about the Odal compensation, and again, unfortunately, we're not able to disclose the full figure. But, what we can say is that you see, in note six, that we have around NOK 77 million of revenue in Odal, proportionate to Cloudberry. And then again, the wind farm shut down on 10th of April, so 10 days into the quarter. So, you can try to do the math from there to figure out. But, a substantial amount of the NOK 77 million can be related to the warranty payment. So that's unfortunately what we can disclose there.
We also, a bit more of a technical question, but, from the proportionate, the revenue of NOK 288, what is from the sale and what is due to the Odal warranty? Again, we reported a gain of NOK 109 million in the gain, so that's that one. And then also, as mentioned, Odal proportionate revenue of NOK 77, majority of that is from the warranty payment. And the last one I have is: Do you still see attractive market for capital recycling? And, our last price point is, of course, the one we have done, which is a very favorable sale, compared to the one we did last year.
This is what, at least in our view, is least favorable price areas, the northern ones, at the relatively higher level. So that's a very, very strong price point. So that, that's all we can comment on that one. We still see strong fundamentals for the renewable market, and that should result in attractive market for capital recycling if we were to if we require it for growth. But it's not something that we have to do. We're still fully financed for our projects, mainly in the solar, including the wind option. So that's the ones I have missed. And on that, I think we're on time, and we thank you so much for listening in and for your attention. And then, if something isn't covered, feel free to reach out. Thank you so much.