Cloudberry Clean Energy ASA

M&A Activity • Jun 27, 2024

Cloudberry Clean Energy ASA | Increasing ownership in the Forte hydropower portfolio

Cloudberry Clean Energy ASA | Increasing ownership in the Forte hydropower portfolio

Oslo, Norway, 27 June 2024: Cloudberry ("Cloudberry" or the "Company") has today

entered into a share sale and purchase agreement (the "Transaction") for the

acquisition of 15.99% of the shares in Forte Energy Norway AS ("Forte") from a

fund managed by Swiss Life Asset Managers. Forte is a Norwegian hydropower

portfolio which consist of 14 hydropower plants and one power offtake agreement

with an annual estimated production of 234 GWh and 20 GWh respectively; in total

254 GWh.

The Transaction increases Cloudberry's ownership in the Forte portfolio to

49.99%. As such the proportionate power production from the portfolio is

increased by 41 GWh to 127 GWh, predominantly in the attractive NO2 and NO5

price areas.

"The Forte portfolio is a well-managed hydropower portfolio with a production

profile that complements Cloudberry's existing assets perfectly. Having been a

minority shareholder in Forte since 2020, we are well-acquainted with the

portfolio's strengths and potential. We are delighted to extend our relationship

with both Forte and Swiss Life Asset Managers through this acquisition", says

Anders Lenborg, CEO Cloudberry.

The price for 15.99% of the shares in Forte is undisclosed, but represent

approximately 1.1x the Q1 2024 book value for Cloudberry of the Forte shares.

The Transaction will be financed by Cloudberry's strong cash position. The

favorable debt with a low fixed rate in Forte, remains unchanged. The

Transaction is expected to close 28 June 2024.

For further information, visit our company and IR website www.cloudberry.no or

contact:

Anders Lenborg, CEO, +47 934 131 30, al@cloudberry.no

Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no

Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,

okb@cloudberry.no

This information is subject to the disclosure requirements pursuant to Section 5

-12 of the Norwegian Securities Trading Act.

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 www.cloudberry.no.