Cloudberry Clean Energy ASA

M&A Activity • Jul 9, 2025

Cloudberry Clean Energy ASA | Cloudberry and a European infrastructure investor form one of the Nordics' largest small-scale hydro platforms

Cloudberry Clean Energy ASA | Cloudberry and a European infrastructure investor form one of the Nordics' largest small-scale hydro platforms

Cloudberry Clean Energy ASA ("Cloudberry" or the "Company) has entered into an

agreement with a European infrastructure investor ("the Investor") to establish

one of the largest small-scale hydro platforms in the Nordics (the "HydroCo"),

with Cloudberry as the controlling shareholder.

This transaction will increase Cloudberry's proportionate hydro production from

~200 GWh to ~300 GWh and the consolidated HydroCo portfolio will comprise around

500 GWh (70 GWh currently consolidated) of producing and under-construction

hydropower plants. The majority of the combined portfolio is located in

attractive southern price regions.

Key Transaction Highlights:

· Cloudberry will inject its hydropower portfolio and hydro projects as

contribution in kind in HydroCo. Through an additional cash payment of

approximately EUR 5m, Cloudberry will obtain an ownership stake of approximately

60% in HydroCo.

· HydroCo's hydropower portfolio will total ~500 GWh on a 100% basis.

Cloudberry's proportionate exposure will be approximately 300 GWh, of which 6

projects are under construction.

· HydroCo will consist of a team of 6 people with leading small-scale hydro

capabilities

· Following the inclusion of Cloudberry's hydro projects, the portfolio will

benefit from a project backlog of a total of approximately 300 GWh, including

the existing Cloudberry backlog projects.

· HydroCo will have its own corporate financing structure, targeting an

approximately 50/50 loan to value ratio. This will, together with approximately

EUR 5-8m in expected funding from Cloudberry, be sufficient to fund the

remaining capex on the projects under construction.

Strategic Rationale:

This partnership provides Cloudberry with control over a large, diversified

hydro portfolio, with a limited liquidity impact. The collaboration brings

increased development competence and capabilities, a substantial project

backlog, and a strengthened industrial network complementary to Cloudberry's

existing team. Cloudberry will manage the portfolio, doubling its hydro asset

management volumes and increasing both profitability and operational leverage.

The combined portfolio is expected to deliver stable, long-term cash flows, with

an average asset life exceeding 50 years.

"We are proud to lead this strategic hydro initiative. This transaction expands

our portfolio, strengthens our development capabilities, and reinforces

Cloudberry's position as a leading Nordic renewable energy platform," says

Anders Lenborg, CEO of Cloudberry.

The final purchase price is subject to adjustment prior to closing, with closing

expected early Q3. Further details regarding the entities and pricing remain

confidential at this stage and will be disclosed at closing.

For further information, please contact:

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

Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no

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

Or visit: www.cloudberry.no

About Cloudberry:

Cloudberry is a renewable energy company operating in the Nordics and in

accordance with local traditions. The Company owns, develops, and operates

hydropower plants and wind farms in the Nordics. Cloudberry is powering the

energy transition to a sustainable future by providing new renewable energy

today and for future generations. The Company believes in a fundamental long

-term demand for renewable energy in Europe. With this as a fundament,

Cloudberry is building a sustainable, scalable, efficient, and profitable

platform for creation of shareholder value. Cloudberry`s shares are traded on

Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led

by an experienced team and board. The Company has offices in Oslo, Norway (main

office), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig Denmark. To

learn more about Cloudberry, go to www.cloudberry.no