Sale of Offshore Wind Development Project in Sweden Confirmed

With reference to the release on 6 November 2020, Cloudberry Clean Energy AS 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.