Entered into a letter of intent to strengthen its business through acquisition of a Nordic developer and operator of hydro and wind power

“Cloudberry has already gained a leading position as developer and owner of renewable energy assets in the Nordics, primarily in hydropower and wind. With the acquisition of Captiva, we are adding important capabilities within development and operations of renewable assets in the Nordics. Cloudberry will retain a bigger share of the value created in our projects, and equally important, be positioned for further growth of our development and production portfolios,” says Anders Lenborg, CEO of Cloudberry Clean Energy ASA.

Today Cloudberry rely largely on third parties to operate its assets, where Captiva is one provider among others. By the acquisition of Captiva, the Company will be able to manage the portfolio inhouse going forward. Captiva will be adding development, operation and technology capabilities to support and enhance Cloudberry’s ambitions. Captiva has always delivered positive EBIT and is growing rapidly with approximately 30 full time employees in Norway as of today.

“As a part of Cloudberry, we will have a clear mission to enhance operational capacity and expertise. More importantly, we are strengthening our capabilities finically and will continue our journey in growing a first-class data driven operational service suite on hydro and wind assets to all current and future clients. This partnership will also complement our efforts in the further development of industrial digital solutions tailored for renewable energy”, says Stig J. Østebrøt, CEO of Captiva.

About the transaction

The agreed enterprise value of Captiva (100%) is NOK 160 million on a cash-free debt-free basis, and the final purchase price shall be settled with 50% new shares in Cloudberry and 50% cash at closing. The issuance of the new shares is expected to be resolved by the Company’s Board of Directors through utilization of the board authorization issued by the general meeting on 17 June 2021.

Cloudberry will have the right but no obligation to acquire the remaining 40% ownership interest at a pre-determined price within 30 June 2025. Cloudberry and the existing owners will enter into a shareholder agreement. Captiva Capital Partner AS will be holding 40% of the shares after the sale to Cloudberry and will enter into a lock-up of 12 months on the Cloudberry consideration shares.

The acquisition is conditional on inter alia approval by the Board of Cloudberry and a confirmatory due diligence. Cloudberry has been granted exclusivity until 31 January 2022 but aim to complete the transaction during 2021.

Chairman of the board of Cloudberry, Frank J. Berg, through CCPartner AS and related party Mothe Invest AS own a minority holding (33 %) of Captiva Capital Partner AS.

For further information, please contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no

This information constitutes insider information and is subject to the disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17 and section 5-12 of the Norwegian Securities Trading Act. This stock exchange announcement was published by Suna F. Alkan, Chief Sustainability Officer, Cloudberry Clean Energy ASA, on 17 November 2021 at 07:25 CET.

About Cloudberry

Cloudberry is a renewable energy company operating in the Nordics and in accordance with local tradition. The company owns, develops, and operates hydropower plants and wind farms in Norway and Sweden.

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 is located in Oslo, Norway (main office) and Karlstad, Sweden. To learn more about Cloudberry, go to www.cloudberry.no.