Cloudberry Clean Energy ASA

Business and Financial Review • Apr 28, 2022

Cloudberry Clean Energy ASA | Update on key activities

Cloudberry Clean Energy ASA | Update on key activities

Oslo, Norway, 28 April 2022: Cloudberry Clean Energy ASA ("Cloudberry" or the

"Company") current portfolio of power producing assets and secured assets under

construction consists of 26 hydropower and 3 wind power assets, with a total

capacity of 150 MW (61 MW is currently in production and the remaining 89 MW

under construction). The group also owns 100% of four additional construction

permits, which if completed will grow the total portfolio to 368 MW.

The Company is pleased to announce the following update related to certain of

its key activities:

Odal Vind

· All 34 turbines have been erected and as of today, 11 turbines are

energized.

· It is expected that all turbines will be energized within the deadline for

energization, which is 30 June 2022.

· Due to strong wind during the winter of 2021/2022 and certain delays from

project suppliers, extra resources have been utilized to meet the energization

deadline. Consequently, the capex budget has increased slightly (under <5% of

budgeted capex).

Hån

· Civil works has commenced and the foundations for all the 5 turbines have

been completed.

· The project is currently progressing according to plan, and it is expected

that the wind farm will be completed by year end 2022.

Ramsliåna & Skåråna

· Ramsliåna hydropower plant is completed and in production 31 March 2022.

· Construction and hand-over is completed at Skåråna and we expect Skåråna to

produce revenue by end of Q2 22.

Munkhyttan

· Final procurement is on-going and progressing according to plan.

· Secured option to purchase Munkhyttan II (additional 18 MW) at same terms

and conditions

Kafjärden

· Cloudberry is currently optimizing the project (20 - 40 MW) and finalizing

the final development and procurement process (i.e. turbine negotiations).

· The project is planned to be completed by the end of 2023.

Duvhällen

· The grid owner, Vattenfall, has completed an environmental impact assessment

and filed for an increased power grid capacity permit to match the construction

permit to Elmarknadsinspektionen.

· Construction is expected to commence following receipt of increased power

grid capacity permit, which is expected during 2022.

Stenkalles

· Cloudberry's offshore team is working closely with the project team from the

Dutch company, Ventolines to optimize the project and further reduce risk before

making the final investment decision, which is expected to be made in 2022.

· Commercial operation is targeted by year end 2024.

Captiva Group

· In January Cloudberry closed the Captiva transaction.  The transaction has

been well received by both organizations and the parties have already initiated

several development initiatives within Nordic wind and hydro.

So far in 2022, 100% of Cloudberry's power production has been exposed to spot

prices.

As a result of inter alia activities related to the implementation of the

Captiva Group, the ongoing work with the listing prospectus related to the

private placements resolved in December and in relation to the acquisition of

the Captiva Group and the onboarding of the new board members selected by the

AGM today, the Company has resolved to postpone the publication of the interim

report for Q1 2022 until 7 June 2022. This is disclosed separately in the

Company's updated financial calendar.

For further information, please contact:

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

Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no

This information is subject to the disclosure requirements pursuant to Section 5

-12 of the Norwegian Securities Trading Act. This stock exchange announcement

was published by Andreas Thon Aasheim, CCO at Cloudberry Clean Energy ASA on 28

April 2022, at 17:30 CEST.

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 and Gothenburg, Sweden. To learn more about Cloudberry, go to

www.cloudberry.no