Oslo, Norway, 5 December 2024: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") has signed a pivotal agreement with Jørgen Skovgaard Holding Aps
("Skovgaard"), advancing its Nordic growth strategy. The transaction boosts
production capacity in Cloudberry by approximately 18% in the Nordics' most
profitable price areas. It will also secure a pipeline of high-potential
projects and an experienced development and asset management team in Denmark,
enhancing local presence and fostering further growth.

"We are proud to strengthen our partnership with Skovgaard, leveraging on their
industry-leading expertise and Denmark's world-class assets. The transaction
aligns with Cloudberry's strategic vision to become a leading Nordic Independent
Power Producer by enhancing our ability to operate locally and effectively
across the region. It provides strong growth in Denmark, a market we find
attractive for its proven ability and commitment in the energy transition,
thereby supporting our goal of delivering sustainable energy solutions and value
to our stakeholders" says Anders Lenborg, CEO in Cloudberry.

The transaction adds 160 GWh of annual proportionate production to Cloudberry
with the following assets:

.             Increased ownership from 80 to 100 % in the Odin portfolio adding
78 GWh (primarily Danish wind assets in DK-1 including land rights)

.             Svåheia wind farm. 80 % ownership in seven producing Vestas's
turbines in the attractive NO-2 region in Norway, adding 70 GWh (commercial
operation from 2018)

  · Other producing wind assets in Denmark adding 13 GWh (weighted commercial
operation from 2013)

The agreed enterprise value for the 160 GWh of producing assets is DKK 595m
(equity value estimated to DKK 534m). The purchase price is below NOK 6 per kWh
and aligns with Cloudberry's current construction costs in the Nordics.
Cloudberry has secured the underlying cashflow from 30.06.2024.

In addition, the transaction also includes:

  · A fully owned and mature portfolio of development projects in Denmark:
Estimated equity value of DKK 37m (no debt). This includes the remaining 20%
ownership in the Nees Hede solar project.

  · A profitable, local development & asset management team: Estimated equity
value of DKK 25m (no debt).  The local team manages Cloudberry's existing assets
in Denmark (among others), thereby lowering the operating expenses of both new
and existing assets in the region.

  · Shares in Skovgaard Energy A/S: Equity investment of DKK 58m in Skovgaard
Energy representing an ownership of 5-7% depending on balance sheet adjustments
and certain closing conditions. Skovgaard Energy owns operating solar assets, a
biogas & power to ammonia plant, producing wind assets and local land rights in
Denmark.

Cloudberry will finance the transaction by utilizing approximately DKK 82m of
the existing cash balance and DKK 253m of the existing debt facility. The
remaining part of the purchase price, estimated to DKK 319m will be settled
through issue of approximately 29.5 million shares in Cloudberry (equal to 9.3%
ownership in Cloudberry (post transaction)). The consideration shares will be
issued to Skovgaard at an agreed subscription price of NOK 17.0 per share. The
transaction and subscription price have been determined based on fundamental
third-party assessments prepared by reputable audit firms. NOK 17.0 per share
represents a ~52% premium to the current share price. The exact number of shares
to be issued will be determined at closing and is subject to inter alia the time
until closing and the fluctuations in the NOK/DKK exchange rate until closing.

"I am very proud of the journey Skovgaard has been on. Our investment in
Cloudberry is another significant milestone, reflecting our shared commitment to
renewable energy in the Nordics and to profitable growth. Cloudberry's robust
platform and proven track record make it an ideal partner. Together, we are well
-equipped to drive the energy transition and create lasting value," says Jørgen
Skovgaard, founder and Chairman of Skovgaard Energy A/S

The new shares will be issued through a separate resolution by the board of
Cloudberry. The resolution will be made on the basis of the authorization to
issue new shares granted by Cloudberry's annual general meeting on 16 April
2024. If closing is delayed until after the annual general meeting of 2025 is
held, the issuance of the new shares will consequently be subject to renewal of
the authorization.

After concluding the transaction, Cloudberry will gain a solid production and
development portfolio in Denmark including a local development and asset
management team.

With a strong cash balance intact, expected cash flow generation from the
enlarged producing portfolio and low financing costs, Cloudberry is well
-positioned for future profitable growth.

The transaction is inter alia subject to regulatory approval and completion of a
carve-out of certain assets from Skovgaard Energy A/S which falls outside the
scope of the transaction. The transaction is expected to close in Q1 2025.

DLA Piper has acted as legal counsel to Cloudberry.

For further information, visit our company and IR website www.cloudberry.no or
contact:
Anders Lenborg, CEO, +47 934 131 30, al@cloudberry.no
Ole-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.no

Ingrid Bjørdal, CSO, +47 971 96 907, ib@cloudberry.no (ch@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, Section 5-12 the Norwegian Securities Trading Act
and the requirements of the Oslo Rule Book II - Issuer Rules. This stock
exchange announcement was published by Ole-Kristofer Bragnes, CFO at Cloudberry
Clean Energy ASA on 5 December 2024, 23:10 CET.

About Cloudberry Clean Energy:
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 the Nordics. 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), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig, Denmark.