Cloudberry to acquire 106 MW of wind power in Scandinavia

Nordic renewable energy company Cloudberry Clean Energy ASA (OSE:CLOUD) on Friday said it had signed an agreement to take an 80% stake in a wind power portfolio mainly located in Denmark, increasing its capacity by 106 MW net, or some 311 GWh of generation.

The deal is with Danish renewable energy developer Skovgaard Energy A/S and marks Cloudberry’s entry into Denmark.

The portfolio subject to the transaction will include up to 51 Vestas and Siemens wind turbines in operation, 47 of which are located in Denmark and four in southern Sweden. The turbines have an average expected remaining lifetime of about 23 years.

The 80% stake is being acquired for an agreed enterprise value of DKK 1.488 billion (USD 214m/EUR 200m).

The purchase is increasing Cloudberry’s power capacity by 70%, supporting the company in becoming a leading Nordic independent power producer. The deal is also a move of diversification against the backdrop of recent headwinds stemming from the proposed tax changes in Norway, according to the announcement.

“We in Skovgaard are excited to start our journey with Cloudberry as a leading Nordic Independent Power Producer. The transaction will make it possible for Skovgaard to accelerate our Power to-X initiatives and put Jylland on the energy-map for integrated energy solutions,” said Skovgaard Energy chairman Jorgen Skovgaard.

“We are currently scaling our local development team to grow and assist Cloudberry with new and local opportunities, including wind/solar solutions and re-powering” added Skovgaard.

Recently it was announced that Skovgaard Energy and Danish energy company and offshore wind major Ørsted A/S will partner to develop a Power-to-X facility in Denmark that could reach more than 3 GW of electrolysis capacity.

(DKK 1 = USD 0.144/EUR 0.134)

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