Redeye makes minor estimate changes following Arise’s Q3 report, due Thursday last week. The report was in line with our estimates, apart from a EUR3m revenue recognition boosting the result, related to the future earn-out payment from project Kölvallen. Arise’s project portfolio grew 200MW sequentially during the quarter, including the late-stage portfolio, despite divesting a 40MW battery project in Q3. This bodes well for reaching its near-term financial target of divesting >400MW during 2024-2025, and we, therefore, pencil in another project divestment in 2025.

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