OSLO: Cloudberry Clean Energy AS has signed a Share Purchase Agreement (SPA) to purchase 100% of Åmotsfoss Kraft AS, a hydropower plant currently being constructed in Nissedal municipality in Norway, a news release said.
It is expected an annual production of 22.5 GWh. Financial closing is scheduled for end-August 2021.
Cloudberry is a Nordic renewable energy company. Cloudberry has a growth and value creation strategy focused on owning, developing and operating renewable energy in Norway and Sweden. Cloudberry’s current portfolio of organic development projects and inorganic opportunities consist of hydro and wind power assets representing a significant growth potential.
The hydropower plant is located in Nidelva, the main river in Arendalsvassdraget. The Arendalsvassdraget is one of the best regulated watercourses in Norway and has a total water storage capacity of around 2.1 billion cubic meters. The power plant has a favourable geographical location in relation to interconnectors to Europe and UK.
“Åmotsfoss power plant represents an important contribution to our hydropower portfolio. The power plant is producing from a reservoir with storage capacity, with year-around water flow reducing the overall volatility in Cloudberry’s annual production” says CEO, Anders Lenborg.