Cloudberry gets all clear to buy Swedish offshore wind farm

Norwegian renewable energy company Cloudberry Clean Energy AS has received a 100 per cent acceptance for its offer to the shareholders in Scanvind2 AS.

Scanvind2 AS is the holding company of the Rewind Vänern offshore wind project.

The settlement of the shares in Scanvind2 AS will be a combination of reversal of the ScanVind2’s sales credit to Cloudberry, an issuance of about 2.2 million Cloudberry shares at NOK 12.5 per share, and a cash payment of NOK 7 million. The transaction is expected to be completed by 26 September 2020.

The 100 MW Rewind Vänern is located in shallow waters on the largest lake in Sweden. The start of construction on the 16-turbine wind farm is anticipated in 2021/2022.

“We know the Rewind Vänern-project well from our participation in the initial project team and will leverage our experience as project owner. We have already established dialogues with strong operational and financial partners which are as motivated as us for delivering efficient project development and sound value-creation,” said Anders Lenborg, Chief Executive Officer of Cloudberry.

“This transaction is an important new step towards fulfilling Cloudberry’s growth ambitions within offshore wind power and reflects our long-term strategy of being a substantial developer of renewable energy projects in the Nordics.”

Cloudberry’s development strategy includes a capital light business model where financing and construction are secured through a partnering model, while Cloudberry’s specialized development competence, local presence, and the construction licenses are the company’s key value contributions to offshore projects. This yields ownership in producing assets for Cloudberry at project completion.

“Offshore wind power in the Baltic Sea has a large potential. Cloudberry has the know-how and experience to efficiently develop such projects. We have identified several potential offshore projects as part of our ambition to develop 2,500 MW offshore wind power in Sweden by 2030. This will represent an important contribution to the necessary European energy transition”, Lenborg said.