Nordic renewable energy developer Cloudberry debuts in Oslo Børs
June 22 (Renewables Now) – Nordic renewable energy company Cloudberry Clean Energy ASA has officially been added to the main listing of the Oslo Stock Exchange, Oslo Børs, after 15 months of listing on Euronext Growth.
Today is Cloudberry’s first trading day on Oslo Børs. The company said in a statement that it had raised a total of NOK 1.8 billion ($ 209 million / € 176 million) of equity from Nordic and international investors since its IPO in April. 2020.
“Over the past 15 months, we have secured and fully funded assets in production and under construction of over 100 MW and assets with building permits of a similar size. Our main priority now is to complete all these projects, ”said CEO Anders Lenborg. .
Cloudberry is a developer, owner and operator of renewable energy plants in Norway and Sweden. The strategy pursued by the company is to develop hydroelectric and wind projects at an early stage into ready-to-go projects. It is also currently negotiating certain projects which are already at the ready-to-build stage in a desire to generate attractive returns.
In one particular case, Cloudberry did the initial development of a 100MW coastal wind project in Sweden, sold the project to the Scanvind2 consortium for more detailed planning, and then bought the project just prior to it. agree to sell an 80% stake again.
The company says it has a large portfolio of licensed projects, a backlog and a pipeline, and is working to make final investment decisions for two wind projects this year and next.
Earlier this month, Cloudberry secured gross proceeds of NOK 1.075 billion from a larger private placement that brought a few new investors into the company, including Enkraft Partners GmbH. Speaking to Renewables Now, Benedikt Kormaier, managing director of the activist investment firm, pointed out that Cloudberry has an attractive development portfolio in hydropower, onshore and offshore wind and that there are few regions and few companies in Europe with access to hydroelectric opportunities. He believes that “Cloudberry should also ultimately benefit from Nordlink and more homogeneous electricity pricing between the Nordic countries and Germany / UK”.
“Enkraft is confident that the experienced management team will be able to drive business growth and shareholder value. She is pleased to join a strong group of reputable Norwegian and international shareholders who help finance the company’s future growth, ”said Kormaier.
Currently, a subscription period runs through July 1 and 2 for a subsequent offer and a retail offer, respectively, at Cloudberry. A total of 2.8 million new shares are offered at NOK 12.50 each. Carnegie AS and Pareto Securities AS act as managers, while Advokatfirma DLA Piper Norway DA acts as legal advisor.
(10 NOK = 1.162 USD / 0.977 EUR)