COPENHAGEN: Orrön Energy AB has agreed to merge its Nordic renewable energy operations with Oslo-listed Cloudberry Clean Energy ASA, a transaction that would make Orrön the largest shareholder in an enlarged Nordic power producer, the company announced.
Under the agreement, Orrön will transfer its Nordic platform and organization — excluding the Karskruv wind farm in Sweden — to Cloudberry in exchange for a 27.01% stake in the combined company, 4.2 million euros in cash, and the repayment or assumption of roughly 93 million euros in outstanding loans and accrued interest.
The deal would more than double Cloudberry’s annual proportionate power generation, bringing it to approximately 2.1 terawatt-hours.
Orrön will hold two seats on Cloudberry’s board and has described its role as an active one, drawing on what it called the “industrial expertise and track record of value creation” of its parent, the Lundin Group of Companies. Cloudberry trades on the Oslo Børs under the ticker CLOUD and operates wind, hydro, solar and battery assets across the Nordic region.
The enterprise value of the assets being transferred was set at 234.6 million euros on a cash-and-debt-free basis.
Orrön said it expects to carry close to zero net debt after closing, with a committed 50 million euro credit facility available for future investment.
The Swedish company will retain two significant businesses outside the deal. The Karskruv wind farm, a newly constructed 86-megawatt facility in Sweden’s SE4 price region completed in 2023, is expected to generate roughly 290 gigawatt-hours annually and will remain wholly owned by Orrön. The company will also keep its European development portfolio, which includes approximately 12 gigawatts of solar, battery and data center projects in the United Kingdom, Germany and France.
Orrön said it has generated 5 million euros in project sales revenue in 2026 and is currently running sales processes for a 300-megawatt data center project and a 1.8-gigawatt solar portfolio in the U.K.
Following the close of the transaction, Orrön’s stake in Cloudberry will be accounted for under the equity method. The company said it would update its full financial guidance when it reports half-year results on Aug. 5, 2026.
Orrön’s board and senior management will remain in place. About 30 employees will stay with the company after closing.
Daniel Fitzgerald, CEO of Orrön Energy comments; “This is a compelling transaction for both companies that combines highly complementary assets to create a fantastic platform for continued growth in Cloudberry as a leading Nordic IPP. The enlarged platform will be more diversified and well positioned to create long-term value, where we will take an active role as the largest shareholder, including Board representation, to support Cloudberry’s next phase of growth. For Orrön Energy’s shareholders, the transaction creates four clear pillars of value: a significant shareholding in an enlarged Cloudberry platform, continued ownership of our European development business with attractive growth opportunities, long-term cash flows from the high-quality Karskruv asset, and increased financial flexibility as we expect to be in a close to zero net debt position at closing, supported by a EUR 50 million committed credit facility. Together, these elements provide Orrön Energy with a strong foundation to pursue further growth and long-term value creation.”
Anders Lenborg, CEO of Cloudberry comments; “This transaction is a pivotal milestone for Cloudberry, becoming the leading Nordic IPP and significantly accelerating on our growth strategy. We also welcome a new, experienced industrial shareholder in the Company. By combining two complementary portfolios and teams, we will reduce cost per kWh, strengthen our financing and trading platform and unlock substantial value for shareholders.”
