Oslo, Norway, 31 October 2023: Cloudberry Clean Energy ASA ("Cloudberry" or the
"Company") is pleased to announce that an Odin Energy subsidiary ("Odin") has
signed a term-sheet agreement with Skovgaard Energy A/S ("Skovgaard") to acquire
the Nees Hede project, a 210 MW (168 MW proportionate) solar and wind hybrid
project (the "Transaction"). Through the acquisition of the Odin portfolio
earlier this year, Cloudberry is perfectly positioned to take part in further
development opportunities in Denmark as shown by this project. The Nees Hede
project represents an important milestone as the first project from the
development agreement with Skovgaard.

Cloudberry will through the Odin portfolio acquire from Skovgaard Klimapark Nees
Hede K/S consisting of the development and grid rights and the land access to
the Nees Hede project ("Nees Hede"). Nees Hede is a climate park with a
favourable ESG footprint and local acceptance, situated on the western part of
Jutland in the attractive DK 1 price area.

The project consists of 140 MW of solar capacity proportionate to Cloudberry of
already environmentally permitted capacity. All projects' rights will be
transferred into Odin with a corresponding land lease agreement of 30 years with
an additional option of another 30 years. Further, Skovgaard and Cloudberry will
continue the development project with an aim to reach a permit for wind
production in combination to the permitted solar. If a final investment decision
(FID) is taken for the project, the land for the wind project will be acquired
by Nees Hede at a pre-determined price. The complete Nees Hede project is
estimated to be approximately 210 MW, with 168 MW proportionate to Cloudberry
which will be added to the backlog.

The Nees Hede climate park is to be developed as a hybrid project utilizing the
synergies between the wind and solar technologies to achieve beneficial project
economics and risk advantages. This will be the first hybrid project developed
by Cloudberry and the project will be an important contributor to the Cloudberry
portfolio, both through the project returns and the transfer of hybrid project
know-how.

"We are very pleased to see the first project materialising from the development
agreement with Skovgaard to further reinforce the Danish partnership and
increase development activities in Denmark. The project will be an important
contribution to our DK1 portfolio and will yield increased diversification to
the Cloudberry portfolio as well as executing on our overall development
strategy", says CEO Anders Lenborg.

The parties have agreed that Cloudberry will pay a fee of EUR 1.6 million to
transfer the project into Odin. The total enterprise value for the project is
EUR 8 million, where the remaining enterprise value of EUR 4.8 million and EUR
1.6 million is payable upon a potential final investment decision (FID) and
commercial operating date (COD) respectively. All numbers are proportionate to
Cloudberry.

The closing of the Transaction is estimated in Q4 2023 and is subject to
agreement of final transaction documents, satisfactory due diligence and board
approvals.

For further information, visit our company and IR website: www.cloudberry.no or
contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Christian Helland, CVO, +47 418 80 000, ch@cloudberry.no
Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415,
okb@cloudberry.no

This information is subject to the disclosure requirements pursuant to Section 5
-12 of the Norwegian Securities Trading Act.


About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in
accordance with local traditions. The Company owns, develops, and operates
hydropower plants and wind farms in the Nordics. Cloudberry is powering the
energy transition to a sustainable future by providing new renewable energy
today and for future generations. The Company believes in a fundamental long
-term demand for renewable energy in Europe. With this as a fundament,
Cloudberry is building a sustainable, scalable, efficient, and profitable
platform for creation of shareholder value. Cloudberry`s shares are traded on
Oslo Stock Exchange's main list (Oslo Børs), supported by strong owners and led
by an experienced team and board. The Company has offices in Oslo, Norway (main
office), Karlstad, Gothenburg and Eskilstuna, Sweden. To learn more about
Cloudberry, go to www.cloudberry.no