Cloudberry ("Cloudberry" or the "Company") has today sold its 80% ownership in the Svåheia wind farm to Dalane Kraft AS ("Dalane Kraft"). Svåheia wind farm, located in the NO-2 region in Norway, comprises seven producing Vestas turbines with an estimated annual production of 70 GWh, having been in commercial operation since 2018 and is under the Norwegian resource rent tax regime.
The enterprise value is NOK 322 million, with the share price for Svåheia set at NOK 264 million. Cloudberry will use the proceeds from the share sale to repay approximately NOK 145 million in external debt, freeing approximately NOK 120 million in cash. This amount corresponds approximately to the total liquidity effect Cloudberry had in the Skovgaard transaction as a significant part of the Skovgaard transaction was settled through a share issue at NOK 17 per share. The purchase price for Svåheia matches what Cloudberry paid for the shares in Svåheia as part of the Skovgaard transaction signed on 5 December 2024. The valuation for Svåheia is based on the same principles in the recently concluded Skovgaard transaction which supports the valuation for the overall transaction.
"We are pleased to demonstrate effective capital allocation to our investors. By executing this transaction, we have enabled the previously announced Skovgaard transaction without any material liquidity effect and can now allocate the funds to other accretive opportunities," says Anders Lenborg, CEO of Cloudberry.
Dalane Kraft, a local utility focusing on wind and hydropower, owns the remaining 20% of Svåheia and will now take full ownership.
