Cloudberry Clean Energy ASA — M&A Activity 2021

Feb 24, 2021

Cloudberry Clean Energy AS | Aqusition of Skåråna Kraft AS

Cloudberry Clean Energy AS | Aqusition of Skåråna Kraft AS

Oslo, Norway, 24 February 2021: Reference is made to the stock exchange

announcement dated 21 December 2020 regarding Cloudberry Clean Energy AS`

("Cloudberry" or the "Company") share purchase agreement for the acquisition of

100% of the shares in Skåråna Kraft AS (the "Skåråna hydropower plants").

Cloudberry has today completed a transaction for the acquisition of 100% of

Skåråna hydropower plants. The financing of the hydropower company is covered by

the announced Private Placement on 14 December 2020. Skåråna Kraft AS has

started the construction of two hydropower plants, and according to plan will

commence production during fourth quarter of 2021. The plants are located in

Lund municipality in Rogaland county with an annual production at a normalized

level of 14 GWh. The hydropower plants will benefit from the right to regulate

lake Viglandsvatnet upstream of the two plants.

DLA Piper has acted as legal advisor to Cloudberry in the transaction.

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

contact:

Jon Gunnar Solli, COO, +47 970 38 507, jgs@cloudberry.no

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

Suna Alkan, CSO, +47 913 02 907, sa@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 Oslo 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.