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    CLOUD   NO0010876642

CLOUDBERRY CLEAN ENERGY ASA

(CLOUD)
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Cloudberry Clean Energy AS : | Sale of offshore wind development project in Sweden confirmed

01/15/2021 | 01:01am EDT

Oslo, Norway, 15 January 2021: With reference to the release on 6 November 2020, Cloudberry Clean Energy AS ("Cloudberry" or "the company") today announces that Cloudberry and Downing LLP ("Downing"), on behalf of its managed fund(s), have signed the share purchase agreement (SPA) for the construction and ownership of a 100 MW nearshore, shallow water wind farm in Lake Vänern in southern Sweden. Cloudberry Production will own 20% of the project after commissioning.

Total expected sales value of the wind project is around NOK 300 million, subject to actual costs and that the final investment decision related to the project is made. Around NOK 100 million will be paid at the expected financial close during 2021, and the remaining purchase price will be paid after project commissioning in the second half of 2023.
  
"We are very pleased to cooperate with such an experienced infrastructure investor as Downing. 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.
  
About the project
The 100 MW wind farm project in Lake Vänern is close to existing infrastructure and the partnership has commenced the work with project design solutions and procurement. The current development plan includes 16 turbines with an estimated annual power production around 350 GWh, significantly strengthening the access to clean and renewable energy in the region.
   
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 Euronext Growth 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.

https://news.cision.com/cloudberry-clean-energy-as/r/cloudberry-clean-energy-as---sale-of-offshore-wind-development-project-in-sweden-confirmed,c3268328

https://mb.cision.com/Main/19955/3268328/1359440.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

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Financials
Sales 2021 144 M 16,9 M 16,9 M
Net income 2021 76,0 M 8,91 M 8,91 M
Net cash 2021 107 M 12,5 M 12,5 M
P/E ratio 2021 28,5x
Yield 2021 -
Capitalization 2 801 M 329 M 328 M
EV / Sales 2021 18,7x
EV / Sales 2022 20,7x
Nbr of Employees 10
Free-Float 60,9%
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Mean consensus UNDERPERFORM
Number of Analysts 2
Average target price 23,50 NOK
Last Close Price 14,66 NOK
Spread / Highest target 77,4%
Spread / Average Target 60,3%
Spread / Lowest Target 43,2%
EPS Revisions
Managers and Directors
NameTitle
Anders Jørgen Lenborg Chief Executive Officer
Christian Helland Chief Financial & Value Officer
Frank Jarle Berg Chairman
Jon Gunnar Solli Chief Operating Officer
Petter Winther Borg Director
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