Cloudberry Clean Energy ASA

Legal Proceedings Report • Sep 30, 2022

Cloudberry Clean Energy ASA | Update on tax proposal

Cloudberry Clean Energy ASA | Update on tax proposal

Oslo, Norway, 30 September 2022:  On Wednesday the Norwegian Government proposed

significant changes to the taxation of Norwegian renewables. The proposed

changes include a new resource tax ("Grunnrenteskatt") for onshore wind at 40%

and a windfall tax for wind- and hydropower at 23 % of price above (approx.) 70

EUR/MWh. In addition, they propose an increase in the production tax for onshore

wind and the implementation of a nature resource tax ("Naturressursskatt") for

onshore wind that both will be deducted in the resource tax.

Cloudberry is continuously assessing the situation and how the proposal will

affect Cloudberry's situation going forward. However, the Government has not

published the full proposal yet and as such the situation for the renewable

energy sector in Norway is unclear.

If the proposed taxations are implemented, as presented on Wednesday 28[th],

this will represent a reduction in asset values for Cloudberry of ~NOK 2-3 per

share compared to the asset values prior to the announcement, where Odal Vind

represents the largest decrease in value. For new wind development projects the

resource tax can have a positive impact, assuming that the resource tax will

have the same cash flow tax principles as large-scale hydro where the initial

capex deduction results in a cash reimbursement.

The proposed changes will not impact the 2022 results and we do not see any

impact in our fast-growing Swedish wind development portfolio or other Nordic

activities due to more supportive regulatory regimes in the other Nordic

countries.  Further, we expect a limited effect on our hydro production

portfolio and our Norwegian hydro- and wind development projects.

Cloudberry will continuously monitor the situation and will work closely with

industry associations, stakeholders and politicians throughout the legislative

process. Cloudberry will update the market in due course when we have more

information.

For further information please contact:

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

Andreas T. Aasheim, CCO, +47 959 35 890, ATA@Cloudberry.no

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

okb@cloudberry.no

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 Norway and Sweden. 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. To learn more about

Cloudberry, go to www.cloudberry.no