Cloudberry Clean Energy Annual report 2020

121 Cloudberry Annual report 2020 Financial statements Cloudberry also have signed an option agreement where Cloudberry has the right to acquire Lona Kraft AS, a company that will apply for concession to build a new hydro plant upstream the same river as Ramsliåna. Investment grade debt financing On 17 March Cloudberry together with KLP and Akershus Energi raised EUR 90 million in investment grade debt from a syndicate of institutional lend- ers to partly finance the construction of the Odal windfarm, with an over 20 year tenor and a fixed rate coupon below 3%. Credit facility agreement On 23 March Cloudberry entered into the credit facil- ity agreement as part of the financing of its growth strategy. The credit facility agreement is a combi- nation of a MNOK 400 Term Loan and a NOK 300 million Revolving Credit Facility, and the agreement is entered into with SpareBank 1 SR-Bank. The credit facility will strengthen the company`s ability to grow both organically and in-organically. In connection with the new credit facility agreement Cloudberry has repaid a short-term loan of NOK 236 million to Fontavis, a part of Swiss Life.