Cloudberry enters partnership with Akershus Energi and KLP to develop windfarm
Cloudberry Clean Energy AS (“Cloudberry” or the “Company”) has entered into a share purchase agreement (SPA) to acquire up to 33.4% of shares in Odal Vindkraftverk AS with Akershus Energi (33.4%) and KLP (33.2%) as partners. Cloudberry acquires at least 10% of the shares in Odal Vindkraftverk AS and has the right to acquire up to a 33.4% shareholding until 30 June 2021. Cloudberry will cover project development costs incurred to date and the Company assumes liability of its share of future capital expenditures. The estimated project costs net to Cloudberry is around NOK 720 million for the full 33.4%. The transaction is subject to conclusion of the contemplated share issue in Cloudberry.
Odal windfarm is a major wind development currently under construction in Innlandet, Norway. Installation of 34 turbines with up to 163 MW capacity is expected to be completed within year-end 2021 with electricity production commencing in 1Q 2022.
CEO Anders Lenborg comments; “This strategic acquisition is important to Cloudberry and offers the opportunity to participate in a major windfarm development in Norway with strong partners in KLP and Akershus Energi. The project has received support from local communities and is situated in a remote forested area where construction is already progressed. Odal windfarm is Cloudberry’s largest power asset and is expected to yield solid economic returns. The wind farm is located in price area “NO1” which is an area with strong demand for new renewable power.”
"From the beginning, it has been our ambition to bring another partner into Odal Vindkraftverk", Eskil Lunde Jensen, CEO at Akershus Energi, says. "We are pleased to have a Norwegian player such as Cloudberry on board. With their industrial perspective and existing investments in wind power and hydropower, Cloudberry will increase the total competence and contribute valuable experience to the partnership", he says.
About Akershus Energi
Akershus Energi is a diversified company with almost 100 years of experience in renewable energy. In addition to its existing business entities within hydropower, district heating and infrastructure, the company has recently expanded into solar power, wind power and hydrogen.
Akershus Energi is owned by the county of Viken and one of the company's primary objectives is to contribute to Viken reaching its climate goals and accelerate the transition to a renewable future. Odal windfarm is the company's first wind power plant. To learn more, go to www.akershusenergi.no and www.odalvind.no
KLP is Norway’s largest provider of defined benefit pensions. Approximately 900,000 active workers and pensioners are KLPs members. KLP is owned by the municipalities, counties, health sector organizations and companies that offer their employees defined benefit pensions. In KLP thinking about the greater society, the environment and responsible investing is a part of our everyday course of work.
About Cloudberry Clean Energy
Cloudberry Clean Energy AS is a Nordic renewable energy company, owning, developing, and operating hydro power plants and wind farms in Norway and Sweden. The Company`s purpose is to provide clean renewable energy for future generations, developing a sustainable society for the long term and creating value for our stakeholders. The Company believe in a fundamental long-term demand for renewable energy in the Nordics and Europe, and purpose shapes every aspect of how Cloudberry operates.
Cloudberry is a public Euronext Growth (Merkur Market) company supported by strong owners and led by an experienced management 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.
For further information, please contact:
Eskil Lunde Jensen, CEO Akershus Energi AS
+47 93 41 81 75
Anders Lenborg, CEO Cloudberry Clean Energy AS
+47 934 13 130