Cloudberry Clean Energy Annual report 2020

3 Cloudberry Annual report 2020 Introduction Cloudberry in brief Cloudberry is a Nordic renewable energy company. We own, develop and operate wind farms and hydropower plants across the Nordics. Our purpose is to provide renewable energy for future generations, and contribute to a long-term sustainable society, whilst creating value for our stakeholders. We believe in the fundamental long-term demand for renewable energy in the Nordics and Europe. Cloudberry`s growth strategy Our current portfolio consists of 22 hydropower and 2 wind power assets, with a total capacity of 109 MW. This represents a growth of more than seven times our capacity of a year ago. Our port- folio enjoys significant further growth potential, in terms of energy production and the company’s project backlog and pipeline. Our growth strategy is built around two pillars of value creation: organic developments and inorganic opportunities. We are backed by strong owners and an experienced management team and board. Our shares are traded on Euronext Growth Oslo (ticker: CLOUD), and we have initiated the process to prepare for listing on Oslo Børs during 2021. Cloudberry`s business model Our business model comprises two elements: Cloudberry Develop and Cloudberry Production. Cloudberry Develop completes in-house devel- opments of wind and hydropower assets in Norway and Sweden, up to ready-to-build status. Cloudberry Production retains and operates selected producing assets. We have low overhead costs, and source capacity for construction, operations and maintenance externally. We have a strong commitment to local communities and our integrated value chain ensures local presence and optimization of stakeholder alignment and value creation. Our Nordic clean renewable platform Develop Equity IRR > 15% p.a. Production Equity IRR 5–8% p.a. Keep selected assets Acquire selected assets Divest selected assets

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