Cloudberry Clean Energy ASA | Invests into Swedish late-stage development project

Cloudberry Clean Energy ASA | Invests into Swedish late-stage development project

23 Nov 2021 22:45 CET

Oslo, Norway, 23 November 2021: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") has entered into a binding agreement to acquire a onshore wind power
project in SE3 area in Sweden. Cloudberry, a Nordic renewable energy company, is
positioning for further growth of its development and production portfolio in
the Nordics.

Today Cloudberry has entered into a binding agreement to acquire 100% of the
Kafjärden wind development project (18-40 MW) outside Stockholm, in the
attractive SE3 pricing area. At Kafjärden, Cloudberry is stepping into an
ongoing development project, where the Company has identified significant
potential for added value.

The pricing level for the acquisition reflects historic project related
investments, as the former owner made a strategic decision to sell its
development projects. As such, including project rights, Cloudberry assesses the
pricing to be attractive versus comparable transactions in the Nordics.

"The Kafjärden project enables us to take advantage of our skilled, local
development organization to de-risk and add value to a late-stage development
project. We see a clear upside potential in the acquisition, through
commercializing the asset via in-house late-stage development of the project,
optimizing the technical lay-out and specifications of the project", says Tor
Arne Pedersen, CDO of Cloudberry.

The acquisition of Kafjärden boosts the Company's late-stage portfolio and fits
well with the Company's value creation strategy. Together with the in-house
developed wind projects Stenkalles Grund, Hån and Duvhällen, Cloudberry has
acquired attractive projects with growth opportunities and/or low-cost entries
with added value potential. Cloudberry expects double digit equity IRRs for the
lifetime of the project.

"Cloudberry is uniquely positioned within the Nordic renewable space to create
value through local knowledge, hands-on stakeholder management and a highly
skilled development team. Kafjärden fits well with our value creation strategy,
where we will seek to commercialize the asset, and bring the project to a FID
within 2022", says Anders Lenborg, CEO of Cloudberry.

For further information, please contact:

Tor-Arne Pedersen, CDO, +47 488 95 692, [email protected]
Christian Helland, CVO, +47 418 80 000, [email protected]
Suna Alkan, CSO, +47 913 02 907, [email protected]

This information constitutes insider information and is subject to the
disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17 and
section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Suna F. Alkan, Chief Sustainability Officer,
Cloudberry Clean Energy ASA, on 23 November 2021 at 22:45 CET.

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local tradition. The company owns, develops, and operates
hydropower plants and wind farms in Norway and Sweden.

Cloudberry is powering the energy transition to a sustainable future by
providing new renewable energy today and for future generations. The company
believes in a fundamental long-term demand for renewable energy in Europe. With
this as a fundament, Cloudberry is building a sustainable, scalable, efficient,
and profitable platform for creation of shareholder value.

Cloudberry`s shares are traded on Oslo Stock Exchange's main list (Oslo Børs),
supported by strong owners and led by an experienced team and board. The Company
is located in Oslo, Norway (main office) and Karlstad, Sweden. To learn more
about Cloudberry, go to www.cloudberry.no.

More information:
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Source

Cloudberry Clean Energy ASA

Provider

Oslo Børs Newspoint