7 Cloudberry Annual report 2021 Introduction Main developments in 2021 • Production increased from 21 GWh to 117 GWh (proportionate) • Revenue increased from NOK 4 million to NOK 41 million (consolidated) • Strengthened the balance sheet from NOK 1 055 million to 2 636 million (booked equity) • Increased corporate debt facility from NOK 700 million to NOK 1 400 million • Listed on Oslo Børs’ Main list, ticker: Cloud • 100% owner of the 100 MW shallow-water project, Stenkalles • New offshore team in Gothenburg, Sweden • Increased ownership from 15% to 33.4% in Odal Vind • Started construction of Hån wind farm • Completed several hydro projects on time and budget: Åmotsfoss, Nessakraft & Bjørgelva • Purchased two new hydro projects: Selselva and Usma Subsequent events • Purchased 60% of Captiva, adding an operating segment • Secured two late-stage wind development projects: Kafjarden & Munkhyttan • Secured two new hydro projects: Øvre Kvemma & Tinnkraft Acquisition of Captiva In January 2022, Cloudberry purchased 60% of the Captiva Group. Captiva is a datadriven operator, manager and developer of renewable energy in the Nordics. Captiva adds significant value to Cloudberry’s Nordic renewable strategy: • Development. Strengthen our hydro development capabilities • Operations. Strengthen our operational capabilities. Increased competence and industrial digitalization • Project management & Construction. Expanding project management and construction capacity in order reduce risk and to run more projects in parallel
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