Cloudberry Clean Energy ASA

Investor Presentation • Feb 11, 2022

Fourth quarter 2021
Status and outlook

11 February 2022

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.

This Presentation may include forward-looking statements that reflect the Group's current views with respect to future events and financial and operational performance of the Group and/or the industry in which the Group Operates. These forward-looking statements may be identified by the use of forward-looking words such as "believes", "expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "anticipates", "targets", or similar expressions. These forward-looking statements are not historic facts. Readers of this Presentation is cautioned that forward-looking statements are not guarantees of future performance and that the Group's actual financial position, operating results and liquidity, and the development of the industry in which the Group operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Presentation. No member of the Group can quarantee that the intentions, beliefs or current expectations upon which its forward-looking statements are based will occur. By their nature, forward-looking statements involve, and are subject to, known and unknown risks, uncertainties and assumptions as they relate to events and depend on circumstances that may or may not occur in the future. Because of these known and unknown risks, uncertainties and assumptions, the outcome may differ materially from those set out in the forward-looking statements. These forwardlooking statements speak only as of the date on which they are made. No member of the Group or any officer or employee of the Group undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise, except as required by law.

No representation or warranty, express or implied, is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets and opinions, contained herein, and no responsibility or liability whatsoever is accepted as to any errors, omissions or misstatements contained herein. Accordingly, no member of the Group or any officer or employee of the Group accept any responsibility or liability whatsoever arising directly or indirectly from the use of this Presentation and the information contained herein.

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The contents of this Presentation shall not be construed as legal, business or tax advice, and the furnishing of this Presentation should not be considered as the giving of investment advice by any member of the Group or any of their directors, officers, agents, employees or advisers. Prospective investors should consult its own legal, business or tax advisor as to legal, business or tax advice.

Alternative performance measures (APM) used in this presentation are further described and presented in the unaudited interim financial report for the Group.

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Agenda

Overview and highlights Operational update and ESG

Key Financials

Outlook

Cloudberry develops, owns and operates Nordic renewables

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

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

An accelerator to the green energy transition. Net-zero company since inception.

Listed on Oslo Stock Exchange's main list

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	Consolidated		Proportionate 1
NOK million	Q4 2021	Q4 2020	Q4 2021	Q4 2020
Revenue	22		36
EBITDA	$-7$	$-16$	$-11$	-13

Business overview per reporting date

Proportionate production capacity of 367 MW (net to Cloudberry) including construction permits

Note (1): 141 MW expected to be in production by year end 2022. Kvemma (remaining 8MW) has a firm agreement where the asset will be transferred to Cloudberry upon completion in 2024 6 Note (2): Includes 100% ownership of Stenkalles (Vanern) project (100 MW / 320 GWh) and 100 % and full capacity of Kafjärden (20 - 40 MW). Duvhällen wind farm included as 60 MW project (construction permit) – Cloudberry has grid capacity permit for 30 MW but has applied for increased grid capacity to match the construction permit.

Operational update
and ESG

Captiva - overview and value triggers

Management Services

• Operation & Maintenance
• Development & Construction $\bullet$
• Technical & Commercial mngt.
• Finance & accounting $\bullet$

Captiva

Data-driven operator, manager and developer of renewable energy in the Nordics

Captiva adds significant value to Cloudberry's Nordic renewable strategy

• Development. Strengthen our hydro development capabilities
• Operations. Strengthen our operational capabilities. Increased competence and industrial digitalization
• Project management & Construction. Expanding project management and construction capacity in order reduce risk and to run projects in parallel

Cloudberry + Captiva = Full life-cycle. Development - production - operations

Attractive dealflow Strong access to new, Nordics projects through the value chain

Project	Technology	Size (MW)	Status	Investment decision	First power
Tinnkraft	Hydro	$\overline{2}$	In-production	2022	Producing
Øvre Kvemma	Hydro	8	Construction permit, ready to construct	2022	2024
Kafjärden	Wind	$20 - 40$	Construction permit, late development	2022	2023/2024
Munkhyttan	Wind	18	Construction permit, late development	2022	2023/2024
Munkhyttan II	Wind	18	Development project, on-going permit work	2024	2025/2026

Management

Anders J. Lenborg Chief Executive Officer (CEO)

Christian A. Helland Chief Value Officer (CFO)

Charlotte Bergqvist

Development

Jon Gunnar Solli

Production

Stig J. Østebrøt Operations

Environmental, Social and Governance - At the core of our business

Planet

• Managing environmental impact:
• Stenkalles, Vänern project - building on existing substations and using existing storage area
• Kafjärden project assessing secondhand turbines
• Assessing eligible activities covered by the EU Taxonomy

People

• New office in ¥. Gothenburg, Sweden
• Onboarding new employees to the offshore wind team
• Continue to evaluate and update health and safety routines and reporting structures

Governance

• ESG Due Diligence guideline incorporated and integral in investment decisions
• Suppliers Code of Conduct implemented in procurement phases
• Whistleblowing reporting channel rolled out

Prosperity

• Local value creation
• Construction of Han wind $form - close$ collaboration with the municipality on waste recycling

The reporting contains disclosures from the World Economic Forum (WEF) Stakeholder Capitalism's core set of environmental, social and governance metrics, organized into four pillars $11$ - Principles of Governance, Planet, People and Prosperity

Key financials

Portfolio overview, per reporting date Four new projects since last report

Status

Åmotsfoss. Hand-over completed. In production.

Tinnkraft and Kvemma. New hydro projects

Odal. First power in December 2021. Final turbine installation on-going. 13 of 34 Siemens turbines installed end of January. Final installment sensitive to wind conditions.

Ramsliåna & Skåråna. Construction completed. Final grid connection slightly delayed. Minimal revenue effect due to frozen rivers. Expect revenue generation from Q2 2022.

Hån. Hån, according to plan. First power expected end of 2022.

Kafjärden. New project. Capacity range from 20 -40 MW pending final development work and turbine selection.

Munkhyttan. New project. 18 MW (phase 1). Final development and procurement on-going. Cost efficient project.

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Profit or loss (consolidated & proportionate*)

Consolidated financials

NOK 1000	Q4 2021	Q4 2020	FY 2021	FY 2020
Revenue and other income EBITDA	21 6 5 6 $-6685$	1688 $-16492$	40 898 $-31075$	3 640 $-29822$
Operating profit (EBIT)	-10 754	$-17306$	-40 821	-33 111

Proportionate financials

NOK1000	Q4 2021	Q4 2020	FY 2021	FY 2020
Revenues and other income	35 811	3 1 8 2	82 4 86	5333
Production	34 867	3 1 8 2	76 684	5 1 2 2
Develop	943	0	5803	93
Corporate	$\circ$	O	0	118
EBITDA	$-10581$	$-13331$	$-26046$	$-26501$
Production	20 27 6	$-383$	41 2 5 7	$-1962$
Develop	$-16267$	$-2058$	$-29585$	$-8302$
Corporate	$-14591$	$-10930$	$-37718$	$-16237$
Power Production (GWh)	48	13	117	21

Comments

• Ramping up new production & organization
• Revenue increased from NOK 2m to NOK 22m
• EBITDA improved from NOK-16m to NOK-7m
• Production increased from 13 to 48 GWh
• Marker wind project. To comply with final NVE report a one-off cost of NOK 12m in Q4. The work is now completed.

• Proportionate figures includes Cloudberry's share of Forte Vannkraft (34%) and Odal Vind $(33.4\%).$

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$2n$

Positive outlook for Nordic power prices Cloudberry's portfolio strategically situated in high price areas

Positive outlook for power prices in key Cloudberry price areas NOK (øre)/kWh

Key market drivers

Positive development in the long-term power prices. Both Volue and NVE (the Norwegian Water Resources and Energy Directorate) increasing the long-term prices

ál

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)

Ambitious climate goals will lead to a significant reduction in fossil fuel consumption

Interconnectors between Norway and Northern Europe/UK - increasing the export capacity

Summary and outlook

• Strong growth in revenue and project portfolio
• Increased activity from the offshore wind portfolio
• Significant ramp-up in production as projects under construction are being completed
• Pressure on commodity prices and supply capacity require best practice planning and cost optimization
• Positive development in long-term power prices

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.