Cloudberry Clean Energy AS, a Nordic renewable energy company, has signed a share purchase agreement (SPA) to buy 100% of 4.5-MW à…motsfoss Kraft AS, a small hydropower plant being constructed in Nissedal municipality in Norway.
The hydropower plant is located on the Nidelva River, which is “one of the best regulated watercourses in Norway,” according to a press release, with a total water storage capacity of about 2.1 billion cubic meters. The power plant has a favorable geographical location in relation to interconnectors to Europe and the UK. It is expected to produce 22.5 GWh of electricity annually. Financial closing is scheduled for the end of August 2021.
“à…motsfoss power plant represents an important contribution to our hydropower portfolio. The power plant is producing from a reservoir with storage capacity, with year-around water flow reducing the overall volatility in Cloudberry’s annual production” says Chief Executive Officer Anders Lenborg.
Cloudberry’s website says the project is scheduled to begin operating in the second quarter of 2021.
Other hydro plants under construction by the company include 2.5-MW Bjorgelva in Sorreisa and 9.1-MW Nessakraft in Balestrand, The 1.45-MW Finnesetbekken Kraftverk hydro plant in Nesbyen has been operating since 2011.
Cloudberry has a growth and value creation strategy focused on owning, developing and operating renewable energy in Norway and Sweden. Cloudberry’s current portfolio of development projects and other opportunities consist of hydro and wind power assets.