111 Cloudberry Annual report 2021 Financial statements Note 5 Business combinations and other transactions Cloudberry acquired Selselva Kraft AS On 13 January 2021, Cloudberry Production AS acquired 100% of the shares of Selselva Kraft AS, “Selselva”. Selselva is a producing hydropower plant located in Sunnfjord municipality in Vestland county with an expected annual production (normalized) of 20 GWh. The total purchase price of NOK 65.0m was paid in cash and was equity financed. Selselva was consolidated in the Group accounts from 13 January 2021. Cloudberry acquired Nessakraft AS On 30 June 2021, Cloudberry Production AS completed the acquisition of 100% of the shares of Nessakraft AS, “Nessakraft”. The transaction also included the acquisition of Bjørgelva Kraft AS, see information below. Nessakraft is now a producing hydropower plant which has completed the commissioning period (construction completion in December 2020). The hydropower plant is located in Balestrand, Vestland county with an expected annual production (normalized) of 34 GWh. The total purchase price of NOK 73.4m was paid in cash and was equity financed. Nessakraft was consolidated in the Group accounts from 30 June 2021. Cloudberry acquired Bjørgelva Kraft AS On 30 June 2021, Cloudberry Production AS completed the acquisition of 100% of the shares of Bjørgelva Kraft AS “Bjørgelva”. The transaction also included the acquisition of Nessakraft AS, see information above. Bjørgelva is now a producing hydropower plant which has completed the commissioning period (construction completion in December 2020). The hydropower plant is located in Sørreisa, Troms og Finnmark county with an expected annual production (normalized) of 7 GWh. The total purchase price of NOK 10.0m was paid in cash and was equity financed. Bjørgelva Kraft AS was consolidated in the Group accounts from 30 June 2021. Cloudberry acquired Usma Kraft AS On 20 August Cloudberry Production completed the acquisition of 100% of the shares of Usma Kraft AS, a hydropower company in Norway. Usma Kraft hydropower plant is located in Selbu municipality in Trøndelag county and produces from the water in lake Usme and Gardåa river. The expected annual production is 25.5 GWh. The total purchase price of NOK 82.9m was paid in cash and was equity financed. Usma Kraft AS was consolidated in the Group accounts from 20 August 2021.
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