Cloudberry Clean Energy signs SPA for onshore wind farm acquisition in Finland

The wind farm has been in full operation since 2022 with an expected annual production of approximately 378 GWh (189 GWh net to Cloudberry). The investment marks Cloudberry’s entry into the Finnish market and further strengthens the company’s position as a Nordic independent power producer with a diversified portfolio of renewable assets.

The transaction is structured as an acquisition of a Norwegian holding company owning 50% of MLK wind farm. Orrön Energy AB, a Swedish listed renewables company, will continue as the joint venture partner of the wind farm.

Finland is an increasingly attractive renewables market. The region is experiencing significant new demand, which is expected to support power price formation, drive consumption growth, and reduce cannibalisation effects from new intermittent production.

For Cloudberry, the investment offers:

• Strategic and immediate entry into Finland through a sizeable, modern, and operating onshore wind asset.
• Further diversification of Cloudberry’s Nordic production portfolio across geographies, price zones, and technologies.
• Exposure to a market with strong long-term fundamentals and growing power demand from energy-intensive customers.
• A strengthened platform for further growth and partnerships in Finland alongside a strong and knowledgeable industrial partner.

Anders Lenborg, CEO of Cloudberry, commented: “We see Finland as one of the most exciting growth areas in the Nordic power market, driven by data centres, industrial electrification, and new flexible demand such as electrical boilers. This investment gives Cloudberry a strong foothold in a new core market, with immediate cash flow and a platform for further growth together with a solid partner.”

The agreed enterprise value for Cloudberry’s 50% of the wind farm is €75 million on a cash and debt free basis. The payment for the acquired shares, including the re-financing of existing project debt, will be financed through a combination of new debt, new shares, and cash.

Anders Lenborg added: “After several years of evaluating different entry options, we are now taking our first step into the Finnish market with a large scale, high-quality operating wind farm. For Cloudberry, this represents a compelling combination of attractive valuation, a strong industrial partner, and a high-quality asset with a proven production track record. The enterprise value is below construction cost, offering an attractive entry point that supports resilient returns. Together with Orrön, we also see interesting potential to add a BESS solution over time to further enhance the value of the asset.”

The transaction is subject to customary closing conditions. Closing is expected to take place within one month from signing of the SPA.

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