Cloudberry Clean Energy ASA

Regulatory Filings • Jun 1, 2023

Cloudberry Clean Energy ASA | Final Investment Decision on Munkhyttan I

Cloudberry Clean Energy ASA | Final Investment Decision on Munkhyttan I

Oslo, Norway, 1 June 2023: Cloudberry Clean Energy ASA ("Cloudberry" or the

"Company") is pleased to announce the final investment decision on Munkyttan I.

Cloudberry plans to install 18.6 MW (three Vestas V162 turbines of 6.2 MW each).

The expected annual production is 60 GWh with a long-term ~97% uptime guarantee

and a 30-year service agreement with Vestas.  Total capex cost is estimated to

be slightly above EUR 30 million. Site preparation is expected to start Q3 2023

with expected revenue generation by year-end 2024.

The project has a strong strategic fit in Cloudberry's portfolio adding new

renewable energy close to Stockholm, Sweden (SE-3 region). The environmental

footprint is expected to be low and fully aligned with the EU taxonomy.

Munkhyttan I will be connected to the nearby and existing grid lowering both

cost and the environmental footprint for the life-cycle of the project.

"After a thorough procurement process, we are pleased to start the construction

of Munkhyttan I. The project will build upon the successful Hån project (Vestas)

and current Sundby project (Vestas) with significant know-how and local

environmental focus in the project team.  Due to favorable production estimates

and relatively low balance of plant costs, we aim for double digit equity

returns for the lifetime of the project," says Charlotte Bergqvist, Chief

Development Officer in Cloudberry.

The project will be financed by existing cash (~50%) and debt (~50%).

Cloudberry also has an option on Munkhyttan II, a similar sized project

currently under development.

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

Charlotte Bergquist, Chief Development Officer, +46 70-364 19 68,

cb@cloudberrywind.se

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.