Oslo, Norway, 1 February 2022: Cloudberry Clean Energy ("Cloudberry" or the
"Company") has secured the hydro power project Øvre Kvemma Kraft and the hydro
power plant Tinnkraft. In total, Tinnkraft and Øvre Kvemma will produce 25 GWh
when in full production.
«We are pleased to add further hydro power production to our rapidly increasing
portfolio. With a sharp increase of new wind power production from our portfolio
coming on grid over the next years, we are especially happy to add hydro
production to our portfolio, within our return expectations, in attractive price
areas", says Anders Lenborg, CEO of Cloudberry.
Øvre Kvemma, developed by NGK Utbygging AS (NGKU), is situated in Lærdal
municipality, in the NO5 price area. The estimated, annual power production is
19.4 GWh. The transaction will be closed once the power plant is completed
during H1 2024, and after a commissioning period.
"Øvre Kvemma fits our existing portfolio great. The negative impacts in
biodiversity and nature are relatively small, since 2.0 out of the 2.5
kilometers with water ways will be built as a tunnel. There is limited
construction of new roads, as we use existing roads previously built for cabins
and farms in the area. We deliver clean renewable energy for future generations
and always strive for a minimum of environmental impact", says Suna Alkan, Head
of Sustainability at Cloudberry.
NGKU has developed the project and will be responsible for the project
realization. NGK Utbygging AS is a well reputed, specialized small hydropower
construction company, with experience from having successfully constructed and
commissioned more than 40 small hydro power plants.
"Construction commenced in December, with finalization of the power plant first
half 2024. We are happy to work together with NGKU and look forward to delivery
of the project after construction", says Jon Gunnar Solli, COO of Cloudberry.
Tinnkraft is located in Tinn municipality, in the attractive NO 2 price area.
The annual average power production is 6.3 GWh.
"Tinnkraft has a proven production record since it was connected to the grid in
2010. The fall lease agreement has a duration of 60 years from 2022. Ongoing
revision of water regulation upstream the hydropower plant gives a potential for
increased production in the future", Jon Gunnar Solli comments.
Advokatfirmaet DLA Piper Norway DA acted as legal advisor to the Company.
For further information please contact:
Jon Gunnar Solli, COO, +47 970 38 507, jgs@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Suna Alkan, CSO, +47 913 02 907, sa@cloudberry.no
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Suna Alkan, CSO at
Cloudberry Clean Energy ASA on 1 February 2022, at 18:00 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 has offices in Oslo, Norway (main
office) and Karlstad, Sweden. To learn more about Cloudberry, go to
www.cloudberry.no