25 Cloudberry Annual report 2022 Board of Directors report · The acquisitions of the hydropower plants Tinnkraft, Ramsliåna and Bøen were all completed and are currently in full production · A share purchase agreement for Øvre Kvemma Kraftverk was entered into. Financial close is expected during the first half of 2024 when the construction of the power plant is completed and tested. · The hydropower plants in Skåråna Kraft were connected to the grid in the third quarter of 2022 after a delay caused by 3rd party grid owner. The plants are by year end in full and stable production · The share purchase agreement for Odin Energy was entered into subsequent to the balance sheet date. Please see subsequent events for more information Power production Cloudberry’s proportionate power production grew from 117 GWh to 268 GWh during the year. Based on the current production portfolio, Cloudberry estimates an annual run-rate production of ~500 GWh, and up to ~800 GWh per year including the Odin portfolio. Development Cloudberry Development has a significant onshore and offshore development portfolio with renewable assets in the Nordics. Since inception, eleven projects have been fully developed and sold to infrastructure investors and European insurance companies. Going forward Cloudberry has the option to either sell, farm-down or maintain in-house projects for long-term cash flow. In 2022, 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 and procurement and construction of wind projects have joined the Cloudberry team. Development, segment 2022 2021 Total revenue NOK million 207 6 EBITDA NOK million 177 (30) Construction permits MW 128 160 Backlog MW 420 370 Key events over the year: · Completion of the Hån project on time and budget during the fourth quarter. All turbines were taken over from Vestas in December. · Cloudberry has taken the final investment decision on Kafjärden (renamed Sundby Windpark AB) and signed a turbine agreement with Vestas. Cloudberry plans to install 32.4 MW (9 Vestas turbines with an effect of 3.6 MW each). The project was then moved from projects with construction permits, into projects under construction. · Farm-down on the shallow-water project Stenkalles, brining in Hafslund as a 50% strategic partner in order to improve the project economics and reduce risks. The project received two-year extension during 2022 giving the project team time to further optimize the project. · Cloudberry has per year end an exclusive backlog of 420 MW (480 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 2022 the segment has scaled up both onshore and off-shore with projects and new employees. Charlotte Bergquist is now heading the Development segment with an increased focus on shallow-water projects. · In addition to the onshore activities, we are actively working on shallow water projects in the Baltic Sea. It is a long-term goal to have a shallow-water project portfolio of > 2,500 MW in the Baltic Sea by 2030. Operations The segment Operations includes the activities organized in the Captiva Group. The segment was established after completion of the acquisition of Captiva in January. Captiva is an asset manager and operator of wind and hydro assets in the Nordics with more than 15 years of experience in the industry. Cloudberry is currently a 60% owner of Captiva with the option to purchase 100% of the business by 2025 (the remaining 40% is owned by the management of Captiva). Captiva has organized its business into management services and digital solutions. Operations, segment 2022 2021 Total revenue NOK million 38 N/A EBITDA NOK million 4 N/A
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