Cloudberry Clean Energy Annual report 2020

Cloudberry Annual report 2020 Introduction 4 The global energy transition is well under way, and Europe, in particular, has set ambitious new targets for climate-neutrality. The region needs to double its share of electricity produced from renewable sources by 2030 to meet stricter emissions-reduction targets. The Nordics, with its rich hydro and wind power opportunities, will be an important part of the solution. Cloudberry has a clear ambition to contribute sub- stantially to this expansion through organic greenfield developments, and by supporting structural changes in the Nordic renewable energy industry. Cloudberry is committed to the renewable energy transition. By the listing of our shares on Euronext Growth in 2020 and on the planned listing on the main list of Euronext Stock Exchange Oslo Børs during 2021, we welcome you all to join this journey with us. We are proud to be directly contributing to making the region cleaner and more sustainable, as is reflected in our 2020 performance. Cloudberry has established a wind and hydropower production portfolio of approximately 0.5TWh, enough to supply 80,000 homes with green electricity. This has been achieved in spite of the challenges caused by the Covid-19 pandemic and fall in energy prices. Today we have 22 hydro projects and two wind farms in operation or under construction, and by the end of 2021, we expect to have a run-rate of almost 400 GWh of clean renewable energy annually. Throughout the year, we are aiming to grow our project portfolio even further. Several projects have moved towards concession or construction phase and we are confident that more will begin con- struction over the next few years. Our bold ambition will see us develop 2,500-megawatt offshore wind power facility in Sweden by 2030. In addition, we see several strategic opportunities for mergers and acquisitions with key players in the Nordics. Cloudberry will only develop new renewable energy assets in a way which creates local value and is Cloudberry Clean Energy was founded with the purpose of providing renewable energy for future generations, contributing to a sustainable society for the long term and creating value for stakeholders. In 2020, we made substantial progress in growing our portfolio of wind and hydropower energy in Norway and Sweden. We are proud of the overwhelming support received from all our stakeholders. This is only the beginning, and we continue our growth and efforts to provide clean energy in the next decades. Letter from the CEO A year of valuable growth