Cloudberry Clean Energy reshuffles Norwegian hydro portfolio

Norwegian renewable energy firm Cloudberry Clean Energy ASA (OSE:CLOUD) announced two deals, which reshuffle the company’s interest in a portfolio of hydropower assets at home, including the sale of three stations and the acquisition of an additional stake in Forte Energy Norway AS.

Cloudberry has agreed to sell three hydropower plants with a combined estimated annual output of nearly 36 GWh for NOK 320.5 million (USD 30.1m/EUR 28.1m) on a debt and cash free basis, the company said on Thursday.

The offloaded assets are Usma, Bjorgelva and Finnesettbekken. The acquirer is Cadre AS, a Norwegian small-scale hydropower company set up in 2023 and majority-owned by Nordkraft and HitecVision.

At the same time, the Nordic renewables company has agreed to invest an undisclosed amount to increase to 49.99% its shareholding in Forte which has a portfolio of 14 hydropower plants with a combined annual output of 234 GWh and one 20-GWh power offtake agreement.

The additional 15.99% stake will be purchased from a fund managed by Swiss Life Asset Managers. It has increased Cloudberry’s portion of the overall portfolio to 127 GWh.

(NOK 10 = USD 0.939/EUR 0.877)

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