Cloudberry Clean Energy ASA

Earnings Release • Jun 16, 2023

Cloudberry Clean Energy ASA | Sale of assets demonstrating significant value creation and enabling new project developments

Cloudberry Clean Energy ASA | Sale of assets demonstrating significant value creation and enabling new project developments

Oslo, Norway, 16 June 2023: Cloudberry ("Cloudberry" or the "Company") has today

entered into a share sale and purchase agreement with Norsk Vannkraft AS ("Norsk

Vannkraft") for the sale of the three hydropower plants Åmotsfoss, Selselva and

Nessakraft, representing a total estimated annual production of 77 GWh. The

transaction shows significant value creation throughout Cloudberry's value

chain, yielding an internal rate of return (IRR) of above 55% p.a resulting in a

price above two times the booked equity of the assets.

Recycling of capital is an important tool for Cloudberry's value creation. The

sale of these assets will realize a significant return for the Company and

generate free cash of approximately NOK 500 million, which Cloudberry intends to

redeploy into new projects at lower costs within Cloudberry's core markets.

The total transaction value is NOK 703 million, on a debt and cash free basis.

The equity value of the shares to be sold is NOK 511 million, realizing a

significant gain for Cloudberry. The transaction is structured as a share sale

of Åmotsfoss Kraft AS, Selselva AS and Nessakraft AS. All the three projects

were acquired by Cloudberry in 2021, where Åmotsfoss and Nessane, being green

field projects, were commissioned at acquisition. The transaction is expected to

close 30 June 2023 and is not subject to any conditions.  Cloudberry's Operation

segment will continue to operate the assets going forward.

"We are pleased to show our investors significant value creation and an

effective recycling of capital. The transaction gives Cloudberry strong

flexibility to reinvest in value-accretive projects both within hydro and wind

going forward.  This clearly demonstrates the value and attractiveness of our

asset portfolio", says Anders Lenborg, CEO Cloudberry.

Norsk Vannkraft is a Norwegian renewable energy company owning and operating

small scale hydro power plants in Norway, currently owning 13 different

hydropower assets with an annual production of 121 GWh.

Advokatfirma DLA Piper Norway DA has acted as legal counsel for Cloudberry.

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 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 16 June 2023, 18:10 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 www.cloudberry.no.