Cloudberry Clean Energy ASA

M&A Activity • Jan 15, 2021

Cloudberry Clean Energy AS | Sale of offshore wind development project in Sweden confirmed

Cloudberry Clean Energy AS | Sale of offshore wind development project in Sweden confirmed

Oslo, Norway, 15 January 2021: With reference to the release on 6 November 2020,

Cloudberry Clean Energy AS ("Cloudberry" or "the company") today announces that

Cloudberry and Downing LLP ("Downing"), on behalf of its managed fund(s), have

signed the share purchase agreement (SPA) for the construction and ownership of

a 100 MW nearshore, shallow water wind farm in Lake Vänern in southern Sweden.

Cloudberry Production will own 20% of the project after commissioning.

Total expected sales value of the wind project is around NOK 300 million,

subject to actual costs and that the final investment decision related to the

project is made. Around NOK 100 million will be paid at the expected financial

close during 2021, and the remaining purchase price will be paid after project

commissioning in the second half of 2023.

"We are very pleased to cooperate with such an experienced infrastructure

investor as Downing. The project partnership is an important step towards

fulfilling Cloudberry's growth ambitions within shallow water wind power. It

also shows our ability to realise significant value from our large pipeline of

projects under development", says Anders Lenborg, Chief Executive Officer of

Cloudberry.

About the project

The 100 MW wind farm project in Lake Vänern is close to existing infrastructure

and the partnership has commenced the work with project design solutions and

procurement. The current development plan includes 16 turbines with an estimated

annual power production around 350 GWh, significantly strengthening the access

to clean and renewable energy in the region.

For further information

Please 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

Tor Arne Pedersen, CDO, +47 488 95 692, tap@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.