Building a leading Nordic IPP
"The challenging situation in the European energy markets, has highlighted the need for companies able to identify, develop, build, and operate renewable power assets. With the acquisition of Captiva, Cloudberry strengthens its position as a leading Nordic independent power producer (IPP), enabling the Company to tackle the challenges in the energy markets, as well as providing solutions and renewable power for generations to come", says Anders Lenborg, CEO of Cloudberry.
The Transaction will significantly strengthen Cloudberry's capabilities within development of renewable assets, especially within hydro power. This will strengthen Cloudberry's position for further growth of the Company's development portfolio.
"Building and operating renewable power production is at the core of what we do in Cloudberry, but it all starts with identifying and developing the right assets. By completing the Transaction, we are strengthening our development capabilities, which we expect will provide us with an even stronger portfolio for the years to come", says Lenborg.
Moving operational activities inhouse
Under the majority ownership of Cloudberry, Captiva will continue to grow its first-class data driven operational service suite on hydro and wind assets to all current and future clients, which includes Cloudberry. Today, Cloudberry rely largely on third parties to operate its assets, where Captiva is one provider among others. As a result of the Transaction, the Company will be able to manage its portfolio inhouse going forward.
"Through the acquisition, we add the last piece of the structure towards becoming a fully integrated, Nordic IPP through moving the operational activities inhouse. With this in place, we are setting up for further, strong growth over the coming years", Lenborg says.
Further information about the Transaction
In the Transaction, Cloudberry has acquired from
The agreed enterprise value for the
50% of the preliminary purchase price has been settled by issuance of 3,484,041 new share in Cloudberry, equal to approx. 1.46% of the total issued and outstanding shares in Cloudberry following completion of the Transaction. As previously announced, the shares have been issued at a subscription price of
The new shares will be registered with the VPS on a separate ISIN from the existing shares of the Company which are admitted to trading on Oslo Børs, pending publication by the Company of a listing prospectus (the "Listing Prospectus") and will not be tradable on Oslo Børs until the Listing Prospectus has been approved by the
Further, it has been agreed that the new shares issued in relation to the Transaction will be subject to a 12-months' lock-up.
Following registration of the new shares with the
As the share contribution has been settled through contribution in kind, the Board of Directors has procured that an independent statement has been prepared in this connection. The statement is attached to this stock exchange announcement.
According to the share purchase agreement, Cloudberry will have the right, but not an obligation, to acquire the remaining 40% ownership interest at a pre-determined price within
The
Based on estimated unaudited consolidated balance sheet per
Chairman of the Board of Directors in Cloudberry,
Advokatfirmaet DLA Piper Norway DA acted as legal advisor to the Company.
For further information please contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
This information is considered to be inside information pursuant to the EU Market Abuse Regulation (MAR) and is subject to the disclosure requirements pursuant to MAR article 17 and Section 5-12 the Norwegian Securities Trading Act. This
About Cloudberry
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
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