Orrön Energy AB, a Sweden-based renewable energy company, has entered into an agreement with Cloudberry Clean Energy ASA, a Norway-based renewable power producer. The agreement will combine Orrön Energy’s Nordic renewable energy platform and organisation with Cloudberry. The deal excludes the Karskruv wind farm. Under the transaction, Orrön Energy will receive 27.01% of the shares in the enlarged Cloudberry and become the largest shareholder.

Cloudberry’s annual proportionate power generation is expected to increase to approximately 2.1 TWh, more than doubling production compared with the end of 2025. Cloudberry owns, operates and develops wind, hydro, solar and battery projects across the Nordics and is listed on Norway’s Oslo Stock Exchange.

Orrön Energy will receive shares representing 27.01% of the total number of shares and votes in Cloudberry, along with approximately USD 4.78 million in cash. Loan balances and accrued interest of approximately USD 105.88 million as of year-end 2025 will be settled or assumed by Cloudberry.

The company expects to have close to zero net debt at closing, with a committed USD 56.93 million debt facility in place. Its European development business includes around 12 GW of large-scale solar, battery and data centre projects across the UK, Germany and France. Since 2025, the company has entered agreements to sell a total of 400 MW for consideration of up to approximately USD 26.19 million. Approximately USD 15.94 million of the proceeds remain contingent on future development milestones.

This wind farm in Sweden will remain in possession of the company after closure. The Karskruv wind farm is one that was built in 2023. The farm consists of 20 turbines from Vestas with installed capacity of 86 MW. Orrön Energy expects its yearly power production to be about 290 GWh under average climatic conditions.

The transaction includes the sale of all shares in Orrön Energy Sweden AB and Orrön Energy Greenfield Finland Holding Oy to Cloudberry. The transaction also includes all shares in Metsälamminkangas Wind Oy that Cloudberry does not already own. The purchase price implies an enterprise value of approximately USD 267.10 million for the target companies on a cash and debt free basis.

Cloudberry will repay outstanding intragroup debt, including accrued interest, owed by the target companies to Orrön Energy Finance AB under existing loan facilities at closing. Cloudberry will also assume external debt of the target companies, which stood at approximately USD 3.42 million as of 31 December 2025.

After closing, Orrön Energy’s 27.01% shareholding in Cloudberry will be consolidated under the equity method in Orrön Energy’s financial statements. Orrön Energy’s Board of Directors and Group management will remain unchanged, and around 30 employees will remain employed by Orrön Energy.

Closing remains subject to clearance under applicable foreign direct investment legislation and approval by Cloudberry’s extraordinary general meeting. Cloudberry’s extraordinary general meeting will be held no later than 7 August 2026. Subject to closing conditions, the transaction is expected to be completed in the second half of 2026.