19 Cloudberry Annual report 2022 Board of Directors report Cloudberry owns, develops and operates hydropower plants and wind farms in the Nordics. Over the recent years Cloudberry has built a scalable publicly available Nordic renewable platform for hydro and wind power assets. This is further cemented by the signed share purchase agreement in February 2023 for the Odin portfolio, establishing Denmark as the third Nordic area. This will immediately increase Cloudberry’s production capacity with up to 70% (further described under subsequent events). The Cloudberry platform is well positioned for profitable growth going forward in the Nordic market. Cloudberry is backed by strong owners and an experienced management team, powering the transition towards a sustainable future by providing clean and renewable energy. Cloudberry`s business model and strategy The development segment consists of green-field projects both onshore and off-shore. Managed by our experienced team with a solid track record of organic, in-house development of wind and hydropower assets. The production segment is the owner of the operating assets, with power sold in the spot market (NordPool) and under fixed price Power Purchase Agreements (PPAs). Cloudberry cultivates the portfolio to ensure a diversification and balance of risk, returns, assets and geographical area. The Operations segment delivers services such as asset management of hydro and wind assets, including digital solutions. The services are created on a scalable operating platform, delivered both internally to Cloudberry’s assets, as well to third parties. Cloudberry considers material financial, legal, ESG and technical related factors when making strategic decisions. The company is building a robust business and uses competitive financing to deliver sustainable and profitable long-term growth. Cloudberry operates in a market with unique characteristics when it comes to renewables. The hydro and the wind resources in the Nordics are among the best in the world. The company uses its local presence and optimization of stakeholder alignment to grow through greenfield developments and acquisitions. Cloudberry believes in being local, focused and agile. The long-term growth strategy rests upon its ability to create value for all stakeholders, using the best possible technology available, being cost efficient, and enhancing sustainable operations. Board of Directors report
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