Strategic asset sale highlights significant value creation

Oslo, Norway, 27 June 2024: Cloudberry ("Cloudberry" or the "Company") has today entered into a share sale and purchase agreement with Cadre AS (“Cadre) for the sale of the three hydropower plants: Usma, Bjørgelva and Finnesettbekken (the “Transaction”). These hydropower plants have a combined estimated annual production slightly below 36 GWh, primarily located in NO3 and NO4 and are considered the least strategic hydropower assets for Cloudberry. The transaction underscores significant value creation across Cloudberry’s value chain with a sale price exceeding 2.3x the booked equity of the hydropower plants, resulting in an internal rate of return (IRR) of approx. 28% p.a .

The total transaction value is NOK 320.5 million on a debt and cash free basis. The equity value of the shares to be sold is NOK 190.6 million, realizing a substantial gain for Cloudberry. This transaction exemplifies Cloudberry’s strategy of recycling capital to drive value creation. Including the repayment of internal loans, the Transaction will generate approximately 205 million in free cash for Cloudberry, which will be reinvested to expand the renewables portfolio.

The transaction is structured as a sale of shares in Usma Kraft AS, Bjørgelva Kraft AS, and Finnesetbekken Kraftverk AS. The transaction is expected to close 28 June 2024 and is not subject to any conditions.

We are pleased to once again demonstrate significant value creation and effective capital recycling to our investors, highlighting the attractiveness of our asset portfolio”, says Anders Lenborg, CEO Cloudberry.

Founded in 2023, Cadre has quickly become a large Norwegian small-scale hydropower company. The company is majority-owned by Nordkraft and HitecVision.

“These assets fit our strategy very well. We will be able to utilize these assets’ full potential as we are structured in a way that reduces our operating expenses with each asset added,” says Carl-Fredrik Lehland, CEO of Cadre.

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,

For further information about Cadre, please visit or contact:
Carl-Fredrik Lehland, CEO Cadre +47 95 298 298,

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 27 June 2024, 08:00 CEST.

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 the Nordics. 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, Eskilstuna, Sweden and Lemvig, Denmark. To learn more about Cloudberry, go to