Cloudberry Acquired Nordic Operator of Hydro & Wind Power

Source: www.gulfoilandgas.com 11/17/2021, Location: Europe

Cloudberry Clean Energy ASA ("Cloudberry") has entered into a letter of intent with Captiva Capital Partner AS related to the potential acquisition of 60% of the Captiva Group (hereafter "Captiva"). If completed, the transaction will significantly strengthen the Company's capabilities especially within development and operations of renewable assets. Cloudberry sees a significant value creation potential through the acquisition and expects strong earnings contribution in the coming years.

"Cloudberry has already gained a leading position as developer and owner of renewable energy assets in the Nordics, primarily in hydropower and wind. With the acquisition of Captiva, we are adding important capabilities within development and operations of renewable assets in the Nordics. Cloudberry will retain a bigger share of the value created in our projects, and equally important, be positioned for further growth of our development and production portfolios," says Anders Lenborg, CEO of Cloudberry Clean Energy ASA.

Today Cloudberry rely largely on third parties to operate its assets, where Captiva is one provider among others. By the acquisition of Captiva, the Company will be able to manage the portfolio inhouse going forward. Captiva will be adding development, operation and technology capabilities to support and enhance Cloudberry's ambitions. Captiva has always delivered positive EBIT and is growing rapidly with approximately 30 full time employees in Norway as of today.

"As a part of Cloudberry, we will have a clear mission to enhance operational capacity and expertise. More importantly, we are strengthening our capabilities finically and will continue our journey in growing a first-class data driven operational service suite on hydro and wind assets to all current and future clients. This partnership will also complement our efforts in the further development of industrial digital solutions tailored for renewable energy", says Stig J. Ostebrøt, CEO of Captiva.


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