Cloudberry Annual report 2021 Board of Directors report 28 Cloudberry Production, segment 2021 2020 Total revenue NOK million 77 5 EBITDA NOK million 43 (2) Production (proportionate) GWh 117 21 Production capacity year-end MW 58 27 Secured portfolio (Producing & under construction) MW 150 109 Main activities The focus during 2021 has been on increasing production volumes and the construction of our new renewable projects · The hydropower plants Nessakraft and Bjørgelva was constructed on time and budget and delivered in June. · Usma and Selselva was purchased during 2021 and in production · Åmotsfoss hydropower plant was taken over in December. The plant is producing from a large reservoir and has been in stable production since it was connected to the grid. · Odal Vind delivered first power to the grid in December. 15 of 34 Siemens turbines were installed per year end. Strong winds have slowed installation, but the project team expect all turbines to be in full operation before end of June 2022. Final cost expected to be slightly higher than budgeted mainly due to Covid related delays (< 5% of capex). Expected equity IRR unchanged ~12% p.a. over the next 30 years. · Ramsliåna was connected to the grid in December and will be taken over by Cloudberry after a threemonth commissioning period. · The hydropower plants in Skåråna Kraft are completed; hence the third-party grid owner has had connection delays. It is expected that the plants will generate revenue in the second quarter of 2022. Power production Cloudberry’s proportionate power production grew from 21 GWh to 117 GWh during the year. With the current projects under construction, Cloudberry expects to reach an annual production slightly above 500 GWh going forward. Cloudberry Development Cloudberry Development has a significant on- and offshore development portfolio with renewable assets in Sweden and Norway. Since inception, ten projects have been fully developed and sold to infrastructure investors and European insurance companies. Going forward Cloudberry has the option to either sell or maintain in-house projects for long-term cash flow. Larger projects may be farmed down in order to diversify risk. Cloudberry Development, segment 2021 2020 Total revenue NOK million 6 - EBITDA NOK million (30) (8) Construction permits MW 160 151 Backlog MW 370 370 In 2021, the main activities have been focused on growing the portfolio and moving existing projects in the portfolio forward. With the acquisition of Captiva in January 2022, further resources within hydro development have joined the Cloudberry team. Projects with construction permit increased from 151 to 160 MW per year end and has grown further in 2022 (218 MW per reporting date). Cloudberry has per year end an exclusive backlog of 370 MW (388 MW at the reporting date). The company has ongoing dialogue with landowners, municipalities and grid companies to clarify opportunities for new wind power projects. In addition to the on-shore activities, we are actively working on shallow water projects in the Baltic Sea, based on the experiences the company is gaining at Stenkalles wind farm (Vänern). It is a long-term goal to have a shallow-water project portfolio of > 2 500 MW in the Baltic Sea by 2030. From 2022 the segment has scaled up both onshore and off-shore with projects and new employees. Charlotte Bergquist will head the Development segment with an increased focus on shallow-water projects.
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