Cloudberry Annual report 2021 Introduction 4 We have managed to secure financing for all our mature projects and strengthen the company with hydro- and wind power development resources. 2021 has been a very active year for Cloudberry and we are proud of building a leading Nordic Independent Power Producer (“IPP”) – being better positioned for further valuable growth than ever before. The push for more renewable energy production has further strengthened in 2021. We see call for more renewable power, faster development of infrastructure and support for tougher measurements for polluters. The Nordics is very well positioned for solving parts of the problem with some of the world`s best resources and industry capabilities. During 2021 we have seen how important new renewable production is for reaching the ambitious climate goals that the world has agreed upon. Cloudberry is committed to do its share for a greener Europe. Our bold ambitions to develop offshore wind projects has been a game changer. We decided to set up a separate Offshore Wind team and are very happy to have an experienced team lead by Charlotte Bergqvist onboard and in operation at year end. We will hear a lot more from them over the next years with exciting projects both on inland fresh water and in the Baltic Sea. We have also focused on strengthening the Cloudberry team in 2021. We have invested into great people and technology. The up listing to Oslo Børs’ Main list in June 2021 was a new milestone for us and important for building one of the leading IPP in the Nordics. We are convinced that the investments we did in 2021 will take Cloudberry to the next level over the years to come. Despite covid related issues both on the projects side and in the company, the team managed to solve the challenges as they came and delivered according to plan. We have a responsibility to operate our business in a sustainable manner. It is a high priority for us to reduce our environmental footprint as much as possible. Cloudberry has set a goal to be net-zero by 2040, and our development projects and producing power plants shall be as green and sustainable as possible. In 2021 Cloudberry has continued to build our ESG framework and continues our focus to make ESG and sustainability a competitive advantage. We contribute to a more sustainable society by developing new renewable projects in the Nordics. Through 2021 we have focused on growing the project pipeline and moving power projects from development stage into commissioning generating long term cash flow for the company – on time and budget. We doubled the production from 2020 to 2021 and we will be doubling it again during 2022. Letter from the CEO Building a leading Nordic renewable company with an attractive portfolio
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