Redeye updates its estimates following Arise’s Q1 report yesterday, which presented a solid set of numbers that beat our estimates. The main reason for the beat was an FX effect related to the revaluation of earn-outs in a few projects under construction. However, Arise also realised a higher electricity price per MWh than we counted on, combined with lower-than-expected costs, which further improved the EBITDA. We think the Q1 report was another step in reaching the financial targets of 2024-2025, as Arise is accelerating several projects in its development portfolio.

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