Cloudberry Clean Energy (CLOUD) M&A announcement summary

Deal rationale and strategic fit

• Acquisition of Orrön's Nordic assets, excluding one Swedish asset, nearly doubles annual power production to 2.1 TWh and establishes the acquirer as the leading independent power producer in the Nordics.

• Combines complementary wind portfolios and teams, enhancing operational scale, value creation potential, and diversification.

• Entry into Finland and further expansion in Sweden and Denmark diversify the geographical footprint and technology mix.

• New industrial shareholder brings experience, active ownership, and supports future growth.

Financial terms and conditions

• Enterprise value of EUR 234.6 million, with equity value of EUR 145.7 million after net debt adjustment.

• Settlement includes issuance of 124.4 million shares at NOK 13.5 per share (or VWAP if higher) and a EUR 4.2 million cash payment for working capital.

• Consideration shares subject to a 12-month lock-up; transaction completion expected in H2 2026.

Synergies and expected cost savings

• Overhead per MWh reduced from ~EUR 3.5 to ~EUR 2.6, with less than EUR 0.9 million overhead added.

• Larger, diversified production lowers balancing costs, improves trading terms, and reduces risk.

• Anticipated benefits include lower corporate cost per kWh, trading and grid balancing efficiencies, and value from repowering and hybridization.

• Enhanced ability to retrofit sites with battery storage, unlock additional debt capacity, and expand data center power supply.