Cloudberry Clean Energy ASA

Report Publication Announcement • Aug 15, 2023

Cloudberry Clean Energy ASA | Second quarter and first half year 2023 report

Cloudberry Clean Energy ASA | Second quarter and first half year 2023 report

Oslo, Norway, 15 August 2023: Cloudberry Clean Energy ASA ("Cloudberry" or the

"Company") reports a strong financial and operational second quarter.

· Financial highlights

· Cloudberry demonstrates significant value creation through the sale of

three hydropower plants. This shows Cloudberry's ability to execute on local

projects in the development phase and turn them into highly attractive producing

assets. The sale is a strong proof of the fundamental value of the existing

portfolio with a transaction value of NOK 703 million, yielding an internal rate

of return (IRR) of above 55% p.a. to Cloudberry or 2.0x the booked equity.

· Strong growth in profitability. Consolidated and proportionate EBITDA of

NOK 281m (32m) and NOK 281m (37m) in the second quarter respectively (same

quarter last year).  The increase in profitability mainly relates to a gain of

sale of three hydropower plants (19 MW) and increased power production

· Strong balance sheet, reporting a NOK 1,107m cash position

· The production in second quarter implies 25,974 tCO2e (16,428 tCO2e in Q2

2022) of avoided emissions, signifying an increase of ~60 %

· Project highlights

· Proportionate production increased with ~60% from same quarter last year

to 117 GWh (74 GWh)

· Completed acquisition of the Odin portfolio from Skovgaard Energy, adding

311 GWh of estimated annual production net to Cloudberry. A transformational

step into the Danish market, creating a strong and diversified portfolio within

the Nordics

· Final investment decision for Munkhyttan I. An 18.6 MW project in the

attractive SE-3 region. Revenue generation expected by end of 2024

· On-going construction on Kvemma and Sundby progressing according to time

and budget

Cloudberry invites investors, analysts, and other stakeholders to a company

presentation today at 11:00 CEST. Please use the following link to register and

join: https://tv.streamfabriken.com/cloudberry_clean_energy_asa_q2_2023/

The second quarter and first half year report for 2023, the presentation

material, and the link to the webcast and Q&A session will be made available at

http://www.cloudberry.no/.

For further information please contact:

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

Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no

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

okb@cloudberry.no

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 and Section 5-12 the Norwegian Securities Trading

Act. This stock exchange announcement was published by Ole-Kristofer Bragnes,

Senior Financial Officer, in Cloudberry Clean Energy ASA on 15 August 2023, at

07:00 CEST.

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, Sweden and Lemvig, Denmark. To

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