Cloudberry Clean Energy ASA

Investor Presentation • Sep 1, 2022

Capital Markets Day 2022

01 September 2022

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Cloudberry develops, owns and operates Nordic renewables

15

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

The Cloudberry family

Anders J. Lenborg

Chief Executive Officer

Christian A. Helland

Chief Value Officer

Jon Gunnar Solli Chief Operating Officer

Christian During

GIS-specialist

Marie N. Gulsvik Roger Grøndahl Group Accounting Manager Project Manager

Ole-Kristofer Bragnes

Senior Financial Officer

Ingemar Andersson Wind Analyst

Elisabet Wahlstedt Project Manager

Daniel Kulin

Andreas Thon Aasheim

Communication Manager

Oscar Engelbrekt

Ella Nordström Project Coordinator

Tanja Tränkle Senior Project Manager

Stig J. Østebrøt CEO Captiva

Sebastian Prause

Project Manager

Olav Ellestad CFO Captiva

Thomas Bjørnerud CCO Captiva

Stig-Martin Braate COO Captiva

Marius Øgård CTO Captiva

Stefan Larsson Environmental Lawyer

Business overview

(net figures)

Note: 1) Asset portfolio per reporting date 18 August 2022 with proportionate ownership to Cloudberry;

୧ Note 2) Sterklesproject, 50% ownership Hotslund AS signed Juy 2022 for sale of 50% of project. Knjirden project. Knjirone project bosed on fill copcoly of 40 WV. Duhäller pro included of 0 MV – Couchery has girl captied for increased grid opporty to match the construction permit. Marky than project including option for Munkhyttan II)

Cloudberry's value creation through the value chain

Early-stage development

• · Convert acreage into projects
  • o Hydro, wind and shallow water in the Nordics
• Cloudberry's developers have local knowledge and are hands-on when dealing with local stakeholders
• Interaction with landowners, industrial power consumers, grid owners and local authorities

• 2 500 MW pipeline

LOWI

Commercializing assets

• Progress in-house developments to construction permit and FID
  • o Stenkalles (Vänern), Munkhyttan, Duvhällen, Kafjärden
• Acquire attractive projects with growth opportunities or low-cost entries with value potential
• Continuously evaluating farm-outs on sale of assets prior to construction/large capital allocation

Construction permit: Capital allocation: Medium 168 MW

Optimizing producing assets

• · Capital allocation policy targeting highest return projects in construction phase
• · Continue to own strategic assets in key locations close to renewable power demand
• Hold assets with unrealized potential until value is unlocked
• Strategy to over time re-cycle capital to optimize return on capital employed (ROCE)

Production incl. under construction: 156 MW

Capital allocation:

High

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)

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

Sustainability is at the core of our business

In Cloudberry we take great pride in powering the transition to a sustainable future by providing renewable energy today and for future generations. We develop, own, and operate our business in a responsible manner.

Sustainability reporting journey

Cloudberry	20020	Completed first Sustainability Report in accordance with the World Economic Forum (WEF) Stakeholder Capitalism Metrics Conducted materiality analysis and stakeholder dialogue	Started reporting emissions according to Greenhouse Gas (GHG) Protocol Reported climate risks and opportunities (TCFD) Defined the UN Sustainability goals that are particularly important to Cloudberry
	2074	Complete reporting of scope 1 and 2 emissions, 。 reporting on scope 3 emissions expanded Strengthened the assessment of climate risk and opportunities related to the company expansion in line with TCFD Set scope 3 net-zero target by 2040	Taxonomy eligible Supplier Code of Conduct implemented in procurement phases ESG committee established Routines and policies on reporting 2
Sustainability report 2021 Cloudberry Clean Energy ASA	1000	Screening and identification of material categories in scope 3 emissions in the value chain Alignment to the technical screening criteria with the EU Taxonomy Regulation	Preparing for TCFD scenario analysis · Initiate internal reporting in accordance with Transparency Act, which came into force in July 2022 Preparing for new regulations 3

Click here to download the Sustainability Report 2021

1TCFD = Task Force on Climate-Related Financial Disclosures 10 ²ESG due diligence, Whistleblowing channel 3 Corporate Sustainability Reporting Directive (CSRD), European Sustainability Reporting Standard (ESRS)

Reporting in full transparency

Corporate governance ●

• · Good corporate governance the foundation for value creation and trustworthiness
• · Ensure transparent and consistent reporting on environmental, social and governance topics

Preparing for new regulations

	Environmental	Social		Governance
Global Reporting Initiative (GRI) and World Economic Forum (WEF) Stakeholder Capitalism Metrics
TCFD Task Force on Climate-related Financial Disclosures	Greenhouse Gas Protocol Carbon emissions Scope 1, 2 and 3	Transparency act1 Responsibility throughout entire value chain	Equality Act2 Equal opportunities and representation	Accounting rules Public Limited Liability Companies Act	Corporate Governance NUES code 3 of practice
EU taxonomy	Licences and concessions Framework for every project and plant			Oslo Børs

¹ Lov om virksomheters åpenhet og arbeid med grunnleggende menneskerettigheter og anstendige arbeidsforhold

11 3 The Norwegian Corporate Governance Board

Creating value with ESG

Our values and our purpose ...

our purpose is to provide renewable energy for future generations and powering the transition to a sustainable future. Our long-term success is linked to operating our business in a sustainable way

... are reflected in the way we go about our business ...

• We develop and produce renewable energy
• Act as a trustworthy company .
• Take climate action
• Avoid emissions wherever we can ●
• Alignment to the EU Taxonomy ●
• · Apply good corporate governance
• · Invest in local stakeholder relations

... securing competitive advantage and leading to tangible results that we convert to value for our

shareholders

Becoming the leading Nordic Independent Power Producer (IPP)

Key focus points for Cloudberry:

• Be a local partner, which is present for landowners, developers and local contractors and suppliers
• Continued growth of our production portfolio with the complimentary renewable assets hydro and wind
• Flexibility from early phase projects to power plants in operations; Cloudberry can be an optimal partner and owner
• Sustainability an integrated part in everything we do
• Strong financial position Long-term owners with renewable energy focus. Utilize Cloudberry's financial position to grow through settlement in shares, cash or a combination
• Strong technology focus, to create an efficient and scalable operating platform

Accelerating Development

Capital Markets Day | 1 September 2022 Charlotte Bergqvist, Chief Development Officer

Outlook Sweden - acceleration of demand

• · Electrification of industry, new green industries and transports drive the need for new added renewable capacity
• · Electricity consumption expected to triple until 20501
  • o 2030: 200 TWh
  • 2050: 370 TWh
• Mid-term towards 2030 mainly wind/solar to be added to the mix

Swedish power demand estimates

Outlook Norway - restarting wind energy developments

• · Norway finally to resume its licensing process for onshore wind power developments after a three-year stop
• · Cloudberry well-positioned for restarting its development in close collaboration with local stakeholders
• Impact assessment program for permitting requires municipal approval
• Aim to run several such assessments in 2023

Vil ha mer vindkraft: - For å ta vare på naturen, må vi ofre noe natur

Olje- og energiministeren er klar i sin tale, han mener vi må ha mer fornybar energi. Da må natur ofres, ifølge Terje Aasland (Ap).

Godvær til tross. Et kraftig vinddrag tok knekken på parolen 'Nei til vindkraft'. Foto: Sigbjørn Lægdene Stenvaag

Statsministeren vil ha flere - mar = indturbiner på land

Håper strømsjokket fører til mer vindkraft

Høvres energiboss Nikolai Astrup håper strømpriskrisen fører til en ny lokal vilie for å bygge ut vindkraft på land. Han ser for seg flere små - og store vindmølleparker rundt om i det ganske land.

Strømkrise i indus tørre å bygge vindkraft på land

Massiv utbygging av kraft er den eneste langsiktige løsningen på strømkrisen, mener industritopper. Og å vente på havvind, vil ta for lang tid.

Development - the process

Project maturity

Development - the portfolio

Unsubsidized, shallow-water offshore wind in the Nordics

• · Offshore wind costs are driven by:
  • Water depths
  • o Distance to shore
  • o Site accessibility
  • o Waves/ tides
  • o Salt and corrosion
• · Prove cost-efficiency throughout value chain in less harsh environments
  • o Shallow water < 20 meter
  • o Less salt
  • o Less waves
  • o Easy access

Nearshore pipeline requires local knowledge

• · Pipeline > 2 500 MW, mainly Baltic Sea
• · Duplicate knowledge from Stenkalles Vind
• · Target is 2-3 fully consented projects by 2030
• · Good timing with market need

Development - "The Cloudberry way"

• · Find the right locations
  • o Early evaluations and pre-studies to understand the environmental impact and local conditions to find the most suitable projects
• · Find the right solutions
  • o Identify ways to work locally and engage local stakeholders early
  • o Find the most suitable technical solutions to limit the footprint
• Understand local needs
  • o Find ways for local involvement to understand and adjust plans in accordance with local opinion
  • o Create local value chains with local industry

Production

Capital Markets Day | 1 September 2022 Jon Gunnar Solli, Chief Operating Officer

Agenda - Production

Power production and power sales

• Portfolio and portfolio construction
• Operational model

Production of electric power

• · Production based on the natural elements wind and water
• Wind power .
  • o Typically 3 bladed driven by wind with the electricity generator inside the nacelle
  • Standardised turbines based on size and provider
• Hydro-power plants are tailor made and based on 3 main types of turbines
  • o Pelton: Gross head 50-1900m and less water flow
  • o Francis: Gross head 50-300m and more water flow
  • Kaplan: Gross head 3-40m and most water flow
• Small scale hydro generally uses the Pelton turbine a highly efficient and durable turbine
• · The power plants are fully automated and starts and stops automatically
• Opex operation & maintenance
  • o Hydro: lower opex lifetime 60-80 years
  • o Wind: higher opex lifetime 25-35 years
• · Land and fall lease is normally a % of gross income

Wind and water turbines examples

Sales of electric power

Physical power

• · Physical power is traded through NordPool
  • o NordPool is the legal counterparty on both the buy and sell side
• Day ahead producers have to report next days production
• Day ahead suppliers have to report next days demand
• · If reported production deviates from actual production it has to be handled in the «balance market»/ intra day market
• Power is traded in EUR , but producers can choose to receive settlement in a different currency - typically SEK or NOK

Power price derivatives

• · In principle two markets for derivatives:
  • 1. Bilateral power purchase agreements (PPA's) fixed price contracts
  • 1. Standardized instruments on NASDAQ
• Bilateral PPA's are normally of longer duration and larger quantities of power. Off taker has traditionally been industrial companies with high energy consumption, but this is changing
• · NASDAQ is the largest marketplace for power derivatives such as futures and options
  • o Liquidity and volumes are low for contracts with duration of more than 12-18 months

5333

Portfolio overview

Additional backlog of 420 MW not included in overview

Portfolio construction

• · Current portfolio (producing and assets under construction) has an expected annual production of 522 GWh (156 MW)
• · Main considerations in portfolio construction:
  • Asset type (wind/hydro) 0
  • Geographical location 0
  • Price area C
  • Production mix in price area 0
  • Technical condition of the O plant/park
  • Add-on possibilities O
  • Additional value creation O
  • ESG considerations C

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  • •
• •
• • •
• •

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Difference in precipitation - geographical diversification

Portfolio diversification - price areas

Portfolio region mix 2022 and 2025

• · Illustrative production mix based on the current portfolio incl. under construction and permitted project at estimated completion dates
• New connector between NO3 and NO5 has been given a construction permit (ready 2025)
• Shift towards a higher portion in more attractive price areas (NO1, NO2, NO5, SE3)

Favorable portfolio characteristics

• · State of the art turbines with high quality producers on average turbines and generators are 1.9 years old (production weighted)
• · We always look for special characteristics and opportunities when we acquire a new hydro plant
  • o Possibilities to actively control the flow of water (regulation) optimize production to prices
  • o Revisions of concessions
  • o Possibility to build further hydro plants in the same river
• · Long average duration on land and fall leases; Wind 31 years Hydro 57 years
• · We have implemented "Tyde" (Al tool by Captiva for monitoring of the plants) on all hydro power plants – will help us move from reactive to proactive O&M as well as improving production
• · Current spread between the price areas can open interesting opportunities
• · Hedging strategy initiated, currently hedged 12 GWh
  • · This week hedged 4 GWh, 5 year fixed at EUR 132/MWh
• · Signed fall leases for ~100 GWh of annual production in 2022
  • Concessions to be applied

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Value sensitivities - Hån Case study (by Newsec Infra)

Assumption	Downside	Base case	Upside	Base case EV of EUR 58.4m
Power prices	-10%	Volue NO1 Q2 2022 GWA	+10%	52.3 64.6
Energy yield	P50 -5%	74 000 MWh (P50)	P50 +5%	55.5 61.4
Inflation	4.5% (2022), 3.0% (2023), 1.5% (2024→)	4.5% (2022), 3.0% (2023), 2.0% (2024→)	4.5% (2022), 3.0% (2023), 2.5% (2024→)	56 61.1
IRR (unlevered)	7.0%	6.5%	6.0%	60.9 56.2
Lifetime		30 years	35 years	58.4 60.7
All-in rate (levered case)1)	4.7%	3.7%	2.7%	୧୦ 57.9
Opex	+5%	11.2 EUR/MWh (real 2022)	-5%	દેવે 57.9 (

Note 1) Levered case based on 50% leverage of estimated construction cost ~EUR 34m 32 Source: Newsec Infra analysis

Cloudberry's operating platform

Highly scalable, flexible and cost efficient - plug and play model for new assets

Operations

Capital Markets Day | 1 September 2022 Stig J. Østebrøt, Chief Technology Officer

Maximizing renewable asset performance with insight

Team of 25+ technical and commercial industry experts

Service strategy

Unique user driven software development Team of 15+ software developers and industrial data scientists

Digital Solutions

Product strategy

$$
\omega_{\mathsf{Wission}} \stackrel{\mathcal{T}}{\mathcal{I}} \quad \mathcal{I}^{\mathsf{Wprøse}}
$$

Clients

• · Nordics assets, but both domestic and international clients with strong base on the continent
• · Main office in Oslo (co-located with Cloudberry) and newly established office in Bern, Switzerland
• *HHP = Hydro Power Plants, WPP = Wind Power Plants 37

Digital Solutions: Current products

Portal

Management tool collecting and visualizing high-level data

Tyde

Analytic tool on streamed sensor data to increase performance

Digital Solutions: Current products

Tyde

Analytic tool on streamed sensor data to increase performance

Portal

Visualization and high-level analysis of data on production, revenues, weather etc

Always updated with live data and prognosis based on forward prices

Benchmarking of more than 400 power plants in addition to weather based benchmarking

Fully transparent information flow to all stakeholders

Digital Solutions: Current products

Portal

Management tool collecting and visualizing high-level data

Example of data analytics with Tyde: Turbine needle settings example (1:2)

• · Analysis by comparing physics-based theoretical calculation (white line) of power output (red line)
• · Discovered deviations in parts of the operation spectre (7-8% over 20 hours in total)

Data - Graph may not show all values before you zoom in.

Example of data analytics with Tyde: Turbine needle settings example (2:2)

• · Found wrong settings on one of the turbine needles
• · Assuming the same frequency over one year, the corrective action will increase production with 165 MWh annually (+1.6%), giving an increased revenue of approx. 800 000 NOK with current prices (70 000 NOK with normal prices)
• · Plus the effect of increased component life time and reduced risk of technical breakdown
• Easy to fix without CAPEX requirements but hard to discover without proper tools

Cloudberry leveraging on service & digital strategy

ESG in practice

Systematic compliance monitoring on permit requirements, e.g. minimum water flow

Professional and scalable internal control systems available for all parties in a fragmented industry

Fully transparent and live information flow easily available to all stakeholders (Portal)

Web-based cost-efficient solution to document EU Taxonomy compliance (Rexonomy)

Summary

• Data-driven operator and manager of wind and hydro plants in the Nordics

Digital Solutions

· User-driven development of industrial digital solutions, for own use and separate product strategy

• · We manage more than we own, and we deliver digital solutions to more than we manage
• · Ensures Cloudberry to be a solid and professional asset owner with first class technology

Cloudberry is a renewable energy company, born, bred, and operating in the Nordic and in accordance with local traditions.

We own, develop, and operate hydropower plants and wind farms in Norway and Sweden.

We are powering the transition to a sustainable future by providing new renewable energy today and for future generations.