Brief: Cloudberry Signs Sale And Purchase Agreement In Denmark

Cloudberry Clean Energy ASA

10/02/2023 13:18

Feb 10 (Reuters) - Cloudberry Clean Energy ASA
 CLOUD.OL :
    * CLOUDBERRY CLEAN ENERGY ASA | CLOUDBERRY ENTERS DENMARK.
TRANSFORMATIVE TRANSACTION INCREASING POWER CAPACITY BY 70%
    * INDIRECTLY SIGNED A SALE AND PURCHASE AGREEMENT WITH
SKOVGAARD
ENERGY A/S ("SKOVGAARD"), A DANISH RENEWABLE ENERGY DEVELOPER
    * AGREEMENT SECURES CLOUDBERRY A MAJORITY STAKE
    * AGREEMENT SECURES CLOUDBERRY A MAJORITY STAKE IN A
PORTFOLIO
CONSISTING OF UP TO 51 HIGH-QUALITY WIND TURBINES IN PRODUCTION,
WITH 47 TURBINES LOCATED IN DENMARK AND ADDITIONAL 4 TURBINES IN
SOUTHERN SWEDEN
    * WILL ACQUIRE 80% OWNERSHIP IN NEWLY ESTABLISHED COMPANY
ODIN
ENERGY P/S ("ODIN") WHILE SKOVGAARD WILL KEEP A 20% OWNERSHIP
    * AGREED ENTERPRISE VALUE FOR 80% OF ODIN ENERGY IS DKK
1,488
MILLION
    * CLOSING ESTIMATED IN LATTER PART OF Q2 2023
    * ACQUISITION OF PORTFOLIO WILL BE FULLY FINANCED BY
EXISTING CASH
AND EXISTING BANK FACILITY AVAILABLE TO CLOUDBERRY BY NORDIC
BANKS (APPROX. 50% EQUITY AND 50% DEBT)

Source text for Eikon:  ID:nWkr3qvZjc 
Further company coverage:  CLOUD.OL 
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