Oslo, Norway, 7 June 2022: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") reports a consolidated EBITDA for the first quarter of 2022 at 12MNOK
and strong growth in revenue. The Company reports significant ramp-up in
production as projects under construction are being completed. The Company
secured the 18 MW late-stage wind power project Munkhyttan as well as the 8 MW
Øvre Kvemma hydro power project during the quarter.

Result highlights
Positive EBITDA on the back of increased power production and higher realized
prices.

Consolidated and proportionate EBITDA for the first quarter of 2022 of NOK 12
million (up from NOK - 9 mil. in Q1'21) and 5 million (up from NOK -7 mill. in
Q1'21) respectively.

Proportionate production increased from 8 GWh in the first quarter last year to
29 GWh in the first quarter of 2022. First quarters normally give low power
production from hydro plants due to cold weather and frozen rivers.

A strong power market with high spot- and forward prices in the most relevant
price areas. The Company have a fully merchant production portfolio with
realized average power prices of NOK 1.02 per kWh.

Portfolio development
The Company achieved financial close of several transactions over the quarter:

  · Completed the acquisition of 60% of the Captiva group and established a new
Operations segment.
  · Completed acquisition of the hydropower plant Tinnkraft (2 MW).
  · Secured the late-stage development wind power project Munkhyttan I (18 MW),
in addition to an option for Munkhyttan II (18 MW) on the same terms.
  · Secured exclusive right to purchase the hydropower plant Øvre Kvemma (8 MW)
at completion in 2024.

Subsequent events

  · All 34 wind turbines in Odal have been erected and 15 turbines are
energized.
  · Foundation for all 5 turbines at Hån have been completed.
  · Approval and publication of prospectus June 3[rd] 2022, in relation to the
private placement of NOK 600 million in December 2021.

Cloudberry invites investors, analysts, and other stakeholders to a pre-recorded
company presentation today at 11:00 CEST. Please use the following link to
access the presentation: Cloudberry Clean Energy - Q1 2022 presentation and
company management Q&A (https://teams.microsoft.com/l/meetup
-join/19%3ameeting_NDlmYWVkNDUtOTAzMy00NDBkLTg0NWUtNTE0MWVmZTBmMzU0%40thread.v2/
0
?context=%7b%22Tid%22%3a%22a794b618-c5d9-428c-ab73
-cdd0aec237dc%22%2c%22Oid%22%3a%22728402b7-fcb7-4956-86ff
-d4ad31a56b84%22%2c%22IsBroadcastMeeting%22%3atrue%7d&btype=a&role=a)


The presentation will be followed by a Q&A session with the management. Follow
the link above to join the Q&A-session.
The first quarter report for 2022, the presentation material and the link to the
webcast and Q&A session will be made available at http://www.cloudberry.no/.
For further information please contact:
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,
okb@cloudberry.no
This information is considered to be inside information pursuant to the EU
Market Abuse Regulation (MAR) and is subject to the disclosure requirements
pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading
Act. This stock exchange announcement was published by Andreas Thon Aasheim, CCO
at Cloudberry Clean Energy ASA on 7 June 2022, at 07:00 CEST.

About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops, and operates
hydropower plants and wind farms in Norway and Sweden. Cloudberry is powering
the energy transition to a sustainable future by providing new renewable energy
today and for future generations. The Company believes in a fundamental long
-term demand for renewable energy in Europe. With this as a fundament,
Cloudberry is building a sustainable, scalable, efficient, and profitable
platform for creation of shareholder value. Cloudberry`s shares are traded on
Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led
by an experienced team and board. The Company has offices in Oslo, Norway (main
office), Gothenburg and Karlstad, Sweden. To learn more about Cloudberry, go to
http://www.cloudberry.no/