Arise - Communicates new growth ambitions

Ambition to invest in solar power and geo expansion Targets avg. expansion rate of 300 MW per annum We keep our estimates unchanged Plans to diversify portfolio and projects ahead On Friday, Arise communicated its new growth plan for 2025. Among the highlights: the company plans to invest in large-scale solar power projects in new geographies, including Poland and the UK, although it will continue to focus on early-stage wind power projects. Arise has initiated dialogues with local representatives to secure project rights for solar power, but no new projects have been launched yet.

Second, the company plans to realise 3-5 TWh of green electricity production p. a. by investing in new platforms.

Regarding these projects, the company will invite financial partners to co-invest. Arise will retain a minority interest in the platforms, creating the flexibility to either sell or independently finance an entire project. Third, Arise targets an average expansion rate of 300 MW added per annum, by 2025.

Estimates unchanged We believe that geographical expansion, in tandem with the introduction of solar power, is an opportunity for Arise to diversify its portfolio and create new business opportunities. Expansion into solar power could also be a good way for Arise to realise sustainable growth, as this area often indicates shorter lead times and simpler permit processes. On the other hand, this should not be extrapolated into a change in our estimates as there are no new projects or figures in place.

We await more information It is still early days, but should the company be successful in increasing its output, that could potentially be grounds for revisiting our fair value range. We will continue to monitor developments. Separately, in its press release on Friday, management highlighted that the distribution of future profits is still flexible as potential cash flows will be re-invested and paid out in the form of dividends to shareholders.