Cloudberry Clean Energy AS has signed a share purchase agreement (SPA) for the Ramsliåna Kraft AS hydropower plant in Norway. In addition, Cloudberry has entered into an option agreement for the right to acquire Lona Kraft AS, a company that will apply for an extended concession to build a new hydro plant upstream on the same river.
Cloudberry, a Nordic renewable energy company, is purchasing the hydropower plants as part of its growth strategy focused on owning, developing and operating hydro and wind power in Norway and Sweden.
Ramsliåna Kraft AS is under construction, and production is expected to commence in the fourth quarter 2021. The hydro plant is located in Flekkefjord municipality in Agder county. The hydropower plant is expected to have full year production, with annual production at a normalized level of 6 GWh. Lona Kraft will be located upstream on the same river as Ramsliåna. Lona will benefit from the right to regulate a lake upstream from the hydropower plant.
Cloudberry sees an increased value with the storage capacity and year-around water flow, especially during wintertime when electricity prices normally are higher.
“Cloudberry continues its growth journey in the Nordic wind and hydro power market by adding these quality hydropower assets in Southern Norway. We are very pleased to extend our portfolio of assets, which have storage and possibility to regulate production,” says Anders Lenborg, chief executive officer of Cloudberry.
Financial closing is scheduled in the fourth quarter of 2021.
Cloudberry owns, develops and operates hydro power plants and wind farms in Norway and Sweden. Its purpose is to provide clean renewable energy for future generations, developing a sustainable society for the long term and creating value for stakeholders.