Cloudberry Clean Energy ASA | Completion on small-scale hydro platform transaction

Reference is made to the stock exchange noticed published 08/07/2025 fromCloudberry Clean Energy ASA ("Cloudberry" or the "Company") where it hadenteredinto an agreement with a European infrastructure investor to establish one ofthe largest small-scale hydro platforms in the Nordics, with Cloudberry as thecontrolling shareholder.

Cloudberry have now closed the announced transaction with Swiss Life AssetManagers through its managed funds to achieve a ~60% ownership in the Forteportfolios.

Transaction structure

· Cloudberry has injected all of its hydropower portfolio and projects ascontribution in kind into Forte Vannkraft AS ("FVK"). Cloudberry's 73 GWh inannual estimated production from producing hydropower assets and one projectunder construction is priced at an enterprise value of EUR 53.2m. Combinedwithits projects, platform value and other the total Enterprise Value on theCloudberry contribution is EUR 58.6m. Adjusted for debt, cash, remaining capexand other items the total equity value for the Cloudberry contribution in kindis EUR 36.2m.

· FVK's 197 GWh in annual estimated proportionate production from of hydroassets in production and under construction is priced at an enterprise valueofEUR 107.2m. Combined with its projects, platform value and other the totalEnterprise Value on the FVK is EUR 113.8m. Adjusted for debt, cash, remainingcapex and other items the total equity value for FVK is priced at EUR 24.2m.

· Through the contribution in kind Cloudberry will obtain a 60% ownership inFVK. FVK has its own corporate financing structure, targeting an approximately50/50 loan to value ratio on the combined portfolio when all assets are fullycompleted. In combination with approximately EUR 5-8m in expected funding fromCloudberry, this will be sufficient to fund the remaining capex on theprojectsunder construction in FVK.

· Cloudberry has also acquired 5.01% in the Forte Energy Norway ("FEN")portfolio from a fund managed by Swiss Life Asset Managers. Forte is aNorwegianhydropower portfolio which consist of 14 hydropower plants and one powerofftakeagreement with an annual estimated production of 234 GWh and 20 GWhrespectively: in total 254 GWh. The Transaction increases Cloudberry'sownershipin the Forte portfolio to 55%. The price for 5.01% of the shares is ~EUR 5m,inline with the previous FEN transaction.

· Through the transaction Cloudberry will also receive an indirect ownershipof 45% in Norhard Equipment AS reflected in equity values above. Norhard is aconstruction company specializing in drilling for small scale hydro, enablingproject realization and possibility to attract new hydro projects for FVK thatrequire waterways through hard rock.

· The FVK and the FEN portfolios will operationally be treated as oneportfolio. Through these transaction Cloudberry's will increase itsproportionate hydro production from ~200 GWh to ~300 GWh and the consolidatedhydro portfolio will comprise around 500 GWh (73 GWh currently consolidated)ofproducing and under-construction hydropower plants. The majority of thecombinedportfolio is located in attractive southern price regions. · Following the inclusion of Cloudberry's hydro projects, the portfolio willbenefit from a project backlog of a total of approximately 300 GWh, includingthe existing Cloudberry backlog projects. · FVK will consist of a team of 6 people with leading small-scale hydrocapabilities. · Please see on the next page for an overview of the FVK original portfolio(in PDF only).

Strategic Rationale:This partnership provides Cloudberry with control over a large, diversifiedhydro portfolio, with a limited liquidity impact. The collaboration bringsincreased development competence and capabilities, a substantial projectbacklog, and a strengthened industrial network complementary to Cloudberry'sexisting team. Cloudberry will manage the portfolio, doubling its hydro assetmanagement volumes and increasing both profitability and operational leverage.The combined portfolio is expected to deliver stable, long-term cash flows,withan average asset life exceeding 50 years.

"We are proud to lead this strategic hydro initiative. This transactionexpandsour portfolio, strengthens our development capabilities, and reinforcesCloudberry's position as a leading Nordic renewable energy platform," saysAnders Lenborg, CEO of Cloudberry.

For further information, please contact:Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.noOle-Kristofer Bragnes, CFO, +47 917 03 415, okb@cloudberry.noChristian Helland, CCO, +47 418 80 000, ch@cloudberry.noOr visit: www.cloudberry.no

About Cloudberry:Cloudberry is a renewable energy company operating in the Nordics and inaccordance with local traditions. The Company owns, develops, and operateshydropower plants and wind farms in the Nordics. Cloudberry is powering theenergy transition to a sustainable future by providing new renewable energytoday 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 profitableplatform for creation of shareholder value. Cloudberry`s shares are traded onOslo Stock Exchange's main list (Oslo Børs), supported by strong owners andledby an experienced team and board. The Company has offices in Oslo, Norway(mainoffice), Karlstad, Gothenburg and Eskilstuna, Sweden and Lemvig Denmark. Tolearn more about Cloudberry, go to www.cloudberry.no

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