CLOUDBERRY CLEAN ENERGY ASA

“Cloudberry’s growth strategy We believe in the fundamental and increasing demand for renewable energy in Europe, and with this as a cornerstone, we are building a flexible and scalable platform for creating shareholder and stakeholder value.”

Annual report 2024A · The company itself

“We believe these projects will generate long-term value, particularly as regulatory constraints, heightened nature concerns, and local stakeholder interests limit new renewable energy opportunities in the Nordics.”

Annual report 2024A · The company itself

“A key operational risk is related to the operating performance of the producing assets, another risk relates to the process of transitioning development projects from the backlog and pipeline stage to finalization. Even though the Group has a solid project pipeline, finalizing the projects depends on a number of factors such as project availability, local authority approvals, environmental impact, suppliers, financing, power prices and the regulatory framework in the relevant market.”

Annual report 2024A · The company itself

“Market, external and political risk Cloudberry operates in a highly regulated and politically sensitive industry, where changes in legislation, taxation, and energy policies can materially impact project viability, profitability, and long-term strategy.”

Annual report 2024A · The company itself

“Changes in tax policies, transmission pricing mechanisms, subsidy frameworks, and energy trading regulations are actively being evaluated across Europe. Emerging policies may affect Cloudberry’s revenue streams and operating costs, requiring the company to continuously adapt its commercial strategy.”

Annual report 2024A · The company itself

“2727 Strategy, performance and risksStrategy, performance and risks | Risk Management Strategy, performance and risks | Risk Management Additionally, political shifts and environmental policies within the Nordic region can impact Cloudberry’s operations. Positive or negative adjustments to renewable energy taxation, concession approvals, and local permitting processes may result in changes in administrative hurdles or investment barriers.”

Annual report 2024A · The company itself

“As part of our long-term growth strategy, Cloudberry in 2023 released the “3 in 30” goals for 2030, with a target to be involved in 3 TWh in production and ensure 3 TWh of permitted projects.”

Annual report 2024A · The company itself

“To ensure solid governance internally and in our value chain at all times Promoting renewable energy development Cloudberry actively contributes to climate change mitigation by advocating for the accelerated and responsible expansion of renewable energy. We engage with local politicians, policymakers, industry leaders, and regulatory bodies to drive clean energy legislation and create favorable market conditions for investment.”

Annual report 2024A · The company itself

“While power prices have stabilized after the extreme volatility observed in 2022, the long-term effects of European energy transition policies, shifting geopolitical alliances, and macroeconomic pressures remain uncertain. These factors affect electricity demand and supply, investment decisions, financing terms, and commodity markets, all of which contribute to the risk landscape for Cloudberry.”

Annual report 2024A · The company itself

“Cloudberry is exposed to various financial risks, including power price volatility, interest rate risk, currency fluctuations, credit risk, and liquidity risk.”

Annual report 2024A · The company itself

“For the impairment test, the Group applies the discounted cash flow (DCF) model to assess the valuation of producing power plants in the Odin portfolio. The impairment test is particularly sensitive to: • Discount rate (WACC): 5.1%, reflecting Danish market conditions. • Future cash flows: Dependent on projected power prices and production volumes. • Expected asset lifetime: Consistent with asset-specific technical and operational assumptions.”

Annual report 2024A · The company itself

“The design and location of these projects will depend on changes in the macroeconomic environment, future energy prices, and regulatory frameworks. We will invest further in countries that offer favorable renewable energy frameworks and competitive energy costs.”

Annual report 2024A · The company itself

“Cloudberry’s turnover, disclosed in compliance with the Taxonomy, is the net turnover from the sale of electricity from wind and hydro energy, and sale of electricity certificates and guarantees of origin originating from hydro and wind generated electricity.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilateral agreements or on the spot market via Nordpool.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilateral agreements or on the spot market via Nordpool. The segment is responsible for optimizing the performance of Cloudberry’s operational assets while also driving strategic growth through mergers, acquisitions, and partnerships.”

Annual report 2024A · The company itself

“A key operational risk is related to the operating performance of the producing assets, another risk relates to the process of transitioning development projects from the backlog and pipeline stage to finalization. Even though the Group has a solid project pipeline, finalizing the projects depends on a number of factors such as project availability, local authority approvals, environmental impact, suppliers, financing, power prices and the regulatory framework in the relevant market.”

Annual report 2024A · The company itself

“Changes in tax policies, transmission pricing mechanisms, subsidy frameworks, and energy trading regulations are actively being evaluated across Europe. Emerging policies may affect Cloudberry’s revenue streams and operating costs, requiring the company to continuously adapt its commercial strategy.”

Annual report 2024A · The company itself

“2727 Strategy, performance and risksStrategy, performance and risks | Risk Management Strategy, performance and risks | Risk Management Additionally, political shifts and environmental policies within the Nordic region can impact Cloudberry’s operations. Positive or negative adjustments to renewable energy taxation, concession approvals, and local permitting processes may result in changes in administrative hurdles or investment barriers.”

Annual report 2024A · The company itself

“To ensure solid governance internally and in our value chain at all times Promoting renewable energy development Cloudberry actively contributes to climate change mitigation by advocating for the accelerated and responsible expansion of renewable energy. We engage with local politicians, policymakers, industry leaders, and regulatory bodies to drive clean energy legislation and create favorable market conditions for investment.”

Annual report 2024A · The company itself

“Cloudberry faces exposure to climate change effects, including more extreme weather conditions, largely attributed to rising temperatures, extreme winds, and heavy rainfall, as well as shifting weather patterns in specific local regions. Extreme climate changes pose climate risks that could potentially damage production assets, interrupt the development of energy projects, escalate maintenance and other expenses, diminish production deliveries due to alterations in water flows or lack of wind, and cause other disruptions to essential operations.”

Annual report 2024A · The company itself

“Opportunity Cloudberry proactively integrates community consultation & biodiversity protection measures in all our projects.”

Annual report 2024A · The company itself

“The transactions optimized geographic hydro exposure while showcasing asset values. • Managed turbine blade issues at Odal Wind Farm (176 GWh) with a comprehensive repair program led by Siemens Gamesa. 30 out of 34 turbines were operational by year-end, with full restoration expected in 2025.”

Annual report 2024A · The company itself

“Three Vestas V162 turbines, each with a capacity of 6.2 MW, were installed under a long-term service contract with a 97% uptime guarantee.”

Annual report 2024A · The company itself

“Please see note 5 for further information. • Odal Wind Farm (163 MW, 54 MW net to Cloudberry) faced significant operational challenges throughout 2024 due to technical issues with the Siemens Gamesa 4.X series turbines which has greatly impacted production over the course of the year. Following a production shut down in April after a blade incident, 30 turbines (34 total) passed return to service by year end.”

Annual report 2024A · The company itself

“This transaction underscores significant value creation, demonstrating a gain of over NOK 2m per MW and highlights the Projects segment’s role in driving value creation for Cloudberry. • Strategic land agreements with Holmen (SE-3): Cloudberry strengthened its collaboration with Sweden’s largest private landowner, Holmen, securing access to new development sites. This agreement added 300 MW of new wind projects to the backlog in SE-3, reinforcing Cloudberry’s growth ambitions in Sweden and the ability to collaborate with large professional land owners.”

Annual report 2024A · The company itself

“• Cloudberry’s backlog has increased to 1 239 MW across 33 exclusive projects, up from 625 MW in 2023.”

Annual report 2024A · The company itself

“• Successfully onboarded Munkhyttan (19 MW) and Sundby (32 MW) Wind Farms, optimizing operations post-transfer from the Projects segment. The hydropower plant Øvre Kvemma (NO-5) was further added to Cloudberry’s internally managed hydro portfolio • Three external small hydro power plants in Norway were added to the portfolio • The wind farm Akmene One (75 MW), for the client Aquila, was taken over by the asset management team.”

Annual report 2024A · The company itself

“Cloudberry is a renewable energy company. With the combination of profitability and sustainability as our guiding principle, we live and breathe to develop, own, and operate renewable energy assets in the Nordics.”

Annual report 2024A · The company itself

“We do this by focusing on proven and mature technologies like hydro-, wind-, solar power and energy storage in the Nordics.”

Annual report 2024A · The company itself

“assets and 114 wind turbines (organized in seven projects), wholly and partially owned. We value a strong local and active ownership strategy and prefer majority ownership; however, in certain investments we have shared ownership alongside strategic partners.”

Annual report 2024A · The company itself

“In 2024, Cloudberry successfully completed the construction of two major wind farms on time and within budget without any safety incidents: Munkhyttan and Sundby, adding 149 GWh of new annual renewable energy production in SE-3.”

Annual report 2024A · The company itself

“Our development backlog grew to 1 239 MW throughout 2024, supported by a long-term collaboration with Holmen Renewable Energy securing 300 MW of new wind projects in SE-3, Sweden.”

Annual report 2024A · The company itself

“The Munkhyttan and Sundby wind farms were completed on time and within budget, later transferred to the Commercial segment following test production.”

Annual report 2024A · The company itself

“This comprises reported total revenues of NOK 548m (NOK 610m) from sale of power related products, asset management, digital- and consultancy services and other income.”

Annual report 2024A · The company itself

“This growth was primarily driven by internal asset sale from Projects to Commercial of Munkhyttan and Sundby as described below showcasing the value created in the development phase. The remaining revenue is related to power sales from the same assets when they were under the Projects segment • Proportionate EBITDA: Improved from NOK -16 million in 2023 to NOK 100 million in 2024 mainly due to the same effects as explained above • Munkhyttan Wind Farm (SE-3): The final investment decision (FID) for Munkhyttan I (18.6 MW) was made in June 2023, and towards the end of 2024, the project was completed ahead of schedule and within budget with no safety incidents.”

Annual report 2024A · The company itself

“First power was achieved in Q3 and commercial operations started in Q4 • Sundby Vindpark (SE-3): The construction of Sundby Vindpark (32 MW) was successfully completed on time and below budget. The wind farm, consisting of nine Vestas turbines, began test production in Q1, with all units fully operational later the same year.”

Annual report 2024A · The company itself

“In 2024, Cloudberry, as part of the integration of Captiva, re-named three of its four segments, Projects (previously Development), Commercial (previously Production) and Asset Management (previously Operations), while the Corporate segment name remained unchanged. The scope, revenue and cost streams of the segments are comparable to the previous segments. The Group manages and reports its operations in four operating segments; • Projects is a green-field developer of hydro, wind and solar projects and has a solid track record of organic, in-house developments of wind and hydropower assets in Norway, Sweden and Denmark. • Commercial is an active owner of renewable power assets in the Nordics, and in charge of M&A and partnerships in Cloudberry. • Asset Management operates external customers’ and Cloudberry’s renewable assets.”

Annual report 2024A · The company itself

“The Projects segment is responsible for the development, permitting, procurement, and construction of hydro, wind and solar projects across the regions. The segment has a significant development portfolio with renewable assets in the Nordics.”

Annual report 2024A · The company itself

“The company uses its local presence and the optimization of stakeholder alignment to grow through greenfield developments and acquisitions.”

Annual report 2024A · The company itself

“Cloudberry’s growth strategy is based on a scalable and diversified platform where we develop, own, and operate renewable energy assets in the Nordics.”

Annual report 2024A · The company itself

“Denmark DK1 & DK2 Norway NO1, N O2 & NO5 Sweden SE3 & SE4 Finland FI Exploring Cloudberry operates in a market with unique characteristics when it comes to renewables; with hydro and wind resources in the Nordics being among the best in the world.”

Annual report 2024A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“Promoting favorable frameworks for renewables We closely monitor local and national energy policies in the Nordic countries, staying informed through media, industry networks, and direct engagement with policymakers. Our efforts include: • Ongoing dialogue with politicians, municipal councils, and energy directorates in Norway, Sweden and Denmark • Active participation in industry organizations and renewable energy conferences • Media engagement to inform and shape the public discourse on renewable energy policies Through these initiatives, Cloudberry continues to accelerate the renewable energy transition and make a tangible contribution to global climate goals.”

Annual report 2024A · The company itself

“Additionally, Cloudberry operates in Denmark, Sweden, and Norway and holds investments in associated companies, resulting in exposure to DKK, SEK, and EUR.”

Annual report 2024A · The company itself

“The Group manages and reports its operations in four operating segments; • Projects is a green-field developer of hydro, wind and solar projects and has a solid track record of organic, in-house developments of wind and hydropower assets in Norway, Sweden and Denmark. • Commercial is an active owner of renewable power assets in the Nordics, and in charge of M&A and partnerships in Cloudberry. • Asset Management operates external customers’ and Cloudberry’s renewable assets.”

Annual report 2024A · The company itself

“The Projects segment is responsible for the development, permitting, procurement, and construction of hydro, wind and solar projects across the regions. The segment has a significant development portfolio with renewable assets in the Nordics.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics.”

Annual report 2024A · The company itself

“The Asset Management segment is responsible for operation of renewable energy assets, including both Cloudberry-owned projects and external clients’ assets. The segment includes the activities organized in the Captiva Group.”

Annual report 2024A · The company itself

“• Cloudberry’s backlog has increased to 1 239 MW across 33 exclusive projects, up from 625 MW in 2023.”

Annual report 2024A · The company itself

“Cloudberry is a renewable energy company. With the combination of profitability and sustainability as our guiding principle, we live and breathe to develop, own, and operate renewable energy assets in the Nordics.”

Annual report 2024A · The company itself

“We do this by focusing on proven and mature technologies like hydro-, wind-, solar power and energy storage in the Nordics.”

Annual report 2024A · The company itself

“Further, the expansion of Nees Hede Solar (DK-1) from 175 MW to 232 MW, reinforced Cloudberry’s commitment to large-scale solar energy while we are also exploring hybrid possibilities to enhance profitability in the project.”

Annual report 2024A · The company itself

“The Nees Hede solar project in Denmark was optimised and therefore expanded from 175 MW to 232 MW.”

Annual report 2024A · The company itself

“This comprises reported total revenues of NOK 548m (NOK 610m) from sale of power related products, asset management, digital- and consultancy services and other income.”

Annual report 2024A · The company itself

“to 232 MW. The solar project is still fully permitted and hybrid possibilities including battery integration are being explored.”

Annual report 2024A · The company itself

“Our project backlog includes a range of exciting and profitable technologies, notably our planned solar park in Denmark and energy storage systems in Sweden.”

Annual report 2024A · The company itself

“In 2024, Cloudberry, as part of the integration of Captiva, re-named three of its four segments, Projects (previously Development), Commercial (previously Production) and Asset Management (previously Operations), while the Corporate segment name remained unchanged. The scope, revenue and cost streams of the segments are comparable to the previous segments. The Group manages and reports its operations in four operating segments; • Projects is a green-field developer of hydro, wind and solar projects and has a solid track record of organic, in-house developments of wind and hydropower assets in Norway, Sweden and Denmark. • Commercial is an active owner of renewable power assets in the Nordics, and in charge of M&A and partnerships in Cloudberry. • Asset Management operates external customers’ and Cloudberry’s renewable assets.”

Annual report 2024A · The company itself

“The Projects segment is responsible for the development, permitting, procurement, and construction of hydro, wind and solar projects across the regions. The segment has a significant development portfolio with renewable assets in the Nordics.”

Annual report 2024A · The company itself

“The company uses its local presence and the optimization of stakeholder alignment to grow through greenfield developments and acquisitions.”

Annual report 2024A · The company itself

“Cloudberry maintains a robust and growing backlog and pipeline of new development opportunities across the Nordics. In 2024, we strengthened our development capabilities through a strategic transaction in Denmark with Skovgaard Energy, further detailed in the Commercial segment.”

Annual report 2024A · The company itself

“The segment expanded through strategic acquisitions, including the signing of the Danish transaction with Skovgaard, adding 160 GWh of annual production capacity.”

Annual report 2024A · The company itself

“This transaction adds 160 GWh of annual production capacity net to Cloudberry, including full ownership of the Odin portfolio and 80% ownership in the Svåheia wind farm in NO-2. Additionally, the deal includes development projects and a skilled local development and asset management team, strengthening our operational capabilities in the region.”

Annual report 2024A · The company itself

“This team will continue to manage the fully owned Odin portfolio, as well as other renewable assets still owned by Skovgaard. The integration of Cloudberry’s (historically Captiva) and Skovgaard’s asset management teams is expected to unlock operational synergies, leveraging expertise across both organizations while increasing the assets under management.”

Annual report 2024A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“Promoting favorable frameworks for renewables We closely monitor local and national energy policies in the Nordic countries, staying informed through media, industry networks, and direct engagement with policymakers. Our efforts include: • Ongoing dialogue with politicians, municipal councils, and energy directorates in Norway, Sweden and Denmark • Active participation in industry organizations and renewable energy conferences • Media engagement to inform and shape the public discourse on renewable energy policies Through these initiatives, Cloudberry continues to accelerate the renewable energy transition and make a tangible contribution to global climate goals.”

Annual report 2024A · The company itself

“Currency risk arises due to Cloudberry’s exposure to multiple currencies, as power trading in the Nord Pool market is denominated in EUR, while the company reports its financial statements in NOK. Additionally, Cloudberry operates in Denmark, Sweden, and Norway and holds investments in associated companies, resulting in exposure to DKK, SEK, and EUR.”

Annual report 2024A · The company itself

“Cloudberry is a renewable energy company. With the combination of profitability and sustainability as our guiding principle, we live and breathe to develop, own, and operate renewable energy assets in the Nordics.”

Annual report 2024A · The company itself

“We do this by focusing on proven and mature technologies like hydro-, wind-, solar power and energy storage in the Nordics.”

Annual report 2024A · The company itself

“Repurposing Stenkalles Wind Project into Dingelsundet Battery Storage together with Hafslund positions Cloudberry within the fast-growing energy storage market and showcases our development flexibility and creativity.”

Annual report 2024A · The company itself

“• Stenkalles wind project converted to the battery storage project Dingelsundet (SE-3): Originally planned as an offshore wind project, Stenkalles was transitioned into a battery storage development due to changing market conditions and increasing offshore wind capex. The project has secured permits to commence construction of a 20 MW /40 MWh battery installation (Phase I, numbers on a 100% basis).”

Annual report 2024A · The company itself

“Our project backlog includes a range of exciting and profitable technologies, notably our planned solar park in Denmark and energy storage systems in Sweden.”

Annual report 2024A · The company itself

“Projects with construction permits are valued based on a market price per MW/GWh, with no discount applied. Projects in development are valued based on the price per MW/GWh of a permitted project, discounted using a 15% development-specific rate from the estimated time of permit approval.”

Annual report 2024A · The company itself

“One of Cloudberry’s main competitive advantages is our local presence. We regularly visit the local communities, and we develop projects in close dialogue with local stakeholders. Through meaningful dialogue with local communities, we aim to secure broad-based support and foster collaboration.”

Annual report 2024A · The company itself

“Often, we must enhance roadways to facilitate the transport of wind turbine components to the site. Some of these initiatives are temporary, while others are permanent. For instance, we permanently widened the curves of a local road near the Munkhyttan wind farm, enhancing road safety for the local community.”

Annual report 2024A · The company itself

“While full consensus may not always be achievable, we will always seek community consent which is our social license to operate. See the chapter on biodiversity and ecosystems to learn more about how we implement the input from local societies into the final project designs.”

Annual report 2024A · The company itself

“The Nordic region is via interconnectors a part of the European energy system, allowing us to export clean energy to European markets. Depending on market conditions, our renewable power could help reduce reliance on fossil fuels in neighboring countries, where coal and gas are still common energy sources.”

Annual report 2024A · The company itself

“The Commercial segment owns and manages renewable power assets with long-term cash flows in the Nordics. Revenues primarily come from power production, which is continuously sold through bilateral agreements or on the spot market via Nordpool. The segment is responsible for optimizing the performance of Cloudberry’s operational assets while also driving strategic growth through mergers, acquisitions, and partnerships.”

Annual report 2024A · The company itself

“Pre-screening suppliers is particularly crucial for our asset management division, which oversees power plant operations on behalf of third-party owners. In this capacity, asset managers represent these owners when engaging with service technicians, engineers, local communities, and other stakeholders.”

Annual report 2024A · The company itself

“Our project backlog includes a range of exciting and profitable technologies, notably our planned solar park in Denmark and energy storage systems in Sweden.”

Annual report 2024A · The company itself

“Strengthening governance through supplier audits Cloudberry recently conducted its first-ever AI-supported supplier audit, ensuring compliance with the Transparency Act, ESG standards, and governance policies. Given limited internal resources and a tight timeline, we partnered with Sana AI to streamline the process. AI was used to develop customized audit templates, interview guides, and automated reporting, resulting in 60-70% time savings and enhanced quality assurance.”

Annual report 2024A · The company itself

“The Nordic region is via interconnectors a part of the European energy system, allowing us to export clean energy to European markets. Depending on market conditions, our renewable power could help reduce reliance on fossil fuels in neighboring countries, where coal and gas are still common energy sources.”

Annual report 2024A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“In addition, communities receive further financial benefits through our payments to landowners, tax contributions, as well as support and participation in local initiatives. These cash injections can have a significant impact on small, remote communities, sometimes making the difference between maintaining a family farm or being forced to sell.”

Annual report 2024A · The company itself

“Strengthening governance through supplier audits Cloudberry recently conducted its first-ever AI-supported supplier audit, ensuring compliance with the Transparency Act, ESG standards, and governance policies. Given limited internal resources and a tight timeline, we partnered with Sana AI to streamline the process. AI was used to develop customized audit templates, interview guides, and automated reporting, resulting in 60-70% time savings and enhanced quality assurance.”

Annual report 2024A · The company itself

“Our project backlog includes a range of exciting and profitable technologies, notably our planned solar park in Denmark and energy storage systems in Sweden.”

Annual report 2024A · The company itself

“The design and location of these projects will depend on changes in the macroeconomic environment, future energy prices, and regulatory frameworks. We will invest further in countries that offer favorable renewable energy frameworks and competitive energy costs.”

Annual report 2024A · The company itself

“Cybersecurity and data privacy are prioritized through regular audits and comprehensive employee training.”

Annual report 2024A · The company itself

“Cloudberry upholds a zero tolerance for bribery and corruption, embedding stringent anti-corruption measures across all procurement and partnerships. To ensure compliance with the CoC, the company conducts regular risk assessments and enhances transparency throughout its supply chain.”

Annual report 2024A · The company itself

“As part of our supplier’s due diligence process, we require all partners and suppliers to align with our expectations regarding regulatory compliance, quality assurance, environmental responsibility, and health and safety standards. All our major suppliers had to complete our Supplier Declaration Form, where we evaluate key aspects such as adherence to the Transparency Act, human rights practices, environmental impact reduction, and ethical business conduct.”

Annual report 2024A · The company itself

“To mitigate these risks, Cloudberry maintains a geographically and technologically diversified portfolio, applies a disciplined capital allocation strategy, engages in active dialogue with policymakers and regulators, and integrates comprehensive risk monitoring into investment planning.”

Annual report 2024A · The company itself

“The Sundby wind farm further illustrates how establishing a power plant can boost local industry. A grid connection built specifically for the plant acted as a catalyst for additional local investments by providing easier grid access for third parties. This connection spurred the construction of several warehouses and logistics facilities that now employ approximately 3 000 people, demonstrating how the plant’s presence has driven local economic growth.”

Annual report 2024A · The company itself

“The ongoing war in Ukraine and broader geopolitical instability continue to influence energy security policies, supply chains, inflation rates, and interest rate environments.”

Annual report 2024A · The company itself

“Cloudberry is exposed to various financial risks, including power price volatility, interest rate risk, currency fluctuations, credit risk, and liquidity risk.”

Annual report 2024A · The company itself

“Interest rate risk primarily relates to Cloudberry’s debt portfolio, which is managed to balance long-term cost efficiency with cash flow stability. The company’s projects are typically financed through a mix of equity and debt, making Cloudberry sensitive to increases in interest rates, which directly impact financing costs and profitability.”

Annual report 2024A · The company itself

“At year end we have a NOK 2.2 billion credit facility in place with approximately NOK 1.6 billion drawn ensuring financial flexibility for new opportunities in addition to a cash position of close to NOK 900 million and a high equity ratio.”

Annual report 2024A · The company itself

“The company has secured a NOK 2.2 billion credit facility in 2023, with NOK 1.6 billion currently utilized. Over 80% of total debt was hedged at rates below 4%, ensuring stability despite power price fluctuations.”

Annual report 2024A · The company itself

“Adjusted for this, the underlying costs for 2024 decreased compared to 2023. • Cloudberry has an attractive NOK 2.20 billion credit facility in with an additional accordion of NOK 300m. At year end, approximately NOK 1.60 billion was utilized.”

Annual report 2024A · The company itself

“Instead, we engage experienced subcontractors to carry out construction activities on our behalf.”

Annual report 2024A · The company itself

“When selecting suppliers, contractors, or entrepreneurs, we favor those closely associated with local communities to ensure our investments benefit the local society directly. For instance, key components for the Munkhyttan Project were sourced from a local foundry, emphasizing our commitment to local economic support, as well as the broader European value chain.”

Annual report 2024A · The company itself

“Cloudberry supports local economies by using local contractors and suppliers, paying land-use royalties, funding community initiatives, and improving local infrastructure.”

Annual report 2024A · The company itself

“Geopolitical uncertainty has further intensified in recent years, adding complexity to energy markets. The ongoing war in Ukraine and broader geopolitical instability continue to influence energy security policies, supply chains, inflation rates, and interest rate environments.”

Annual report 2024A · The company itself

“Construction of wind and hydro power plants requires the procurement of metals, electromechanics and composite materials, indirectly exposing Cloudberry to industry-wide value chain risks, such as: • excessive working hours • dangerous working conditions • low income • debt bondage • child labor • forced labor • discrimination and sexual exploitation • impacts on indigenous peoples and marginalized communities by land acquisition and forced displacements • the funding of armed groups by illegal mining • violence against defenders of human rights and the environment.”

Annual report 2024A · The company itself

“Choice of business partners Cloudberry conducts comprehensive evaluations of potential suppliers and subcontractors. Our process includes thorough supplier due diligence, mandatory self-assessment forms, in-depth interviews, independent research, and feedback from industry peers regarding each prospective partner. In these evaluations, we assess reputations, working conditions, health and safety systems, internal controls, and various environmental factors.”

Annual report 2024A · The company itself

“Cloudberry is exposed to various financial risks, including power price volatility, interest rate risk, currency fluctuations, credit risk, and liquidity risk.”

Annual report 2024A · The company itself

“Additionally, Cloudberry operates in Denmark, Sweden, and Norway and holds investments in associated companies, resulting in exposure to DKK, SEK, and EUR.”

Annual report 2024A · The company itself

“Due to pending grid upgrades expected in late 2025, Cloudberry can currently deliver 23.5 MW to the grid, compared to a total installed capacity of 32.4 MW, but the economic impact of this curtailment is expected to be minimal.”

Annual report 2024A · The company itself

“The project awaits the final grid sizing from Energinet prior to the final investment decision which is still expected in 2025. • Duvhällen wind project (SE-3): A key milestone in Cloudberry’s pipeline, the Duvhällen wind project secured a four-year permit extension, enabling continued development and optimization.”

Annual report 2024A · The company itself

“Rights of Indigenous Peoples The supply chains for metals and minerals are long and opaque. There is a potential for negative impacts on the rights of indigenous peoples in these supply chains.”

Annual report 2024A · The company itself

“Regulatory and geopolitical risks affecting supply chain stability Tariffs, regulatory shifts, and resource constraints may lead to higher costs, delays, and procurement difficulties for essential components.”

Annual report 2024A · The company itself

“When selecting suppliers, contractors, or entrepreneurs, we favor those closely associated with local communities to ensure our investments benefit the local society directly. For instance, key components for the Munkhyttan Project were sourced from a local foundry, emphasizing our commitment to local economic support, as well as the broader European value chain.”

Annual report 2024A · The company itself

“The ongoing war in Ukraine and broader geopolitical instability continue to influence energy security policies, supply chains, inflation rates, and interest rate environments.”

Annual report 2024A · The company itself

“Construction of wind and hydro power plants requires the procurement of metals, electromechanics and composite materials, indirectly exposing Cloudberry to industry-wide value chain risks, such as: • excessive working hours • dangerous working conditions • low income • debt bondage • child labor • forced labor • discrimination and sexual exploitation • impacts on indigenous peoples and marginalized communities by land acquisition and forced displacements • the funding of armed groups by illegal mining • violence against defenders of human rights and the environment.”

Annual report 2024A · The company itself

“Rights of Indigenous Peoples The supply chains for metals and minerals are long and opaque. There is a potential for negative impacts on the rights of indigenous peoples in these supply chains.”

Annual report 2024A · The company itself

“Construction of wind and hydro power plants requires the procurement of metals, electromechanics and composite materials, indirectly exposing Cloudberry to industry-wide value chain risks, such as: • excessive working hours • dangerous working conditions • low income • debt bondage • child labor • forced labor • discrimination and sexual exploitation • impacts on indigenous peoples and marginalized communities by land acquisition and forced displacements • the funding of armed groups by illegal mining • violence against defenders of human rights and the environment.”

Annual report 2024A · The company itself

“Rights of Indigenous Peoples The supply chains for metals and minerals are long and opaque. There is a potential for negative impacts on the rights of indigenous peoples in these supply chains.”

Annual report 2024A · The company itself

“Regulatory and geopolitical risks affecting supply chain stability Tariffs, regulatory shifts, and resource constraints may lead to higher costs, delays, and procurement difficulties for essential components.”

Annual report 2024A · The company itself

“Currency risk arises due to Cloudberry’s exposure to multiple currencies, as power trading in the Nord Pool market is denominated in EUR, while the company reports its financial statements in NOK. Additionally, Cloudberry operates in Denmark, Sweden, and Norway and holds investments in associated companies, resulting in exposure to DKK, SEK, and EUR.”

Annual report 2024A · The company itself

“Additionally, it assumed operational responsibility for the 75 MW Akmene One wind farm in Lithuania, strengthening its international portfolio.”

Annual report 2024A · The company itself

“Additionally, we strive to improve local infrastructure beyond the project’s requirements to benefit the community. Often, we must enhance roadways to facilitate the transport of wind turbine components to the site.”

Annual report 2024A · The company itself

“It includes lifecycle emissions from third-party service technicians traveling to our sites, as well as diesel consumption related to subcontractor construction activities.”

Annual report 2024A · The company itself