Cloudberry Clean Energy ASA

Legal Proceedings Report • Oct 9, 2023

Cloudberry Clean Energy ASA | Update on tax proposal for Norwegian on-shore wind

Cloudberry Clean Energy ASA | Update on tax proposal for Norwegian on-shore wind

Oslo, Norway, 09 October 2023: Friday 6 October the Norwegian Government

published their proposed National Budget for 2024 which included an updated

proposal for taxation of the on-shore wind industry.

The initial proposal was introduced September 2022 with planned effect from the

fiscal year 2023. It was later postponed to enter into effect for the fiscal

year 2024. Compared to the initial proposal by the government, the updated

proposal on 6[th] of October 2023 has some improvements with the most material

for Cloudberry being:

i. The proposed resource tax (NO: Grunnrenteskatt) for Norwegian, onshore wind

is lowered from an effective tax rate of 40% to 35%.  The Norwegian government

also propose an interest compensation when calculating the resource rent tax.

ii. The high price contribution tax (NO: Høyprisbidrag) of 23% of prices above

70 øre/kWh is proposed to be terminated from 01 October 2023, and is as such no

longer in effect.  This is approximately one year earlier than expected.

The proposal from the government is not final and it will be further discussed

in parliament with an expected settlement date later this year. Although the new

proposal is a small step in the right direction, it is still far from the

envisaged investment neutrality for new and existing projects. Cloudberry will

continue to actively work with all stakeholders to improve the proposal towards

an investment neutral tax and urges a broad political settlement to promote long

term stability and acceptable frame conditions for renewable investments in

Norway. In the meantime, Cloudberry will focus its initiatives towards Norwegian

hydro and activities in Sweden and Denmark.

Cloudberry will revert with an update on the consequences of the new taxation

for our portfolio when the proposal is final. We remain positive that the

government and the parliament will adjust the proposal to ensure acceptable

terms for the renewable industry in Norway.

For information and relevant documents please visit our website

www.cloudberry.no

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

contact:

Anders Lenborg, CEO, +47 934 13 130, 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

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 and Eskilstuna in Sweden and Lemvig in Denmark. To

learn more about Cloudberry, go to www.cloudberry.no