Signed LOI to aquire hydropower plant in Norway
Oslo, Norway, 11 August 2020: Cloudberry Clean Energy AS (“Cloudberry” or the “Company”) is a Nordic renewable energy company. Cloudberry provides growth and value creation by owning, developing and operating renewable energy in Norway and Sweden. The Company has a growth strategy. The current organic and inorganic portfolio consists of hydro and wind power assets and represents a significant growth and market potential, ranging from energy production to the company’s project backlog.
Cloudberry has today signed a letter of intent (LOI) to purchase 100% of a hydropower plant in Norway with an expected annual production of 22.5 GWh. The hydropower plant is producing from a reservoir with storage capacity. There is year around water flow, and the production is highest during the winter season. The power plant has a good geographical location in relation to interconnectors to Europe and UK.
Signing of the share purchase agreement is expected in September 2020, following the current due diligence process. Construction of the power plant has commenced, and it is scheduled to be in operation from June 2021. Cloudberry avoids construction risk, and the financial close will be after the power plant is put into operation.
For further information, visit our company and IR website www.cloudberry.no or contact:
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 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.