Cloudberry Clean Energy has entered into a binding term-sheet for the sale of 50% of shares in Cloudberry Offshore Wind AS, to form a 50/50 joint venture with Hafslund AS. Cloudberry Offshore Wind AS indirectly owns the 100 MW shallow-water wind project Stenkalles Grund in the lake of Vänern in south-central Sweden (SE3). The transaction is expected to close in September 2022.
“Stenkalles Grund is an exciting project that allows Hafslund to rapidly establish presence in the Swedish power market. It will bring new renewable power to the market already by 2025. We are impressed by Cloudberry’s efforts in developing the project and look forward to the collaboration towards FID and realization of Stenkalles Grund”, says Martin S. Lundby, Deputy CEO of Hafslund.
Cloudberry has extensive experience and a track record of successful investments in, and development of renewable energy projects in the Nordics. The Company believes in developing long-term partnerships and creating value with projects that have a lasting positive effect on communities as well as climate and the environment.
“We are looking forward to continuing working with Hafslund and believe this will be the start of a long and extended cooperation. Hafslund represents a great strategic match for Cloudberry, being an experienced owner of renewable energy, which will be able to bring substantial expertise and experience into the project,” says Charlotte Bergqvist, Chief Development Officer of Cloudberry.
The final consideration for the early development will be split in two; one up-front payment (approx. NOK 1 million per MW) and an additional consideration based upon the success of the project at commercial operating date (“COD”). The closing of the Transaction is subject to agreement of final transaction documents and a confirmatory due diligence to be carried out by Hafslund.
Cloudberry is a renewable energy company operating in the Nordics and in accordance with local traditions. The Company owns, develops, and operates hydropower plants and wind farms in Norway and Sweden.