Cloudberry Clean Energy ASA

Capital/Financing Update • Mar 17, 2021

Cloudberry Clean Energy AS | Investment grade debt financing

Cloudberry Clean Energy AS | Investment grade debt financing

Oslo, Norway, 17 March 2021: With reference to the stock exchange announcement

dated 23 December 2020 regarding Cloudberry Clean Energy AS` ("Cloudberry" or

the "Company") transaction for the acquisition of 15% of Odal Vindkraftverk AS

(the "Odal windfarm") with the right to, and intention to, acquire up to a 33.4%

shareholding in Odal windfarm by 30 June 2021.

Odal windfarm, owned by KLP, Akershus Energi and Cloudberry has raised EUR 90

million in investment grade debt from a syndicate of institutional lenders to

partly finance the construction of the Odal windfarm, with an over 20 year tenor

and a fixed rate coupon below 3%.

"This landmark deal secures long term, fixed rate and fully merchant financing

for a Nordic wind asset and confirms our view of the strength and quality of the

project and the ownership group", says Anders Lenborg CEO of Cloudberry.

The Odal windfarm is currently under construction in Innlandet, Norway.

Installation of 34 turbines with up to 163 MW capacity is expected to produce

526 GWh of electricity per year equivalent to the consumptions of 33.000

households.

Pareto Securities has acted as managers for the debt financing.

This information constitutes insider information and is subject to the

disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17, cf.

section 5-12 of the Norwegian Securities Trading Act.

For further information, visit our company and IR website www.cloudberry.no or

contact:

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

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

About Cloudberry Clean Energy:

Cloudberry Clean Energy AS is a Nordic renewable energy company. We own, develop

and operate hydro power plants and wind farms in Norway and Sweden. Our purpose

is to provide clean renewable energy for future generations, developing a

sustainable society for the long term and creating value for our stakeholders.

We believe in a fundamental long-term demand for renewable energy in the Nordics

and Europe. Our purpose shapes every aspect of how Cloudberry operates.

Cloudberry has a strong commitment to local communities. Our integrated value

chain approach ensures local presence and optimisation of stakeholder alignment

and value creation. Our long-term growth strategy rests upon our ability to

create value for stakeholders, and our ability to use the best possible

technology available, bring down costs, improve sustainability and make an

important contribution to the necessary European energy transition. We will

realise growth through organic greenfield development and by taking part in

structural development of the Nordic renewable energy industry.

We are a public Euronext Growth company supported by strong owners and led by an

experienced management team and board. Our offices are in Oslo, Norway (main

office) and Karlstad, Sweden. To learn more about Cloudberry, go

to www.cloudberry.no.