Cloudberry Clean Energy signs SPA to purchase hydropower companies in Norway

Cloudberry Clean Energy

OSLO: Cloudberry Clean Energy AS has signed Share Purchase Agreements (SPA) to purchase two hydropower companies in Norway, Selselva Kraft AS and Skåråna Kraft AS, with a total expected annual production of around 34 GWh, a news release said.

Cloudberry, a Nordic renewable energy company, is purchasing the hydropower plants as part of the execution of its growth strategy focused on owning, developing and operating hydro and wind power in Norway and Sweden.

While Selselva Kraft AS is a producing hydropower plant located in Sunnfjord municipality in Vestland county with an annual production at a normalized level of 20 GWh, Skåråna Kraft AS is developing two power plants, Steinbergdalen and Flatestøl, located in Lund municipality in Rogaland county.

These two hydropower plants will be constructed in 2021 and is scheduled to commence production in the fourth quarter 2021 with an annual production at a normalized level of 14 GWh.

“Cloudberry continues its growth journey in the Nordic wind and hydro power market by adding these quality hydropower assets in Western Norway. We started the year with an annual net production capacity of 11 GWh, and by active M&A activity in 2020, we have secured a net capacity in production and under construction of around 500 GWh by the end of 2021”, says Anders Lenborg, CEO of Cloudberry.

Financial closing is scheduled for January 2021 for both transactions.

Cloudberry Clean Energy AS is a Nordic renewable energy company. Cloudberry has a strong commitment to local communities. Our integrated value chain approach ensures local presence and optimisation of stakeholder alignment and value creation.

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