Norway-based Cloudberry Clean Energy has partnered with its compatriot Hafslund to develop the Stenkalles Grund shallow-water wind project in the lake Vänern in Sweden.
The companies will form a 50/50 joint venture by Hafslund acquiring 50 per cent of the shares in Cloudberry Offshore Wind which indirectly owns the Swedish nearshore wind farm.
The transaction is expected to close in September 2022.
The new partners will work together towards a Final Investment Decision (FID) that is expected to be reached later this year, Cloudberry said, adding that Ventolines will remain active in the execution of the project and is currently working on final negotiations with the main suppliers.
The final consideration for the early development will be split into two including one upfront payment of approximately NOK 1 million (around EUR 97,000) per MW and an additional consideration after the project commissioning in the second half of 2023.
The closing of the transaction is subject to the agreement of final transaction documents and confirmatory due diligence to be carried out by Hafslund.
“The partnership with Hafslund brings together two local parties which share the ambition to realize the first non-subsidized offshore wind project in Sweden. Hafslund has an experienced organization, a strong balance sheet and operational know how that will help improve the total economics and reduce the project risk”, said Anders Lenborg , CEO of Cloudberry.
In 2020, Cloudberry acquired the 100 MW project after buying 100 per cent ownership in the project’s holding company Scanvind2.
The following year, the company signed a share purchase agreement (SPA) with Downing LLP for the construction and ownership of the nearshore wind farm.