Cloudberry Clean Energy ASA

Investor Presentation • Feb 14, 2023

Fourth quarter 2022
Status and outlook

14 February 2023

Disclaimer

This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell or otherwise transact with any securities issued by or pertaining to the Company or any member of the Group.

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Agenda

Overview and highlights

Odin transaction

ESG

Key Financials

Outlook

Cloudberry develops, owns and operates Nordic renewables

Local developer, owner and operator of hydro- and wind power in the Nordics - the responsible way

Large and growing development backlog and pipeline both on- and off-shore

Diversified and growing production portfolio. Complementary hydro and wind assets close to the European power connectors

Highly efficient operating platform

Listed on Oslo Stock Exchange's main list

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	Consolidated		Proportionate 1
NOK million	Q4 2022	Q4 2021	Q4 2022	Q4 2021
Revenue	75	22	136	36
Net income/(loss) from assos. comp. and JV's	21	10	N/A	N/A
EBITDA	34	$-7$	57	$-11$

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Business overview per reporting date (not including Odin) (net figures)

(1): Asset portfolio per reporting date with proportionate ownership to Cloudberry.

6 (2): Duvhällen project included as 60 MW - Cloudberry has grid capacity permit for 30 MW and has applied for increased grid capacity to match the construction permit. udberry

Portfolio overview per reporting date

Not including Odin. Additional backlog of 480 MW not included in overview

Main operational updates

PRODUCING:

Hån (Wind NO1, Norway). Delivered on time and budget during Q4 2022.

Odal (Wind NO1, Norway). 33/34 turbines in full operation. One turbine needs to change gearbox and main bearing during summer 2023 under Siemens guarantees.

CONSTRUCTION:

Øvre Kvemma (Hydro, NO5 Norway) The full 2 150 meters of the drilled waterway was completed during Q4.

Sundby Vindpark (Kafjärden) (Wind, SE 3 Sweden). Final investment decision taken December 2022. Nine Vestas turbines to be installed during H2 2023 and revenue generation from H1 2024.

PERMIT:

Munkhyttan (Wind, SE 3 Sweden). Final investment decision expected during H1 2023.

Stenkalles (Wind, SE 3 Sweden). The project has received a two-year license extension from Swedish authorities. Hafslund and Cloudberry have decided to spend additional time to optimize project economics and reduce risk.

Odin Transaction
Highlights

Odin acquisition positions Cloudberry as a leading Nordic independent power producer ("IPP")

• Cloudberry has today signed a sale and purchase agreement to acquire 80% of the Odin portfolio⁽¹⁾ from Skovgaard Energy A/S ("Skovgaard")
• A high-quality and primarily Danish portfolio of producing wind assets located in the attractive DK1 price area
• Portfolio consists of 51 producing Vestas and Siemens turbines in total 106MW (net to Cloudberry)
• Acquisition includes land, re-powering options and a well anchored partnership with Skovgaard (a local and highly successful development team)
• Please see stock exchange announcement for transaction details (dated 10.02.23)

Odin transaction rationale

High strategic value	A transformative transaction for Cloudberry, establishing Denmark as the third Nordic area Partnership with Skovgaard, a local development team with a strong track record
Diversification & scale	Diversification towards the attractive DK1 area, away from Norway given uncertainty related to new taxation on renewables Immediately increasing production capacity up to 70%
Quality portfolio with development opportunities	Vestas and Siemens turbines in operation with an historical availability of 98-99% $\bullet$ Secured land-ownership and a development agreement with Skovgaard Energy giving first right to new wind and solar projects
Fully financed & immediate cash flow	Fully financed through existing cash & bank facility (approx. 50% equity / 50% debt) Economic ownership to all cashflows from 01.01.2023 Expected free cash flow over the 3 next years representing $\sim$ 50% of the equity investment $(1)$ Efficient deployment of capital – Increased cash flow to fund development projects

$10^°$

Cloudberry

Cloudberry creates a diversified portfolio across the Nordics

Existing producing incl. under construction

New acquired producing (51 turbines)

Odin acquisition takes total Cloudberry portfolio to >1.3 TWh

Significant growth in profitability

Cloudberry Production segment. Illustrative EBITDA 2023

ESG update Q4 2022

• No health and safety incidents $\bullet$
• No material or environmental damages recorded
• Avoided emissions of 21,090 tCO2 during the quarter
• No whistleblowing incident or breach of code of conduct
• Updated ESG strategy
• Conducted and updated materiality analysis and stakeholder dialogue
• Material topics, targets and key performance indicators have been updated and will be published in the annual Sustainability report 2022
• Conducted employee engagement survey
• Employee engagement index at 5.2 (6 is maximum)
• Diversity, equity and inclusion (DEI) index at 5.2 (6 is maximum)

Key Financials

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Profit or loss (consolidated & proportionate¹)

Consolidated financials

NOK million	Q4 2022	Q4 2021	FY 2022	FY 2021
Revenue and other income	75	22	217	41
Net income/(loss) from associated companies and JV's	2 2	10	121	16
EBITDA	34	-7	152	$-32$
Equity	3.797	2.636	3.797	2.636

Proportionate Financials

NOK million	Q4 2022	Q4 2021	FY 2022	FY 2021
Revenues and other income	136	36	646	83
Production	123	35	402	77
Development			207	6
Operations	10	O	38	$\circ$
Corporate		$\circ$	Ω	$\circ$
EBITDA	57	$-11$	382	$-25$
Production	85	20	264	43
Development	$-9$	$-16$	177	$-30$
Operations		$\circ$		$\circ$
Corporate	$-19$	$-15$	$-63$	$-38$
Power Production (GWh)	95	48	268	117

Comments

• Strong increase in profitability driven by new assets in production and higher power prices
• Proportionate revenue of NOK 136 million (NOK 36m) in $Q4'21$
• Proportionate EBITDA of NOK 57m (NOK-11m)
• Production increased to 95 GWh (48 GWh)
• Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind (33.4%)

• Realized average power price NOK 1.29 per kWh in fourth quarter

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-20 -15 -10 -505 Revenue EBITDA -500 50 100 150 200 250 Revenue EBITDA

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Outlook & summary

Too low supply of power in Sweden & Norway

Demand estimates for electric power greater than the supply

Swedish power demand driven by greener industry and transport

Norway's power balance soon in negative territory

23 Source: https://svenskvindenergi.org/wp-content/uploads/2021/12/, www.statnett.no/om-statnett/nyheter-og-pressemeldinger/nyhetsarkiv-2022

Favorable outlook for Nordic power prices

Strong power price outlook driven by energy demand and ambitious climate goals

Positive outlook for power prices

EUR/MWh - Volue Norwegian system price estimates (not inflation adj.)

Key market drivers

Strong governmental support and agreement for climate neutrality with EU Fitfor55 and REPowerEU

Statnett expecting 40% increase in Nordic power consumption by 2040, largely due to electrification of power intensive industries, as well as new industries (hydrogen, battery, data centers)

$\sqrt{n}$

The relevant Nordic authorities recognizes the need for more power and are facilitating an increase in installation pace

Positive development in the long-term power prices

1) Historic average: 2012-2021. Volue forward average : 2023-2032 24 Source: Volue Q4 2022 report, Statnett

Summary

• Odin, a transformational step into Denmark. Positioning Cloudberry as a Nordic IPP
• Significant growth in volumes and profitability
• Strong cash position and available bank facility to execute on Odin and near-term development projects
• Projects under construction are progressing according to time and cost
• Tax proposal in Norway still unclear
• Strong power market high forward prices in relevant price areas

Appendix

Odin Key transaction details from stock exchange announcement

• Cloudberry Clean Energy ASA's ("Cloudberry" or the "Company") has today indirectly signed a sale and purchase agreement with Skovgaard Energy A/S ("Skovgaard"), a Danish renewable energy developer. The agreement secures Cloudberry a majority stake in a portfolio consisting of up to 51 high-quality wind turbines in production, with 47 turbines located in Denmark and additional 4 turbines in southern Sweden
• Cloudberry will acquire 80% ownership in the newly established company Odin Energy P/S ("Odin") while Skovagard will remain with a 20% ownership. This adds a total capacity of 106 MW (~311 GWh) net to Cloudberry. The turbines are high quality Vestas and Siemens turbines with an average expected remaining lifetime of about 23 years.
• The agreed enterprise value for 80% of Odin Energy is DKK 1,488 million. The final purchase price will be reduced with the cash flow generation between 1st of January 2023 to Closing, potential pre-emptive rights in Tranche 2 (as described below) and adjustments related to net debt and net working capital. As part of the transaction and included in the enterprise value, Odin will also purchase the land associated with 44 (~95%) of the Danish turbines and certain rights to new wind and solar projects through a development agreement with Skovgaard.
• . The transaction will be divided into two tranches, where Tranche 1 includes all entities which are wholly owned and partially owned entities without pre-emptive rights (approx. 247 GWh). Tranche 2 covers entities which are partially owned with pre-emptive rights (approx. 64 GWh). For the entities included in Tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by the transaction. Consequently, the exact size of the portfolio to be transferred in relation to Tranche 2 is subject to changes.

"We are proud to have established a scalable partnership with Jørgen Skovgaard and his team. Denmark in general, and Skovgaard Energy in particular, have industry-leading experience. Add the size of the portfolio, immediate cash-flow and further growth opportunities, and the acquisition represents a gamechanger for Cloudberry and our long-term strategy. This puts us in a favorable position of becoming the leading Nordic Independent Power Producer, that can act locally and be a long-term responsible developer and owner of Danish wind and possibly solar assets", says Anders Lenborg, CEO Cloudberry.

Odin asset overview: Two tranches of which 85 MW unconditional

roject	$COD*$	Price region	Ownership (Odin)	Capacity Cloudberry	Production (MW), net (GWh), net Cloudberry	Land
∶åre	2009	DK1	47%	1	4	Owned
Gettrup	2008	DK1	100%	5	16	Leased
ikkenborg	2013	DK1	100%	5	16	Owned
em Kær M8	2016	DK1	100%	3	10	Owned
em Kær M9	2012	DK1	100%	3	9	Owned
em Kær	2011	DK1	100%	$\overline{7}$	26	Owned
Vees	2009	DK1	100%	$\overline{2}$	6	Owned
Orreholmen	2020	SE3	50%	3	9	Leased
stakroge M5	2017	DK1	100%	3	$\overline{7}$	Owned
im II	2013	DK1	100%	14	37	Owned
rikelshøi	2016	DK1	100%	5	12	Owned
roldhede	2012	DK1	100%	5	14	Owned
ykskov	2017	DK1	100%	5	13	Owned
/emb	2015	DK1	54%	4	11	Owned
/emb M8	2015	DK1	100%	3	6	Owned
/indtved	2018	DK1	100%	11	32	Owned
/older Mark M3	2015	DK1	100%	3	10	Owned
/etteberget	2020	SE3	50%	3	9	Leased
Franch 1				85	247
۱ø	2013	DK1	50%	$\mathbf{1}$	3	Owned
em Kær M1	2011	DK1	76%	$\overline{2}$	$\overline{7}$	Owned
Vørhede-Hjortmose	2013	DK1	90%	$\overline{2}$	8	Owned
stakroge M2	2017	DK1	26%	$\mathbf{1}$	$\overline{2}$	Owned
stakroge M4	2017	DK1	50%	$\mathbf{1}$	$\overline{a}$	Owned
rikelshøj M1	2016	DK1	60%	$\overline{2}$	4	Owned
ornbygård	2015	DK 2	81%	$\mathbf{1}$	6	Owned
/elling Mærsk	2020	DK1	15%	$\mathbf{1}$	6	Owned
/emb M1	2015	DK1	50%	$\mathbf{1}$	4	Owned
/emb M9	2015	DK1	60%	$\overline{2}$	4	Owned
/indtved M2, M5	2018	DK1	37%	$\overline{2}$	6	Owned
/older Mark M1	2014	DK1	16%	0	$\overline{2}$	Owned
/older Mark M5	2014	DK1	85%	$\overline{2}$	8	Owned
/older Mark M6	2014	DK1	20%	$\mathbf{1}$	$\overline{2}$	Owned
Franch 2**				20	64
Total (1+2)	$~^{\sim}$ 2015			106	311

Key highlights

• All assets in production, generating cash flow, with long remaining lifetime and majority on owned land
• Capacity weighted age of ~7 years (estimated useful life of $~50$ years)
• All assets located in attractive price areas (DK1, DK2 and SE3), with electricity sold in the spot market
• Majority of assets located in DK1, closely interconnected to the German electricity market
• All WTGs from tier 1 turbine suppliers with fullservice agreements of 15-20 years from COD

SIEMENS Gamesa Vestas

• Strong historical availability performance
• Average availability of 98-99% across portfolio

Access to attractive repowering and construction opportunities within onshore wind and solar PV through agreement with Skovgaard Energy

* COD = Commercial Operation Date, weighted by capacity.

** Tranche 2. For the entities included in tranche 2, the existing co-owners have certain shareholder rights (such as inter alia right of first refusal) which may be triggered by

28 the transaction. Consequently, the exact size of the portfolio in relation to tranche 2 is uncertain and subject to changes.