Plans uplisting to the Oslo Stock Exchange’s main list and contemplates equity raise to accelerate growth

10 May 2021: Cloudberry Clean Energy ASA (“Cloudberry” or “the Company”), a Nordic renewable energy company that owns, develops and operates hydro power plants and windfarms in Norway and Sweden, has resolved to proceed with its plan to move from Euronext Growth Oslo to the Oslo Stock Exchange’s main list. The Company is following the flexible listing process and is in the process of preparing a listing application and prospectus.

“We are growing our portfolio of hydro- and wind power assets in the Nordics substantially, and transferring to the main list is a natural next step for us”, says Anders Lenborg, CEO of Cloudberry. “In the last 15 months, we have secured assets in production and under construction of more than 100 MW. Our assets with construction permits are of similar size, and our main priority is to successfully deliver on all these projects”.

In connection with the uplisting, the Company will consider raising new equity to progress and realize its attractive organic development portfolio. Cloudberry is also experiencing a high activity level with several new inorganic opportunities that may also be pursued, subject to access to attractive financing.

The Company has appointed Carnegie and Pareto Securities as managers (the “Managers”) for the uplisting on the Oslo Stock Exchange, and in connection with the uplisting the Managers will arrange a roadshow to meet new and existing investors.

The transfer of the listing to Oslo Stock Exchange is subject to receiving the relevant approvals from the Oslo Stock Exchange and the Financial Supervisory Authority of Norway. The uplisting, as well as the Company’s consideration of raising new equity, will also be subject to prevailing market conditions. Further announcements relating to the transfer of the listing will be made in due course.

Strategy and business update

The core of Cloudberry’s strategy is to progress new projects from early stage permitting to ready-to-build wind and hydro power assets that deliver substantial value to the shareholders. The Company has a large and growing portfolio of permitted projects, backlog and pipeline, and is expecting to be able to make the final investment decisions related to the Hån windfarm in Q2-2021 and the Duvhällen windfarm in 2022, subject to financing at such decision points.

In addition, Cloudberry is in advanced negotiations for both wind and hydro projects that are ready-to-build where the Company can leverage its unique positioning to create similar returns as the in-house, organic projects. These opportunities are strong testaments to Cloudberry’s successful strategy; being local, agile and always on the look-out for attractive opportunities.

The status and progress on the most important near-term projects are as follows:

Hydropower projects

  • The two hydropower plants Nessakraft (9 MW / 34 GWh) in Balestrand, Norway and Bjørgelva Kraft (3 MW / 7 GWh) in Sørreisa, Norway, which Cloudberry has agreed to acquire, were connected to the grid in December 2020, and are currently undergoing testing and are projected to commence normal production in June 2021. Following completion of the commissioning, the ownership will be transferred to Cloudberry.
  • The construction of Åmotfoss (5 MW / 23 GWh), a hydropower plant producing from a reservoir with storage capacity, which Cloudberry has agreed to acquire, is progressing well and is expected to be completed in H2-2021. Following completion of the commissioning, the plant will be transferred to Cloudberry.
  • In addition, Cloudberry has a portfolio of three hydropower plants (6 MW / 20 GWh) that are expected to be in production from H2-2021. The ownership to one of these plants has already been transferred to the Company while the ownership to the last two power plants will be transferred following completion of the commissioning.

The combined capacity of the hydropower plants that are under construction is 23 MW (84 GWh).

Windfarm projects

  • At Hån windfarm in Årjäng, Sweden, civil works is targeted to commence in H2-2021, following the final ratification of a power export agreement which will allow the produced power to be exported to Norway. The capacity of the windfarm is around 21 MW. Production start is planned for 2022 with project capex estimated to NOK 300 million. The project remains subject to financing and a final investment decision.
  • At Duvhällen windfarm in Eskilstuna, Sweden, civil works is targeted to commence in 2022, following the expected approval of increased grid capacity to match the construction permit of 10 turbines (60 MW). Production start is planned for 2023 with project capex estimated to NOK 620 million. The project remains subject to financing and a final investment decision.
  • Both Hån and Duvhällen are in-house development projects situated in attractive locations in the SE3 power price area in Sweden. The projects are viewed as low risk with expected returns on equity around 12% p.a., assuming 50/50% equity and debt financing. Both projects offer return expectations well above the Company’s targets for production assets due to low-cost, in-house development. Cloudberry’s current plan is to construct and operate both Hån and Duvhällen with 100% ownership; however, an optimized ownership structure may be considered at the appropriate time to ensure an efficient allocation of Cloudberry’s capital base.
  • Cloudberry is developing the large Odal windfarm with 162 MW (527 GWh) capacity together with its partners KLP and Akershus Energi. The project is currently under construction. Cloudberry’s proportionate share of the production capacity is currently 24 MW (15% ownership) and will increase to 54 MW if Cloudberry exercises its option to increase the ownership in Odal Vind AS to 33.4% (option expires on 30 June 2021). Turbine installation and production start is planned for H2-2021 and H1-2022, respectively. NVE recently approved an application to extend the deadline to complete the construction to 30 June 2022, to mitigate the risk for delays that may occur as a result of travel restrictions under Norway’s COVID-19 response. Currently there are no expected delays. Turbines that are energized after 31 December 2021 will not be eligible for el-certificates and an accelerated tax depreciation schedule. In March 2021, Cloudberry and its partners successfully placed EUR 90 million in project debt, covering 40% of the project cost at attractive terms. Although Cloudberry had originally planned for 50% debt financing of the project capex, the expected equity IRR is unchanged at 12% p.a. due to a highly attractive amortization profile and a low and fixed interest rate with > 20-year maturity. As the partnership agreed on a somewhat lower leverage level and an increased cash reserve/buffer, Cloudberry’s equity investment related to the project is approximately NOK 30 million higher (based on the current ownership of 15%) and will increase to approximately NOK 70 million if the option to increase Cloudberry’s ownership to 33.4% is exercised.
  • Cloudberry continues to progress its shallow-water wind project in Lake Vänern. Earlier this year the Company partnered with Downing LLP, with Cloudberry keeping a 20% ownership share in the project after commissioning. The net capacity to Cloudberry is estimated to be 20 MW (around 70 GWh). The procurement phase, and the project overall, is progressing as planned. The project remains subject to a final investment decision, expected during 2021.
  • Through the Vänern project, Cloudberry is in a unique position to leverage its knowledge and experience from project development on further shallow-water developments. Cloudberry is currently working on several project developments in the Baltic Sea, that are still considered to be at an early phase. Recently the Company engaged a reputable international consulting company to carry out feasibility studies. Cloudberry estimates the combined capacity of these selected projects to be around 1,200 – 1,500 MW.

For further information, please contact:

Anders Lenborg, CEO, +47 934 13 130,
Christian Helland, CVO, +47 418 80 000,
Suna Alkan, CSO, +47 913 02 907,

This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act.

This stock exchange announcement was published by Suna Alkan, Chief Sustainability Officer, Cloudberry Clean Energy ASA, on 10 May 2021 at 07:00 CEST.

About Cloudberry Clean Energy:
Cloudberry Clean Energy ASA (CLOUD) is a Nordic renewable energy company. We own, develop and operate hydro power plants and wind farms in Norway and Sweden. Our purpose is to provide clean renewable energy for future generations, developing a sustainable society for the long term and creating value for our stakeholders. We believe in a fundamental long-term demand for renewable energy in the Nordics and Europe. Our purpose shapes every aspect of how Cloudberry operates.

Cloudberry has a strong commitment to local communities. Our integrated value chain approach ensures local presence and optimization of stakeholder alignment and value creation. Our long-term growth strategy rests upon our ability to create value for stakeholders, and our ability to use the best possible technology available, bring down costs, improve sustainability and make an important contribution to the necessary European energy transition. We will realize growth through organic greenfield development and by taking part in structural development of the Nordic renewable energy industry.

We are a public Euronext Growth Oslo company supported by strong owners and led by an experienced management team and board. Our offices are in Oslo, Norway (main office) and Karlstad, Sweden. To learn more about Cloudberry, go to