Oslo, Norway, 17 November 2021: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") 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. Østebrøt, CEO of Captiva.
About the transaction
The agreed enterprise value of Captiva (100%) is NOK 160 million on a cash
-free debt-free basis, and the final purchase price shall be settled with 50%
new shares in Cloudberry and 50% cash at closing. The issuance of the new shares
is expected to be resolved by the Company's Board of Directors through
utilization of the board authorization issued by the general meeting on 17 June
2021.
Cloudberry will have the right but no obligation to acquire the remaining 40%
ownership interest at a pre-determined price within 30 June 2025. Cloudberry and
the existing owners will enter into a shareholder agreement. Captiva Capital
Partner AS will be holding 40% of the shares after the sale to Cloudberry and
will enter into a lock-up of 12 months on the Cloudberry consideration shares.
The acquisition is conditional on inter alia approval by the Board of Cloudberry
and a confirmatory due diligence. Cloudberry has been granted exclusivity until
31 January 2022 but aim to complete the transaction during 2021.
Chairman of the board of Cloudberry, Frank J. Berg, through CCPartner AS and
related party Mothe Invest AS own a minority holding (33 %) of Captiva Capital
Partner AS.
For further information, please contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
This information constitutes insider information and is subject to the
disclosure requirements pursuant to Regulation EU 596/2014 (MAR) article 17 and
section 5-12 of the Norwegian Securities Trading Act. This stock exchange
announcement was published by Suna F. Alkan, Chief Sustainability Officer,
Cloudberry Clean Energy ASA, on 17 November 2021 at 07:25 CET.
About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local tradition. The company owns, develops, and operates
hydropower plants and wind farms in Norway and Sweden.
Cloudberry is powering the energy transition to a sustainable future by
providing new renewable energy today and for future generations. The company
believes in a fundamental long-term demand for renewable energy in Europe. With
this as a fundament, Cloudberry is building a sustainable, scalable, efficient,
and profitable platform for creation of shareholder value.
Cloudberry`s shares are traded on Oslo Stock Exchange's main list (Oslo Børs),
supported by strong owners and led by an experienced team and board. The Company
is located in Oslo, Norway (main office) and Karlstad, Sweden. To learn more
about Cloudberry, go to www.cloudberry.no.