Cloudberry Clean Energy ASA | Update on Stenkalles Grund project in Swedish Lake Vänern
- Oct 22, 2021 2:01 am GMT
Assessments of the project and discussions with potential wind turbine suppliers have identified several opportunities to improve project economics of the 100 MW shallow water development.
With this prospect in sight, the Company has decided to postpone final investment decision until mid-year 2022. As a result of this, the target commercial operation date of the project has been postponed from H2 2023 until 2024. The new timeline will allow the Company's new business segment Cloudberry Offshore Wind, headed by newly appointed
Other project workstreams continue as planned. A projecting agreement has been signed with the grid operator
"As previously informed, Cloudberry has ambitious plans to become a substantial developer of shallow water wind. We are aiming for 2.5 GW offshore wind in the
Seeking to increase ownership
In parallel, Cloudberry is pursuing an opportunity to increase its ownership in the project from the planned 20 percent. The remaining 80 percent were originally intended for infrastructure fund(s) managed by
The agreement between Cloudberry and Downing had several milestones and a longstop date defined, which recently expired. The parties have not come to an agreement about an extension, and Cloudberry and Downing have therefore jointly agreed to terminate the agreement.
"For Cloudberry as an industrial player, this represents an opportunity to take a bigger stake in this important steppingstone for our offshore wind portfolio in the
The decision to discontinue cooperation with Downing is not expected to have an impact on the overall economics for Cloudberry. The Company will not receive the expected cash flow from the planned sale of part of the project as announced in January, but the Company expects to own a larger share of a valuable and strong cash generating renewable project in central
For further information
Anders Lenborg, CEO, +47 934 13 130, email@example.com
This information is considered to be inside information pursuant to the EU Market Abuse Regulation and subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act. This
Cloudberry is a renewable energy company operating in the Nordics and in accordance with local tradition. The Company owns, develops, and operates hydropower plants and wind farms in
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
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Headquartered in Almere, greater
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