Cloudberry enters Denmark. Transformative transaction increasing power capacity by 70%

Oslo, Norway, 10 February 2023: Cloudberry Clean Energy ASA’s ("Cloudberry" or the "Company") has today indirectly signed a sale and purchase agreement with Skovgaard Energy A/S (“Skovgaard”), a Danish renewable energy developer. The agreement secures Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden.

Cloudberry will acquire 80% ownership in the newly established company Odin Energy P/S (“Odin”) while Skovgaard will keep a 20% ownership. This adds a total capacity of 106 MW (~311 GWh) net to Cloudberry. The turbines are high quality Vestas and Siemens turbines with an average expected remaining lifetime of about 23 years.

The partnership between Skovgaard and Cloudberry will further increase the transition to green energy in Europe and opens up for more innovative and sustainable projects in the Nordics. Cloudberry accelerates towards a production level of ~800 GWh per annum following the transaction and will diversify the portfolio with assets in one of the most attractive price areas in the Nordics.

We are proud to have established a scalable partnership with Jørgen Skovgaard and his team. Denmark in general, and Skovgaard Energy in particular, have industry-leading experience. Add the size of the portfolio, immediate cash-flow and further growth opportunities, and the acquisition represents a gamechanger for Cloudberry and our long-term strategy. This puts us in a favorable position of becoming the leading Nordic Independent Power Producer, that can act locally and be a long-term responsible developer and owner of Danish wind and possibly solar assets”, says Anders Lenborg, CEO Cloudberry.

The step into the Danish market creates a strong position for Cloudberry in Northern Europe, and a diversification of our portfolio given the recent headwinds created by the proposed tax changes in Norway.

“We in Skovgaard are excited to start our journey with Cloudberry as a leading Nordic Independent Power Producer. The transaction will make it possible for Skovgaard to accelerate our Power to-X initiatives and put Jylland on the energy-map for integrated energy solutions. We are currently scaling our local development team to grow and assist Cloudberry with new and local opportunities, including wind/solar solutions and re-powering” says Jørgen Skovgaard, Chairman Skovgaard Energy A/S.

The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between 1st of January 2023 to Closing, potential pre-emptive rights in Tranche 2 (as described below) and adjustments related to net debt and net working capital. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with 44 (~95%) of the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard.

The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights (approx. 247 GWh). Tranche 2 covers entities which are partially owned with pre-emptive rights (approx. 64 GWh). For the entities included in Tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by the transaction. Consequently, the exact size of the portfolio to be transferred in relation to Tranche 2 is subject to changes.

The acquisition of the portfolio will be fully financed by existing cash and the existing bank facility available to Cloudberry by Nordic banks (approx. 50% equity and 50% debt). With the expected cash flow generation from the enlarged producing portfolio and a low levered balance sheet, Cloudberry has capacity to fund further growth such as assets in the development portfolio.

The transaction is inter alia subject to approval from Danish authorities with Closing estimated in latter part of Q2 2023. Please find further details in the attached presentation which will be presented as part of the Q4 2022 report on Tuesday 14 Feb 2023.

For further information, visit our company and IR website or contact:
Anders Lenborg, CEO, +47 934 131 30,
Christian Helland, CVO, +47 418 80 000,
Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,

This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17, Section 5-12 the Norwegian Securities Trading Act and the requirements of the Oslo Rule Book II - Issuer Rules. This stock exchange announcement was published by Ole-Kristofer Bragnes, Senior Financial Officer at Cloudberry Clean Energy ASA on 10 February 2023, 14:15 CET.

About Cloudberry Clean Energy:
Cloudberry is a renewable energy company operating in the Nordics and in accordance with local traditions. 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 has offices in Oslo, Norway (main office), Karlstad, Gothenburg and Eskilstuna, Sweden. To learn more about Cloudberry, go to

Odin Transaction - presentation

230210 Cloudberry Clean Energy ASA Odin Transaction (pdf)

Kart assets CCE
Map of assets
Team Cloudberry
Team Cloudberry