Cloudberry announces acquisition of an ownership interest in a Norwegian hydro power portfolio

Oslo, 24 June 2020: Cloudberry Clean Energy AS (“Cloudberry” or the “Company”) is a Nordic renewable energy company. Cloudberry provides growth and value creation by owning, developing and operating renewable energy assets in Norway and Sweden. The Company seeks to grow both organically and inorganically, through maturing and executing on its portfolio of hydro and wind power assets. The portfolio, which ranges from undeveloped projects to producing assets, represents a significant growth and value creation potential.

Reference is made to the stock exchange release on 28 May 2020 regarding the signing of a letter of intent on an acquisition of a minority interest in a diversified production portfolio of hydro power assets (the “Transaction”). Cloudberry and the counterparty in the Transaction have agreed on the sales and purchase agreement (“SPA”), and it has been approved by the board of directors in both companies. Completion of the Transaction is subject to certain conditions being fulfilled, which is anticipated to occur in September or October 2020 (“Completion”).

The Transaction comprises the acquisition of a 34% ownership interest in a company (the “Target Company”) owning 13 producing hydro power assets and one power offtake agreement in Norway, with a combined annual production of around 85 GWh net to Cloudberry. The Transaction will increase the expected annual production from assets currently in production and under construction from 53 GWh to 138 GWh net to the Company. Cloudberry will be the Norwegian manager of the Target Company’s portfolio and has secured appropriate and customary governance mechanisms and rights for its 34% minority share interest. The majority owner of the Target Company is a well-established European infrastructure investor which will be kept confidential until Completion.

The transaction value is confidential as per the SPA. However, Cloudberry expects the acquired portfolio to perform in line with the Company’s equity IRR target of 5-8% for its long-term producing renewable assets. The hydro power assets have an average license life of minimum 51 years. The Company is considering several options for financing the Transaction, including:

  • Existing cash reserves – the company has a cash balance of NOK ~195 million (as of Q1 2020)
  • Consideration shares – Cloudberry and the counterparty have the intention to settle approximately 1/3 of the Transaction consideration in Cloudberry shares, subject to agreed terms
  • Asset(s) in kind
  • Share capital increase

In respect to the option for a share capital increase, Cloudberry has engaged Carnegie and Pareto Securities to organise an investor roadshow, and a transaction may follow.

The Company has today published an updated investor presentation with further details on the Transaction (attached).

For information visit our company and IR website:

About Cloudberry

Cloudberry 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 optimisation 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 realise growth through organic greenfield development and by taking part in structural development of the Nordic renewable energy industry.

We are a public Merkur Market 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