Cloudberry Clean Energy ASA — Investor Presentation 2021

Mar 24, 2021

Full-year 2020
presentation

24 March 2021

Important information

• This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy AS (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 Company's current views with respect to future events and financial and operational performance. These forward-looking statements may be identified by the use of forward-looking terminology. 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 Company's actual financial position, operating results and liquidity, and the development of the industry in which the Company operates, may differ materially from those made in, or suggested, by the forward-looking statements contained in this Presentation. The Company cannot guarantee 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 forward-looking statements speak only as of the date on which they are made. The Company undertakes no obligation to publicly update or publicly revise any forward-looking statement, whether as a result of new information, future events or otherwise.
• 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, neither the Company nor any of its subsidiaries or any such person's officers or employees accepts any responsibility or liability whatsoever arising directly or indirectly from the use of this Presentation and the information contained herein.
• All information set forth in the Presentation may change materially and without notice. In making the Presentation public the Company undertakes no obligation to provide additional information or to make updates thereto. The information set forth in the Presentation should be considered in the context of the circumstances prevailing at the date hereof and has not been and will not be updated to reflect material developments which may occur after such date.
• The Presentation and the information contained herein does not constitute or form a part of and should not be construed as an offer for sale or subscription or of solicitation or invitation of any offer to subscribe for or purchase any securities issued by the Company.

Agenda

Highlights and status update

Anders Lenborg, Chief Executive Officer

Sustainability

Suna F. Alkan, Chief Sustainability Officer

Financials and value

Christian Helland, Chief Value Officer

Outlook and opportunities

Anders Lenborg, Chief Executive Officer

2020: Cloudberry's Nordic growth platform established

Owns, develops and operates renewable power assets in the Nordics

Increased production portfolio, with both hydro and wind assets

Increased and growing development backlog and pipeline

Our purpose is to provide clean energy for future generations

Listed on Euronext Growth Oslo in April 2020 Initiated process to prepare for Oslo Børs
main list listing during H1 2021

2020: An eventful year for Cloudberry

• Private placement of NOK 158 million and subsequent $\checkmark$ listing on Euronext Growth
• Acquired 34% ownership stake in a producing $\checkmark$ hydropower portfolio (net 85 GWh) from Fontavis (Swiss Life)

• Cloudberry acting as lead manager of the portfolio

• $H1$ $H2$

• $\checkmark$ Acquired 15% of Odal windfarm project
• Planning to increase ownership to 33.4% in 2021 (net 54 MW)
• $\checkmark$ Acquired and developed shallow-water wind project Rewind Vänern, and later farmed-down 80% ownership stake to Downing LLP
• $\checkmark$ Further developed onshore wind portfolio
• · Hån being the most mature project
• Acquired Åmotsfoss Kraft hydropower plant (22 GWh) $\checkmark$
• ✓ Acquired Selselva Kraft hydropower plant (20 GWh)
• SPA signed in December 2020, and closing in Q1-2021

• Two private placements with combined gross proceeds of NOK 700 million

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Status update: our projects under construction

Project	Type	Location	Production start	Acquired	Production estimate	Status
Nessakraft	Hydro	Balestrand, Norway	Q4 2020	June 2019	9 MW 34 GWh	• Commissioning - all test results good • Planning for final Due Diligence in April • Expected financial close in Q2 2021
Bjørgelva	Hydro	Sørreisa, Norway	Q4 2020	June 2019	3 MW 7 GWh	• Commissioning - all test results good • Planning for final Due Diligence in April • Expected financial close in Q2 2021
Åmotsfoss	Hydro	Nissedal, Norway	Q3 2021	September 2020	5 MW 23 GWh	• Developing according to plan • Planning commissioning summer 2021 • Expected financial close in Q3 2021
Hydro portfolio (3 plants)	Hydro	Norway	H 2 2021	Dec 2020 / Q1 2021	7 MW 20 GWh	• Development phase • Expected financial close in Q4 2021
Odal windfarm	Wind	Innlandet, Norway	H1 2022	December 2020	54 MW 176 GWh	• Applied for construction deadline extension to mitigate potential Covid-19 delays . No changes in the time schedule for the time being

Status update: our projects with construction permit

	Project	Type	Location	Production start	Production estimate	Status
	Hån windfarm	Wind	Årjäng, Sweden	2022	21 MW 70 GWh	• All concessions approved • Awaiting export license from Swedish government • Procurement process ongoing
L'Estricotura.	Duvhällen windfarm	Wind	Eskilstuna, Norway	2022/2023	30 MW 80 GWh	• All concessions approved • Working on doubling the installed effect to 60 MW (165 GWh) • Ongoing discussions with grid owner
	Project Vänern	Wind	Karlstad, Sweden	2023	100 MW 348 GWh	• All concessions approved • Secured grid capacity • Procurement process ongoing • January 2021. Signed SPA with Downing LLP to divest 80%

2021: Subsequent events

Acquisitions / projects

• Handover of Selselva hydro power plant $\bullet$
• Signed SPA with Downing LLP on the Rewind Vänern project $\bullet$
• Signed SPA on the Skåråna hydro power plant $\bullet$
• Signed SPA on the Ramsllåna hydro power plant
• Preparing for handover of Nessakraft and Bjørgelva hydro power plants

Financing and capital markets

• Repayment of debt to Fontavis, NOK 240m
• Agreed new drawing facility with SR-Bank, NOK 700m $\bullet$
• Financed Odal wind farm, EUR 90m
• Initiated process to prepare for Oslo Børs main list listing during H1 2021

Suna F. Alkan, Chief Sustainability Officer

Sustainability

Integrating sustainability in our business strategy and operations

Strengthened our sustainability management

Identify sustainability topics in our value chain

Stakeholder dialogue

Initiated assessment of our climate related financial risks and opportunities (TCFD)

Reporting on carbon emissions following the guidelines in the Greenhouse Gas Protocol (GHG)

Compensate emissions - carbon credits

Sustainability in figures: Emissions and EU Taxonomy

Cloudberry delivers renewable energy solutions, contributing $\bullet$ positively to an overall reduction in emissions

EU Taxonomy

Cloudberry's hydro power plants have estimated power densities far above 5 W/m² - highly efficient power plants relative to impacted areas

Note: (1) Emissions are 2020 figures (scope 1, 2 and 3), EU-27 electricity mix (IEA 2020) and $12$ only based on actual production in 2020 (21 GWh)

Assessing ESG impacts throughout the lifecycle of our projects

An integrated part of our ongoing business and work to determine detailed KPIs

Local environmental and social impact - risks and opportunities

Stakeholder engagement and local value creation

Emissions

Decommissioning

Christian Helland, Chief Value Officer

Financials and value

The strategy behind the financials

(NOK 000) 1	2020	2019
Sales revenue	3 633	279
Other income	7	0
Total revenue	3 640	279
Cost of goods sold	-143	-27
Salary and personnel expenses	-17 419	-1 981
Other operating expenses	-12 343	-877
Net income/(loss) from associated companies	-3 556	0
EBITDA	-29 822	-2 606
Depreciation and amortizations	-3 289	-7
Operating profit (EBIT)	-33 111	-2 613
Financial income	984	5
Financial expenses	-2 125	-1
Profit/(loss) before tax	-34 253	-2 609
Income tax expense	387	0
Profit/(loss) after tax	-33 865	-2 609
Profit/(loss) for the from total operations year	-33 865	-2 609

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(NOK 1 000)	31.12.2020	31.12.2019
Property, plant and equipment	58 426	11
Goodwill	36 933	0
Investment in associated companies	337 080	0
Financial assets and other non-current assets	2 358	0
Total non-current assets	434 797	11
Inventory	196 029	0
Accounts receivable	2 828	0
Other current assets	158 081	70
Cash and cash equivalents	605 126	5 223
Total current assets	962 064	5 293
TOTAL ASSETS	1 396 861	5 304
Total equity	1 054 711	4 829
Interest-bearing loans and borrowings	26 440	0
Lease liabilities long term	3 296	0
Provisions	15 868	0
Deferred tax liabilities	13 668	0
Total non-current liabilities	59 272	0
Interest-bearing short term financial liabilities	236 767	0
Current lease liabilities	1 105	0
Accounts payable and other current liabilities	26 162	475
Provisions	18 845	0
Total current liabilities	282 878	475
Total liabilities	342 150	475
TOTAL EQUITY AND LIABILITIES	1 396 861	5 304

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Value creation in our two segments

Financing strategy

• Seek to maintain an optimised capital structure, $\bullet$ taking both return and risk levels into consideration
• Several long-term alternatives available for $\bullet$ financing, depending on project size, transaction type and counterparty, including:
• Existing cash & cash flow generation
• 1. Flexible bank financing (<60% LTV)
• Direct lending $3.$
• Green bond financing 4.
• 1. Farm down & carry arrangements
• 1. Share consideration
• 1. New equity

Outlook and
opportunities

Nordic power market outlook

Power price forecasts 2030-2040 (NOK (øre)/kWh)

Market 2020

Cloudberry secured a fixed price PPA for approximately 2/3 of
revenue at 30 EUR/ MWh for 2020

Long term:

40% expected 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 reduction in fossil fuels consumption

Interconnectors between Norway and Northern Europe/ UK

50% of European power production expected to come from solar and wind by 2040

Source: NVE (Norwegian Water Resources and Energy Directorate)

Cloudberry's growth opportunities in the Nordics

Delivering on our growth strategy

• A transformational year creating a solid Nordic renewable platform
• Expect to increase new renewable production 7x within 12 months
• Scalable and efficient platform for growth with an exclusive backlog (370 MW) and pipeline of > 2,500 MW
• Focus on profitable growth going forward
• Establishing industry-energy partnerships Cloudberry to be a local partner for supplying clean energy

Appendix

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Our team

Anders J. Lenborg Chief Executive Officer

Christian A. Helland Chief Value Officer (CFO)

Suna F. Alkan Chief Sustainability Officer

Jon Gunnar Solli Chief Operating Officer

Tor Arne Pedersen Chief Development Officer

Marie N. Gulsvik Group Accounting Manager

Sebastian Prause Project Manager

Elisabet Wahlstedt Project Manager

Stefan Larsson Environmental Lawyer

Malin Wahlman Project Developer

Ingemar Andersson Wind Analyst

Roger Grøndahl Project Manager

Shareholder overview (22 March 2021)

Shareholders	# Shares	% Shares
JOH JOHANNSON EIENDOM AS	16 145 780	15,37 %
HAVFONN AS (Bergesen family)	9 168 596	8,73%
SNEFONN AS (Bergesen family)	7833273	7,46%
State Street Bank and Trust Comp (Swedbank Robur)	6783799	6,46%
CLEARSTREAM BANKING S.A.	3 205 750	3,05%
CCPARTNER AS (Chairman, Frank J. Berg)	3 173 147	3,02%
Carnegie Investment Bank AB	3 005 519	2,86%
CB4 GREEN INVEST AS	2 900 799	2,76%
GJENSIDIGE FORSIKRING ASA	2769953	2,64%
Danske Invest Norge Vekst	2 3 8 0 9 5 2	2,27%
MP PENSJON PK	1702380	1,62%
GULLHAUGGRENDA INVEST AS	1626190	1,55 %
Skandinaviska Enskilda Banken AB	1 600 000	1,52%
KLAVENESS MARINE FINANCE AS	1598358	1,52%
NORDEA BANK ABP	1414096	1,35 %
LENCO AS	1 283 546	1,22%
STRØMSTANGEN AS	1 246 360	1,19%
Skandinaviska Enskilda Banken AB	1 190 444	1,13%
Verdi Storebrand Norge Fossilfri	1 127 359	1,07%
ASHEIM INVESTMENTS AS	1097561	1,04%
Top 20	71 253 862	67,82 %
Other shareholders	33 811 474	32,18%
Total	105 065 336	100,00%

Financial calendar

24. Mar. 2021	Annual report
28. April 2021	Annual General Meeting
25. Aug 2021	Half-year report
27. Oct. 2021	Quarterly report - Q3

Note: Caddie Invest AS (Board member Petter W. Borg) and Snefonn AS (Bergesen family) each hold 25% of shares in CB Green Invest AS 26 Source: VPS Issuer Services (23 March 2021)

We provide clean renewable energy for future generations.

Cloudberry.no