Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") reports a strong operational third quarter.
Financial highlights
- Consolidated revenue of NOK 84m (74m) and proportionate revenue of NOK 88m (86m). Last twelve months (LTM) proportionate revenue of NOK 662m
- Consolidated EBITDA of NOK 13m (2m) and proportionate EBITDA of NOK 14m (14m). LTM proportionate EBITDA of NOK 323m
- Proportionate production of 145 GWh over the quarter (155 GWh). The decrease is mainly due to Odal Wind which is currently ramping up production
- Realized power price of NOK 0.47 per kWh (NOK 0.50 per kWh) compared to the Nordic system price of NOK 0.23 per kWh over the quarter
- Strong proportionate cash balance of NOK 804m and conservative debt balance
- Attractive debt financing with a majority secured long-term at an all-in cost below 4% p.a.
- Avoided emissions during the third quarter of 33,974 tCO2e (34,410 tCO2e)
Project updates
- All turbines at Munkhyttan are in test production and generating revenue. The project is ahead of schedule and within budget with no safety issues. The estimated annual production is 60 GWh
- Cloudberry has entered into a long-term, strategic collaboration with Holmen Renewable Energy. 300 MW of onshore wind projects has been added to the backlog over the quarter
- The hydropower plant Ovre Kvemma is complete and in full operation. The project was delivered on time and budget and financially closed beginning of July
- Cloudberry, Elmera Group ASA and Smakraft AS have successfully transformed Kraftanmelding and Captiva's digital business into a new contender in the Nordic power market
