Cloudberry Clean Energy ASA

M&A Activity • Nov 6, 2020

Cloudberry Clean Energy AS | Cloudberry enters into partnership for sale of offshore wind development project in Sweden

Cloudberry Clean Energy AS | Cloudberry enters into partnership for sale of offshore wind development project in Sweden

Oslo, Norway, 6 November 2020: With reference to the press release on 10

September, Cloudberry Clean Energy AS ("Cloudberry" or "the company") today

announces that Cloudberry and Downing LLP ("Downing") have entered into an

exclusivity agreement for the construction and ownership of a

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

Since the end of June, Cloudberry has doubled its project backlog to above 1.6

terrawatt hours per year. After confirming a successful offer for project

"Rewind Vänern" in September, Cloudberry announced the ambition to develop 2,500

MW of offshore wind power in Sweden by 2030 based on a substantial development

portfolio of fresh water and Baltic Sea shallow water projects.

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

investor as Downing LLP. 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.

Downing LLP is an FCA authorised and regulated investment manager with over 30

years' experience and, as at 31 July 2020, has over £1 billion of funds under

management. Downing's energy & infrastructure business comprises 25 specialist

investment and asset management professionals managing more than 80 investments

across five different renewable energy technologies.

Henrik Dahlström, Investment Director at Downing says: "Downing has been making

investments in renewable energy for over a decade with a wealth of experience.

We are pleased to be partnering with Cloudberry on this landmark project and

contributing to the growth of renewable energy generation in Sweden."

Based on the signed term sheet, Cloudberry's estimated value realisation for the

development of the 100 MW project is around NOK 3 million per MW, including

Cloudberry's project development fee. Around 1/3 of the value is expected to be

paid in first half of 2021 (not subject to any subsequent adjustments but

pending final grid confirmation) and the remaining 2/3 at project commissioning

in 2023/2024.

"Cloudberry's development offshore strategy is to secure financing and

construction through a partnering model. Cloudberry's specialized development

competence, local presence and the construction licenses are the company's key

value contributions to shallow water projects. This partnership with Downing,

where Cloudberry will participate with a 20% ownership stake, is an excellent

example of this", says Anders Lenborg.

A due diligence process has been initiated and the parties intend to sign a

share purchase agreement (SPA) by the end of this year. Financial close is

expected in first half of 2021.

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 Merkur Market 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.