Acqusition of 15% of Odal Vindkraftverk AS

Reference is made to the stock exchange announcement dated 9 December 2020 regarding Cloudberry Clean Energy AS`share purchase agreement for the acquisition of up to 33.4% of the shares in Odal Vindkraftverk AS (the "Odal windfarm").

Cloudberry has today completed a transaction for the acquisition of 15% of Odal windfarm. Cloudberry has the right to, and intends to, acquire up to a 33.4% shareholding in Odal windfarm by 30 June 2021. “The wind farm is located in an area with strong demand for new renewable power and is expected to yield solid economic returns”, says Anders Lenborg, CEO of Cloudberry.

The Odal windfarm is currently under construction in Innlandet, Norway. Installation of 34 turbines with up to 163 MW capacity is expected to be completed within year-end 2021 with electricity production commencing in 1Q 2022. The windfarm is developed together with experienced partners KLP and Akershus Energi, and Cloudberry will add value as a financial sponsor and industrial partner in the project. With this transaction, Cloudberry enters into all existing agreements for the development of the windfarm, including Cloudberry’s share of the contractor guarantees.