Cloudberry Clean Energy ASA

Regulatory Filings • Jul 11, 2025

Cloudberry Clean Energy ASA | Completion on small-scale hydro platform transaction

Cloudberry Clean Energy ASA | Completion on small-scale hydro platform transaction

Reference is made to the stock exchange noticed published 08/07/2025 from

Cloudberry Clean Energy ASA ("Cloudberry" or the "Company") where it had entered

into an agreement with a European infrastructure investor to establish one of

the largest small-scale hydro platforms in the Nordics, with Cloudberry as the

controlling shareholder.

Cloudberry have now closed the announced transaction with Swiss Life Asset

Managers through its managed funds to achieve a ~60% ownership in the Forte

portfolios.

Transaction structure

· Cloudberry has injected all of its hydropower portfolio and projects as

contribution in kind into Forte Vannkraft AS ("FVK"). Cloudberry's 73 GWh in

annual estimated production from producing hydropower assets and one project

under construction is priced at an enterprise value of EUR 53.2m. Combined with

its projects, platform value and other the total Enterprise Value on the

Cloudberry contribution is EUR 58.6m. Adjusted for debt, cash, remaining capex

and other items the total equity value for the Cloudberry contribution in kind

is EUR 36.2m.

· FVK's 197 GWh in annual estimated proportionate production from of hydro

assets in production and under construction is priced at an enterprise value of

EUR 107.2m. Combined with its projects, platform value and other the total

Enterprise Value on the FVK is EUR 113.8m. Adjusted for debt, cash, remaining

capex and other items the total equity value for FVK is priced at EUR 24.2m.

· Through the contribution in kind Cloudberry will obtain a 60% ownership in

FVK. FVK has its own corporate financing structure, targeting an approximately

50/50 loan to value ratio on the combined portfolio when all assets are fully

completed. In combination with approximately EUR 5-8m in expected funding from

Cloudberry, this will be sufficient to fund the remaining capex on the projects

under construction in FVK.

· Cloudberry has also acquired 5.01% in the Forte Energy Norway ("FEN")

portfolio from a fund managed by Swiss Life Asset Managers. Forte is a Norwegian

hydropower portfolio which consist of 14 hydropower plants and one power offtake

agreement with an annual estimated production of 234 GWh and 20 GWh

respectively: in total 254 GWh. The Transaction increases Cloudberry's ownership

in the Forte portfolio to 55%. The price for 5.01% of the shares is ~EUR 5m, in

line with the previous FEN transaction.

· Through the transaction Cloudberry will also receive an indirect ownership

of 45% in Norhard Equipment AS reflected in equity values above. Norhard is a

construction company specializing in drilling for small scale hydro, enabling

project realization and possibility to attract new hydro projects for FVK that

require waterways through hard rock.

· The FVK and the FEN portfolios will operationally be treated as one

portfolio. Through these transaction Cloudberry's will increase its

proportionate hydro production from ~200 GWh to ~300 GWh and the consolidated

hydro portfolio will comprise around 500 GWh (73 GWh currently consolidated) of

producing and under-construction hydropower plants. The majority of the combined

portfolio is located in attractive southern price regions.

· 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.

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

capabilities.

· Please see on the next page for an overview of the FVK original portfolio

(in PDF only).

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.

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