Cloudberry Clean Energy ASA | Cloudberry to acquire a 758 GWh Nordic wind platform in a transformative transaction, creating the leading Nordic renewable independent power producer (IPP)

25 Jun 2026 23:45 CEST

Oslo, Norway, 25.06.2026: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") has today entered into a share purchase agreement to acquire Nordic
onshore wind assets with a total annual proportionate production estimate of 758
GWh.

The agreement has been entered into with Orrön Energy Holding AB (Orrön Energy)
to acquire a majority of its Swedish wind assets and the remaining 50 % of the
Finnish onshore wind farm (MLK), having acquired the first 50% of MLK in March
2026.

The transaction represents a transformative step-change in scale for Cloudberry
with an annual proportionate power production of approximately 2.1 TWh, a near
doubling of Cloudberry's annual production compared to year-end 2025. The
enlarged Cloudberry is set to benefit from economies of scale, increased
diversification, operational synergies and a strengthened position in the Nordic
renewable market.

"This transaction is a pivotal milestone for Cloudberry, becoming the #1 Nordic
IPP and significantly accelerating on our growth strategy," says Anders Lenborg,
CEO of Cloudberry. "We also welcome a new, experienced industrial shareholder in
the Company. By combining two complementary portfolios and teams, we will reduce
cost per kWh, strengthen our financing and trading platform and unlock
substantial value for shareholders."

The portfolio consists of operational wind parks with turbines from leading
OEMs, primarily located in attractive Nordic price areas and an average weighted
age of approximately 10 years, with identified opportunities for repowering and
life extension across the portfolio.

Transaction highlights

· Cloudberry acquires all of Orrön Energy's Nordic renewables assets, except
for one Swedish wind farm, totaling 758 GWh of annual proportionate production
as well as an experienced operational local organization (previously Slitevind
AB)
· Cloudberry has identified significant near-term value-creation opportunities
and synergies, including significant scaling effects, lower Corporate cost per
kWh, trading, grid balancing, repowering, lifetime-extension, battery storage,
hybridization, utilization of grid connections and data center expansions
· Upon closing of the transaction, Orrön Energy will receive 124.4 million
shares in Cloudberry and become largest shareowner (corresponding to a ~27.0 %
ownership after closing of the transaction), and receive a cash payment of ~EUR
4.2 million to settle cash and working capital balances in the target
· Orrön Energy AB will remain a separately listed company which will retain
its other assets and liabilities
· Closing of the transaction is expected to occur in H2 2026, subject to
customary conditions, regulatory approvals and an extraordinary general meeting
in Cloudberry. Shareholders representing more than 47% of the outstanding shares
have provided irrevocable undertakings to vote in favor of the required
resolutions

"We believe this transaction is a compelling strategic fit, combining
complementary assets and capabilities to create a scaled and more diversified
Nordic IPP. As the largest shareholder in the enlarged Cloudberry, Orrön Energy
will take an active ownership role with Board representation, and contribute its
experience of value creation from the Lundin Group of Companies to support the
company's next phase of growth." says Daniel Fitzgerald, CEO of Orrön Energy."

Transaction valuation and share-based consideration

The agreed enterprise value for the transaction is EUR 234.6 million on a cash
and debt free basis corresponding to EUR 0.31 per MWh with a locked box
valuation date of 31.12.25. Adjusted for net debt of EUR 88.9 million the equity
value in the transaction is EUR 145.7 million. As settlement, Cloudberry will
issue 124.4 million shares at NOK 13.5 per share or the VWAP (if higher than NOK
13.5 per share) at the time of the extraordinary general meeting (details
below), in addition to a cash payment of EUR 4.2 million for the net working
capital.

Increased credit facility

In connection with the transaction, Cloudberry has secured the necessary credit
approvals to increase its existing credit facility by NOK 1,000 million and
extend its maturity by three years. The facility will, among other things, be
used to refinance approximately EUR 90 million of existing debt in the portfolio
as of year-end 2025. Following completion, approximately EUR 3 million of
external debt will remain in the acquired portfolio, bringing the total debt
increase assumed by Cloudberry to EUR 93 million. Further details on the amended
and expanded credit facility are provided in a separate stock exchange
announcement.

Extraordinary general meeting

The issuance of the consideration shares requires approval by an extraordinary
general meeting of Cloudberry, to be convened in early August. Certain
shareholders in Cloudberry, representing more than 47% of the outstanding
shares, have provided irrevocable undertakings to vote in favor of the
transaction in addition to two new board members nominated by Orrön Energy,
reflecting their shareholding in the Company.

The consideration shares will be subject to a 12-month lock-up period following
closing.

Conditions and timeline

Completion of the transaction is conditional upon, among other things, required
clearance under applicable foreign direct investment (FDI) legislation, approval
by Cloudberry's general meeting and other customary conditions. The parties
consider the regulatory conditions customary for a transaction of this nature
and expect all required approvals to be obtained within the anticipated timeline
for completion, which is currently expected during H2 2026.

Further details will be presented at a digital press and investor conference
held tomorrow at 10:00 CEST available on the following link:
https://live.events.inderes.com/investor-call-june-26-2026. Cloudberry will also
host presentations in Oslo and Stockholm following the presentation of second
quarter of 2026.

The investor presentation will be made available on the Company's website,
www.cloudberry.no.

Wikborg Rein Advokatfirma AS and Roschier Advokatbyrå AB are acting as legal
advisors to the Company.

For further information, please contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no
Ingrid Bjørdal, CSO, +47 971 96 907, ib@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, Section 5-12 of the Norwegian Securities Trading Act
and the requirements of the Euronext Oslo Rule Book II - Issuer Rules. This
stock exchange announcement was published by Ole-Kristofer Bragnes, Chief
Financial Officer at Cloudberry Clean Energy ASA, on 25.06 2026, 23:45 CEST.

About Cloudberry Clean Energy

Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops and operates
hydropower plants, wind farms and battery storage in the Nordics. 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
foundation, 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), Karlstad,

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