Oslo, Norway, 6 November 2020: With reference to the press release on 10
September, Cloudberry Clean Energy AS ("Cloudberry" or "the company") today
announces that Cloudberry and Downing LLP ("Downing") have entered into an
exclusivity agreement for the construction and ownership of a
100 MW nearshore, shallow water wind farm in Lake Vänern in southern Sweden.

Since the end of June, Cloudberry has doubled its project backlog to above 1.6
terrawatt hours per year. After confirming a successful offer for project
"Rewind Vänern" in September, Cloudberry announced the ambition to develop 2,500
MW of offshore wind power in Sweden by 2030 based on a substantial development
portfolio of fresh water and Baltic Sea shallow water projects.
"We are very pleased to cooperate with such an experienced infrastructure
investor as Downing LLP. The project partnership is an important step towards
fulfilling Cloudberry's growth ambitions within shallow water wind power. It
also shows our ability to realise significant value from our large pipeline of
projects under development", says Anders Lenborg, Chief Executive Officer of
Cloudberry.
Downing LLP is an FCA authorised and regulated investment manager with over 30
years' experience and, as at 31 July 2020, has over £1 billion of funds under
management. Downing's energy & infrastructure business comprises 25 specialist
investment and asset management professionals managing more than 80 investments
across five different renewable energy technologies.
Henrik Dahlström, Investment Director at Downing says: "Downing has been making
investments in renewable energy for over a decade with a wealth of experience.
We are pleased to be partnering with Cloudberry on this landmark project and
contributing to the growth of renewable energy generation in Sweden."
Based on the signed term sheet, Cloudberry's estimated value realisation for the
development of the 100 MW project is around NOK 3 million per MW, including
Cloudberry's project development fee. Around 1/3 of the value is expected to be
paid in first half of 2021 (not subject to any subsequent adjustments but
pending final grid confirmation) and the remaining 2/3 at project commissioning
in 2023/2024.
"Cloudberry's development offshore strategy is to secure financing and
construction through a partnering model. Cloudberry's specialized development
competence, local presence and the construction licenses are the company's key
value contributions to shallow water projects. This partnership with Downing,
where Cloudberry will participate with a 20% ownership stake, is an excellent
example of this", says Anders Lenborg.
A due diligence process has been initiated and the parties intend to sign a
share purchase agreement (SPA) by the end of this year. Financial close is
expected in first half of 2021.
For further information
Please visit our company and IR website www.cloudberry.no or contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Tor Arne Pedersen, CDO, +47 488 95 692, tap@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.

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