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

Cloudberry have now closed the announced transaction with Swiss Life Asset
Managers through its managed funds to achieve a ~60% ownership in the Forte
portfolios.

Transaction structure

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

  · FVK's 197 GWh in annual estimated proportionate production from of hydro
assets in production and under construction is priced at an enterprise value of
EUR 107.2m. Combined with its projects, platform value and other the total
Enterprise Value on the FVK is EUR 113.8m. Adjusted for debt, cash, remaining
capex 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 in
FVK. FVK has its own corporate financing structure, targeting an approximately
50/50 loan to value ratio on the combined portfolio when all assets are fully
completed. In combination with approximately EUR 5-8m in expected funding from
Cloudberry, this will be sufficient to fund the remaining capex on the projects
under 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 a Norwegian
hydropower portfolio which consist of 14 hydropower plants and one power offtake
agreement with an annual estimated production of 234 GWh and 20 GWh
respectively: in total 254 GWh. The Transaction increases Cloudberry's ownership
in the Forte portfolio to 55%. The price for 5.01% of the shares is ~EUR 5m, in
line with the previous FEN transaction.

  · Through the transaction Cloudberry will also receive an indirect ownership
of 45% in Norhard Equipment AS reflected in equity values above. Norhard is a
construction company specializing in drilling for small scale hydro, enabling
project realization and possibility to attract new hydro projects for FVK that
require waterways through hard rock.

  · The FVK and the FEN portfolios will operationally be treated as one
portfolio. Through these transaction Cloudberry's will increase its
proportionate hydro production from ~200 GWh to ~300 GWh and the consolidated
hydro portfolio will comprise around 500 GWh (73 GWh currently consolidated) of
producing and under-construction hydropower plants. The majority of the combined
portfolio is located in attractive southern price regions.
  · Following the inclusion of Cloudberry's hydro projects, the portfolio will
benefit from a project backlog of a total of approximately 300 GWh, including
the existing Cloudberry backlog projects.
  · FVK will consist of a team of 6 people with leading small-scale hydro
capabilities.
  · 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, diversified
hydro portfolio, with a limited liquidity impact. The collaboration brings
increased development competence and capabilities, a substantial project
backlog, and a strengthened industrial network complementary to Cloudberry's
existing team. Cloudberry will manage the portfolio, doubling its hydro asset
management volumes and increasing both profitability and operational leverage.
The combined portfolio is expected to deliver stable, long-term cash flows, with
an average asset life exceeding 50 years.

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

For further information, please contact:
Anders Lenborg, CEO, +47 934 13 130, [email protected]
Ole-Kristofer Bragnes, CFO, +47 917 03 415, [email protected]
Christian Helland, CCO, +47 418 80 000, [email protected]
Or visit: www.cloudberry.no

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 and Lemvig Denmark. To
learn more about Cloudberry, go to www.cloudberry.no