Cloudberry to Acquire Swedish Offshore Wind Developer

Nordic renewable energy company Cloudberry Clean Energy AS has offered to acquire 100 % of the shares in Scanvind2 AS.

Scanvind2 is developing the Rewind Vänern wind power project in the shallow waters of Vänern, the largest lake in Sweden.

The current development plan includes 16-17 turbines with an estimated annual power production around 350 GWh, Cloudberry said.

Cloudberry has developed the project together with local partners from inception in 2010. The project was later sold to the Scanvind2-consortium for more detailed planning.

The company has established dialogues with partners and performed an operational, financial, and legal due diligence of the project throughout the summer.

“Cloudberry’s development team has over the last 10 years gained significant knowledge and competence in wind power development projects in both Sweden and Norway. As previously announced, we are further strengthening the development team with the acquisition of the wind power development company Skogvind AS, where Managing Partner Roger Grøndahl will take on development responsibilities within onshore- and offshore wind power projects with the team in Karlstad and Oslo,” said Anders Lenborg, Chief Executive Officer of Cloudberry.

The offered settlement for the shares in Scanvind2 AS is a combination of reversal of ScanVind2’s existing sales credit to Cloudberry, an issuance of about 2.2 million Cloudberry shares at NOK 12.5 per share (EUR 1.2), and a cash payment which is limited to NOK 7 million.

On 31 August, the Board of Scanvind2 recommended the shareholders to accept the offer. The board members and the CEO of ScanVind2 have accepted a transaction fully settled in shares.