Norwegian renewable energy company Cloudberry Clean Energy ASA (OSE:CLOUD) has announced strategic transactions involving its hydropower assets, marking a significant shift in its portfolio composition.
Cloudberry disclosed on Thursday the sale of three hydropower stations—Usma, Bjorgelva, and Finnesettbekken—with a combined estimated annual output nearing 36 GWh.
The assets were sold for NOK 320.5 million (USD 30.1m/EUR 28.1m) in a debt and cash-free transaction. Cadre AS, a Norwegian small-scale hydropower firm majority-owned by Nordkraft and HitecVision and established in 2023, has acquired these assets.
Simultaneously, Cloudberry has agreed to increase its ownership stake in Forte Energy Norway AS, a move aimed at enhancing its presence in the Nordic renewable energy sector. Cloudberry will raise its shareholding to 49.99% by purchasing an additional 15.99% stake from a fund managed by Swiss Life Asset Managers.
Forte Energy Norway owns a diversified portfolio of 14 hydropower plants, producing a combined annual output of 234 GWh, along with a 20-GWh power offtake agreement.
