Hi everyone, and welcome to Cloudberry Clean Energy's third quarter presentation. My name is Anders Lenborg, and I'm joined by Ole-Kristofer Bragnes, our CFO, today. We have prepared a presentation for you, and we will run through the presentation and also open up for questions, so please use the Q&A button and send us your questions. Before we dive into the presentation, I would like to draw your attention to the picture here on the front page. This is our latest wind farm, Munkhyttan, in Sweden. That is now operational. We have just got that into operation on budget and before our time schedule, so Munkhyttan is now producing cash flow to the company. I will take you through the highlights and the strategy, and Ole-Kristofer will take you through the key financial numbers.
And then I will finish off with a short market view and summary before we answer your questions. Yeah, let's start with the highlights for the last quarter. We have had a busy quarter, as we always do. We have realized a power price that is two times the system price in the Nordics, which is very important, of course, for the company and for our revenue. I also think it's important that we realize a higher power price shows that the strategy is working and our focus on where we develop the projects and how we develop them is important to realize the power price that is twice the system price. So that's very good to see. Also, I would like to draw your attention to the backlog where we have entered into an agreement with one of the largest landowners in Sweden, Holmen.
And we have now added 300 MW to our exclusive portfolio. To have a large portfolio of land lease agreements and land areas is, of course, important for our projects and our development of new renewable energy. And this is just the start. I think we will see more coming out of the Holmen Corporation, but we will also see the same type of cooperation with other large landowners in the Nordics. As you see here on the right side, the power production has gone a little bit down from last year, around 10 GWh. And that is due to some power plant sales earlier this year. And also that Odal is still ramping up production as we speak. You also see that the production capacity here is increasing from last year.
Before going into more details, I would like to just quickly run through Cloudberry and who we are and how we think. It's an end-to-end provider of renewable energy in the Nordics, we say. We can say that we are a Nordic IPP. We focused on the Nordics, and we focus on proven technology. We want to be covering the whole life cycle of the project. So we do everything from very early phase greenfield development through environmental studies, concessions, procurements, construction. And we also own the power plants when they are in operation. And we also operate our power plants. And our asset management department also operates a large number of other third-party assets for our customers. So we cover the whole life cycle. And we also have a portfolio diversified on maturity. And we have projects, as you can see here, in all the different phases.
So from the very early pipeline and backlog and through to production. And here you can see on the backlog that we have added the 300 MW from the Holmen transaction. And we have now more than one gigawatt of exclusive projects that we are working on. On the far right here, you see the map and our presence. We are focusing on the southern price areas in Norway and Sweden and on Denmark. DK1 being far the best price area in the Nordics, the strongest prices over the last quarter. We are having a focus on Denmark. And we are also focusing on new projects within the price area where you see the consumption and where you also have the interconnectors out of Sweden and out of Norway and Denmark to the rest of Europe and the continent and the U.K.
And here you see how we have developed the portfolio over the last years. Starting with a smaller portfolio in Norway, we have gradually built a portfolio that is pan-Scandinavian and with all three Scandinavian countries. And going forward, you will see that we will also add solar technology, solar parks to the mix. And we will also see our first storage project that we hope to take a FID on in the first half year of 2025. And that is battery storage. And here you see the overview. As I said, we don't have any construction project going on for the time being. Just finished Munkhyttan. And we are now looking to get the Nees Hede, our first large solar project in Denmark, to FID and also Duvhällen in Sweden. We are working to get ready for an FID. Another important project here is the Odal wind portfolio.
As you know, we have had some issues with the Siemens Gamesa turbines. Odal is total 34 turbines. 20 is back in operation, and we have four more that are released from Siemens Gamesa ready to service, but it has to go through our quality check before we start them up, but you will probably see 24-25 turbines being in operation over the next couple of weeks, and then we are confident that Siemens Gamesa's plan to have 33 turbines in operation within the year is still achievable, so Cloudberry's strategy, it's a strategy that we have had for many years. We put profitability over growth. We focus on profitable growth. We have always been well funded, and we have always had funding for all the projects that we have taken an FID on.
And we will continue to be conservative, continue to be careful with our cash, and do more of the same. And at the same time, as we build the portfolio and finance our project, we also build the platform. Very happy with the platform and how it works. We see now that we can do early phase projects. We can do large cooperations with utilities like Hafslund or large landowners of Holmen. And we can also do M&A activity and get well paid two times booked equity on some of our hydropower projects that we have sold over the years. So the strategy is to triple the size of Cloudberry over the next five years. So three in 30. Both the production portfolio, development portfolio, and the asset management portfolio we try to treble. And doing that with a team that delivers all phases of our projects.
We have also had a spin-out last quarter. We took the Captiva Digital platform and, together with our Kraftanmelding platform, went with Almera and Småkraft and created a new contender in the Nordic power market, and Cloudberry being a 32% owner there, we are going to follow up the new company closely over the next year, and we have a very positive view on what they can achieve on this new platform going forward. We had no health and safety incidents over the last quarter. Important for us, and we have had also good progress in how we have lowered the risk on our projects, and we are always focused on these health and safety issues in Cloudberry, so with this, I think I will let Ole-Kristofer take you through the financial numbers, and I will get back to the market view later. Thank you.
Thank you, Anders. So hi everyone. My name is Ole-Kristofer, and I'm the CFO of Cloudberry. And I will take you through the financial history of this quarter. And looking at this first slide here, this reverts back to what Anders said of our strategic focus being funded, capable, and profitable. And this showcases our story from the beginning in 2020 being listed and up until now creating the platform and creating Cloudberry, now having around 900 GWh of run rate production and funded for continuous growth. We have always been conservative on our financing side, raising the equity first, having raised above NOK 3 billion in equity, and then having debt facilities in place in order to ramp those up, but still having a conservative profile here in order to build a good platform and a backbone for growth with, of course, capital discipline as a foundation.
Moving on and then seeing how the last pillar here, the Q3, is looking now, Q3 2024. We see that we still have a relatively low level of interest-bearing debt and an equity ratio of 69%, which is similar to what we've seen in previous quarters, but now starting to ramp up the debt profile a little bit utilizing the facilities that we have in place. Like previously, we've had the strategy of continuously hedging our debt risk. This has been done throughout the years, starting at very low levels. We see now at the reporting date now, we have approximately 75% of our proportion of debt hedged at long-term agreements at rate all in rate below 4%, which we are happy with. Still, we have a solid cash position, which we'll go back to on the next slide.
You also notice the small drop in total equity here. That goes back to the same explanation that we had last quarter, where we took some small impairments in Q4 2023. That explains the drop. One of the impairments being offshore wind. We've had a strategy for some while to push down on the offshore wind side. We stopped the Stenkalles Grund project. We see that being the right strategic decision also on the back of the stop on the Swedish side on the offshore wind. We don't have any offshore wind amounts in our balance sheet. So we have stopped that for quite some time. Moving on on the liquidity side, this is much similar to what we saw last quarter. But we still have a strong liquidity profile that provides us with future growth. We're funded for our remaining CapEx.
And, like we talked about last quarter, we will draw the debt when we think it makes sense for Cloudberry. We have the facility available. Our construction project has been equity financed in order to not pay unnecessary interest costs. And we now have drawn Sundby last quarter. We have drawn Munkhyttan, but right subsequent to this quarter. So the EUR 16 is in our accounts now in Q4. And Kvemma will be drawn going forward on the next quarter. So still having the conservative profile and looking to raise around 50% loan to value, loan to CapEx. Still room in our facility to match our liquidity side. And we have an accordion in place in order to increase it further and strong support from our savings banks if we're looking to grow beyond that. So important to note.
Moving away from the balance sheet over to the P&L side, we still kind of see the same story here, creating the platform, creating the financials as we've grown. And our production profile has been ramping up until now the 900 plus GWh of run rate production. So you'll see this in the financials here. You have the production and the average realized price as one of the main drivers here, but also, of course, the capital recycling, which we have done on several occasions. And that explains the majority of the drop from 2023 to Q3 2024 LTM. So you may remember we did two accretive hydro transactions, one in Q2 2023 and one in Q2 2024.
Although the one in Q2 2024 is a better or more profitable sale in relation to our booked values, it is a nominal smaller gain than the one we had in Q2 2023. I think it was two times book value in Q2 2023 and 2.3 times book value in Q2 2024, and the nominal size in the gain there explains why there's a drop from 2023 to Q3 2024 LTM. If we look at this quarter, we see it's more or less in line with the same quarter last year. There is a growth number and there's a growth in revenue, which is explained by the investment in Kraftanmelding, which Anders talked about, where we have a NOK 8 million gain within the asset management segment, and we see that the financials over this quarter is affected by the production stops in Odal.
I'm very happy to see that the run rate production has increased since we assumed production early August. The remaining operating expenses are more or less in line when you look at the proportion of consolidated figures. Going over to the segment reporting, we'll revert back to the commercial segment on the next slide here. But starting out with the project segment, we remember we've talked about earlier that the value of this segment is driven by driving the projects forward, moving them to FID, getting backlog projects permitted, and so forth. These represent clear value drivers. We're therefore very happy to see that we've added 300 MW over the quarter through our very promising collaboration with Holmen, increasing our backlog to slightly above 1 GW. That's very good. How this will turn into our financials will be through project sales, internal, external.
That's first when we see them through our P&L. Very lumpy in nature. What we have here in the financial, what you see here now, is the Sundby financials. Sundby is undergoing test production within the project segment. Together with Munkhyttan, which is now completed, we're looking to do an internal transfer of both projects now in Q4 2024 over to the project segments now that they're in full production, both of them. The asset management side, that's where we see the gain of the NOK 8 million . Apart from that, there's growth in the revenue. Also looking at the internal reorganization that we did here with Kraftanmelding and the digital side, moving that into the new Kraftanmelding setup together with Almera and Småkraft is looking very promising.
And you'll see that run through the financial and the cost savings that we'll have in our side over the next quarters. Commercial segment, that's the last slide we'll cover here on the financial side. Again, very much driven by power production and the realized price. Power production, we see wind production has had seen a slight drop. And that's, again, the Odal production, which is now ramping up. But again, it started early August. And now we have, as Anders said, 20 turbines in operation and 24 turbines ready to release back to Odal. That explains that drop. Hydro side, slight growth in the production.
Although with also better portfolio composition in the hydro side following the asset rotation or the asset transfer we did in Q2 2024, where we sold some of our hydro exposure in the northern price areas and then increased our exposure in the Forte portfolio and predominantly southern price areas. Further, again, realized a power price of NOK 0.47 per kilowatt hour, slightly down from the same quarter last year, but as Anders said, more than or around two times what the Nordic system price is showing. So again, highlighting the importance of being diversified in the right price areas, the southern price areas. You see a very large difference in prices over this quarter in Norway and then Denmark being the by far best price area over the quarter with around NOK 0.8 per kilowatt hours in market price.
And very happy to have this exposure and also the favorable regime you have in Denmark. And it is one of our key areas going forward. So yes, on the LTM side, on the right-hand side there, we have the same story that we talked about earlier when we saw the total financials. The reason why we have this drop is predominantly from the two different accretive hydro transactions that we did in Q2 2024 and 2023, where the Q2 2023 sale is larger, but the Q2 2024 is lower amount, but more accretive in relation to book value. So Anders, I'll let you summarize with some market intel. And yeah, outlook. Thank you.
Thank you, Ole-Kristofer. And here you see a beautiful picture of our Sundby wind farm in operation just outside Eskilstuna in Sweden. And we will now have a look at the power price curve. As we always have done, it's to use the Volue Nordic system price estimates. And so this is nothing that we produce ourselves, but we use a third party in this case Volue. And as you can see, the power price curve is in a U. And we are slightly above the power price. And as Ole-Kristofer mentioned, it's a combination of our projects and where they are, in which price areas we have our projects. So we also have a small amount of PPAs covering around 10%-12% of our production on a high-level PPAs.
And we are looking and always in dialogue with potential off-takers to increase the amount of fixed price power purchase agreements in our mix. But today we are predominantly spot price in the portfolio. But this is at least something we see. It's important to mention the flexibility that we have in Cloudberry because we see that the offshore wind had some headwinds. We stopped our offshore wind projects last year. And we saw that solar and batteries technologies are now very favorably priced and CapEx coming down. So we have focused more on those technologies and also on the different price areas. We have seen some of the price areas being soft, DK-1 being very strong. So we have now used more time in Denmark. The Nees Hede here at the solar project is probably the next project that we will FID also in the strong DK1 area.
We have also more projects coming out of the Danish platform. So just to repeat the importance of having flexibility in our project portfolio and our platform. I think this is going to be key for us also going forward. Stay local, stay focused. We have a lot to work with in the Nordics. We have a lot of wind, hydro, and solar. So we will stay with proven technologies, add battery storage because of the volatility. We think that is important. And stay also with a strong balance sheet to give us the flexibility to act on opportunities. And then, of course, we will recycle and always have profitable growth in our focus. So I think going forward, you will see just more of Cloudberry being opportunistic and focusing on where can we create the most value for our owners and for Cloudberry.
So thank you so much for listening in on our presentation. We have probably gotten some questions. So Ole-Kristofer, you can start to answer some of your questions. And I will get back to you also. Thank you.
Thank you, Anders. So yeah, we have a few questions that's been coming in here. I'll try to answer some of them. And then Anders may continue on some of the others. So we've gotten some questions around if we're looking towards storage or BESS. And we talked about this sometime through our presentation. And that is something that we are focusing on. We have an attractive grid connection through Stenkalles, where we have a project together with Hafslund. That is something that we will perhaps move towards first. And then we have opportunities to add storage to our existing wind production. We are looking towards storage in Nees Hede at this stage or sometime in the future. But storage, BESS, these kind of things are definitely something we're looking towards in order to increase our capture price as much as possible.
We're also getting some questions about the stop in offshore wind in Sweden and how that will impact Cloudberry. Anders touched upon it now earlier. We don't have any offshore wind projects at the moment. We are focusing on onshore wind on the Swedish side. I see that this will perhaps only benefit our projects, making them more valuable. The importance of having good connection with landowners is perhaps more important now than before. Further, we had some questions about the FID on Säde: when that will happen, how we're financed. Säde, we've said now we are continuing on the procurement, starting to set the parameters of the project in more detail and looking to do an FID over the coming quarters for this project. We're fully financed for Säde through our CAS position and our existing debt facilities.
And we also have some questions about asset rotation. Is that something you're looking to continue doing? And the answer to that is yes. Asset recycling is still a backbone for growth. And we'll look into doing more or to doing asset rotation if that makes sense for Cloudberry, if we can do it accretively in order to continue to grow our portfolio. So what we said earlier, selling 1 GWh and building two is kind of the simple construct of it. So that's something we're looking into. And where we'll look into doing this rotation and what we're looking to sell, that's dependent on market conditions at that time. So I think that was all the questions we had time for that we had. So thank you so much, everyone, for tuning in. And wish you all a pleasant day and a great weekend when the time arrives.