OSLO: Cloudberry Clean Energy has signed a Share Purchase Agreement (SPA) to purchase a hydropower company in Norway, Ramsliåna Kraft AS, with an expected annual production of 6 GWh.
In addition, Cloudberry has entered into an option agreement where Cloudberry has the right to acquire Lona Kraft AS, a company that will apply for an extended concession to build a new hydro plant upstream the same river.
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.
Ramsliåna Kraft AS is currently under construction, and production is expected to commence fourth quarter 2021. The hydro plant is located in Flekkefjord municipality in Agder county.
The hydropower plant is expected to have full year production, with an annual production at a normalized level of 6 GWh. Lona Kraft will be located upstream the same river as Ramsliåna is located. Lona will benefit from the right to regulate a lake upstream the hydropower plant.
Cloudberry sees an increased value with the storage capacity, and year-around water flow, especially during wintertime when the electricity prices normally are higher.
“Cloudberry continues its growth journey in the Nordic wind and hydro power market by adding these quality hydropower assets in Southern Norway. We are very pleased to extend our portfolio of assets which have storage and possibility to regulate production”, says Anders Lenborg, CEO of Cloudberry.
Financial closing is scheduled in fourth quarter 2021.
Cloudberry Clean Energy AS is a Nordic renewable energy company. www.cloudberry.no