Signed SPA to purchase hydropower plants in Norway
Oslo, Norway, 21 December 2020: Cloudberry Clean Energy AS (“Cloudberry” or “the company”) has signed Share Purchase Agreements (SPA) to purchase two hydropower companies in Norway, Selselva Kraft AS and Skåråna Kraft AS, with a total expected annual production of around 34 GWh.
Cloudberry, a Nordic renewable energy company, is purchasing the hydropower plants as part of the execution of its growth strategy focused on owning, developing and operating hydro and wind power in Norway and Sweden.
While Selselva Kraft AS is a producing hydropower plant located in Sunnfjord municipality in Vestland county with an annual production at a normalized level of 20 GWh, Skåråna Kraft AS is developing two power plants, Steinbergdalen and Flatestøl, located in Lund municipality in Rogaland county. These two hydropower plants will be constructed in 2021 and is scheduled to commence production in the fourth quarter 2021 with an annual production at a normalized level of 14 GWh.
“Cloudberry continues its growth journey in the Nordic wind and hydro power market by adding these quality hydropower assets in Western Norway. We started the year with an annual net production capacity of 11 GWh, and by active M&A activity in 2020, we have secured a net capacity in production and under construction of around 500 GWh by the end of 2021”, says Anders Lenborg, CEO of Cloudberry.
Financial closing is scheduled for January 2021 for both transactions.
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 (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.