549300VUALPJQLAH7B562024-01-012024-12-31iso4217:NOK549300VUALPJQLAH7B562023-01-012023-12-31iso4217:NOKxbrli:shares549300VUALPJQLAH7B562024-12-31549300VUALPJQLAH7B562023-12-31549300VUALPJQLAH7B562022-12-31549300VUALPJQLAH7B562022-12-31ifrs-full:IssuedCapitalMember549300VUALPJQLAH7B562022-12-31ifrs-full:SharePremiumMember549300VUALPJQLAH7B562022-12-31ifrs-full:TreasurySharesMember549300VUALPJQLAH7B562022-12-31ifrs-full:ReserveOfSharebasedPaymentsMember549300VUALPJQLAH7B562022-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300VUALPJQLAH7B562022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300VUALPJQLAH7B562022-12-31ifrs-full:RetainedEarningsMember549300VUALPJQLAH7B562022-12-31cce:RetainedEarningsAndOtherReservesMember549300VUALPJQLAH7B562022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300VUALPJQLAH7B562022-12-31ifrs-full:NoncontrollingInterestsMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:IssuedCapitalMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:SharePremiumMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:TreasurySharesMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:ReserveOfSharebasedPaymentsMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:RetainedEarningsMember549300VUALPJQLAH7B562023-01-012023-12-31cce:RetainedEarningsAndOtherReservesMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300VUALPJQLAH7B562023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember549300VUALPJQLAH7B562023-12-31ifrs-full:IssuedCapitalMember549300VUALPJQLAH7B562023-12-31ifrs-full:SharePremiumMember549300VUALPJQLAH7B562023-12-31ifrs-full:TreasurySharesMember549300VUALPJQLAH7B562023-12-31ifrs-full:ReserveOfSharebasedPaymentsMember549300VUALPJQLAH7B562023-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300VUALPJQLAH7B562023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300VUALPJQLAH7B562023-12-31ifrs-full:RetainedEarningsMember549300VUALPJQLAH7B562023-12-31cce:RetainedEarningsAndOtherReservesMember549300VUALPJQLAH7B562023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300VUALPJQLAH7B562023-12-31ifrs-full:NoncontrollingInterestsMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:IssuedCapitalMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:SharePremiumMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:TreasurySharesMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:ReserveOfSharebasedPaymentsMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:RetainedEarningsMember549300VUALPJQLAH7B562024-01-012024-12-31cce:RetainedEarningsAndOtherReservesMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300VUALPJQLAH7B562024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember549300VUALPJQLAH7B562024-12-31ifrs-full:IssuedCapitalMember549300VUALPJQLAH7B562024-12-31ifrs-full:SharePremiumMember549300VUALPJQLAH7B562024-12-31ifrs-full:TreasurySharesMember549300VUALPJQLAH7B562024-12-31ifrs-full:ReserveOfSharebasedPaymentsMember549300VUALPJQLAH7B562024-12-31ifrs-full:ReserveOfCashFlowHedgesMember549300VUALPJQLAH7B562024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember549300VUALPJQLAH7B562024-12-31ifrs-full:RetainedEarningsMember549300VUALPJQLAH7B562024-12-31cce:RetainedEarningsAndOtherReservesMember549300VUALPJQLAH7B562024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember549300VUALPJQLAH7B562024-12-31ifrs-full:NoncontrollingInterestsMember
Annual report
2024
Cloudberry Clean Energy ASA
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. As
the junction box between projects, community
and capital we balance respect for nature
with healthy community values while upholding
sustainable and profitable growth.
Our mission is to drive the transition to a cleaner
future by providing renewable energy today
and for generations. We do this by focusing on
proven and mature technologies like hydro-,
wind-, solar power and energy storage in the
Nordics.
Our portfolio of producing assets, including
the newly signed Skovgaard transaction on
5 December 2024 , consists of 22 hydropower
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.
Cloudberry’s business model
is reflected in our organization
Our integrated “develop, own, and operate” business model
ensures long-term value creation. Cloudberry is organised into
three key segments:
Projects – Greenfield development of hydro, wind and solar
power, and energy storage projects.
Commercial – Active ownership of renewable energy assets,
driving growth through mergers, acquisitions, and strategic
collaborations.
Asset management – Operation and management of
Cloudberry’s portfolio and third-party assets, optimizing long-
term performance to create value for all stakeholders.
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. Our growing in-house
development portfolio presents significant opportunities for
further organic and profitable growth, while our commercial
team continuously evaluates expansion through mergers,
acquisitions, and strategic collaborations.
Backed by strong investors and an experienced
management team, Cloudberry is well positioned to
scale our platform further – upholding profitability
and capital discipline while being mindful of
environmental responsibility, community interests
and local value creation. Cloudberry’s shares
trade on the Oslo Stock Exchange under the
ticker CLOUD.
Operate
Sustainable
value creation
Develop
Own
Our values
Be supportive • Be committed • Be bold • Be exceptional
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
Introduction
5
Letter from the CEO
5
Overview and highlights
8
Projects and portfolio
11
Strategy, performance and risks
14
Business model and strategy
15
Performance
17
Outlook
26
Risk Management
27
Sustainability
29
General information
33
Environment
39
Social
59
Governance
73
Governance
79
Corporate governance in Cloudberry
80
The Board and governing bodies
82
The Executive Management
88
Executive compensation
89
Shareholder information
90
Signatures from the Board and the CEO
92
Financials
93
Consolidated financial statements
94
Parent company financial statements
146
Responsibility statement
162
Auditor’s report
163
Alternative performance measure
166
About the report
Cloudberry Clean Energy ASA (“Cloudberry” or the
“Company”) reports consolidated financial statements in
accordance with IFRS and a supplementary proportionate
segment reporting. Proportionate financials represent
Cloudberry’s proportionate share of the financial results,
assets, and liabilities of all entities (subsidiaries, associated
companies and joint ventures) and excluding any elimi-
nations of transactions between segments. Cloudberry
believes that proportionate reporting provides enhanced
insight into the operation, financing and future prospects of
the Group. Proportionate reporting is aligned with internal
management reporting, analysis and decision making.
Cloudberry is preparing for the adoption of the European
Sustainability Reporting Standards (ESRS) required by the
Corporate Sustainability Reporting Directive (CSRD). The
framework is based on the structure Environment, Social
and Governance (ESG). For more information see our
Sustainability chapter.
The sections Strategy, performance and risks, Sustainability and
Governance constitute the report of the Board of Directors.
Contents
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
Letter from the CEO
Cloudberry – perfectly positioned
for the energy transition
As the world accelerates towards a renewable energy future,
Cloudberry is perfectly positioned to play an important role in
the Nordic energy transition. Our diversified portfolio, disciplined
execution, and commitment to sustainability provide a strong
foundation for profitable growth and long-term value creation for all
stakeholders. 2024 has been a year of strategic progress, where we
have made transformational acquisitions, expanded our portfolio,
and strengthened our financial position. By focusing on executing
renewable energy projects at scale and optimizing our asset base,
Cloudberry is well equipped to meet the growing demand for clean
energy across the Nordics.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
55 IntroductionIntroduction | Letter from the CEOIntroduction | Letter from the CEO
Scaling for the future
Cloudberry’s growth strategy is based on
a scalable and diversified platform where
we develop, own, and operate renewable
energy assets in the Nordics. This platform
provides financial and operational synergies
across our portfolio.
One of the most significant milestones in
2024 was the signed transaction with our
Danish partner Skovgaard Energy, adding
160 GWh of annual production in addition to
an experienced local asset management
and development team, further reinforcing
our presence in the Danish market. This
transaction strengthens our platform,
expands our operational footprint, and
enhances our asset management capabil-
ities while positioning us as a leading actor
in the rapidly evolving Danish renewable
energy sector.
At the same time, we have optimized our
production portfolio through disciplined
asset transactions. The hydro asset swap
completed in 2024, allowed us to increase
our hydro exposure to the more favorable
southern price zones while maintaining finan-
cial flexibility to pursue growth opportunities.
It is clear to us that focusing on high-quality
renewable energy assets and projects in
attractive price areas will ensure strong
returns and long-term competitiveness.
Delivering on project execution
Safety, operational excellence and disci-
plined execution are at the core of our
business. 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. Øvre
Kvemma hydropower plant (NO-5) was
also completed on time and budget over
the summer and transferred to Cloudberry,
adding 20 GWh of hydro production.
Driving energy transition
through development
Cloudberry continues to invest in the future
of renewable energy, ensuring that we are
well positioned to meet the growing energy
demand across the Nordics. Our develop-
ment 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.
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. 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. We are committed
to develop the next generation of renewable
assets, leveraging market opportunities,
technological advances, and other market
conditions to strengthen our long-term
competitive position.
Financial strength and
resilience in a competitive market
To successfully scale and execute our
strategy, financial robustness is key.
Cloudberry has maintained a strong capital
structure, ensuring we remain well-posi-
tioned for future growth. 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 oppor-
tunities in addition to a cash position of
close to NOK 900 million and a high equity
ratio. Further, over 80% of proportionate
debt is fixed at long-term, favorable interest
rates safeguarding against financing cost
volatility. Through the agreed transac-
tion with Skovgaard, we will increase our
equity in Cloudberry with approximately
NOK 500m through a share issuance
towards Skovgaard once the transaction
closes, expected in the first quarter of 2025.
This is executed at NOK 17 per share, which
represents a ~50% premium to the share
price when it was announced, showcasing
the underlying value of our platform. By
maintaining a disciplined approach to capital
allocation, optimizing our cost of capital,
and securing financial predictability, we
“2024 has been a year of
strategic progress. We
are well equipped to meet
the growing demand for
clean energy across the
Nordics.”
Anders Lenborg, CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
66 IntroductionIntroduction | Letter from the CEOIntroduction | Letter from the CEO
ensure that Cloudberry remains resilient and
prepared for sustained profitable growth.
Sustainability – a core
competitive advantage
The global shift toward low-carbon energy
systems is a generational opportunity for
Cloudberry. But growth must be responsible
and sustainable. In 2024, we enhanced our
sustainability commitments, ensuring that
Cloudberry remains at the forefront of ESG
leadership in the renewable energy sector.
We intensified our focus on responsible
supply chains by improving procurement
policies and conducting supplier audits.
Additionally, we were inspired by the
European Sustainability Reporting Standards
(ESRS) and strengthened our reporting
practices by integrating key principles from
the framework, leveraging it to enhance
transparency and accountability on material
topics. For Cloudberry, sustainability is not
just about compliance - it is about creating
long-term value for Nordic communities and
ensuring trust across our entire value chain.
Looking ahead – perfectly
positioned for the energy transition
Our scalable portfolio, financial discipline,
and operational expertise provide us with a
unique position to capitalize on the Nordic
energy transition. The demand for renewable
energy is only increasing, and the need for
flexible, reliable, and local power production
is more evident than ever. With our growing
asset base, robust development pipeline,
and focused strategy, we remain perfectly
positioned to meet this demand and create
long-term value for all stakeholders. I would
like to thank our dedicated employees, part-
ners, and shareholders for their continued
support. Together, we are not only part
of the energy transition – we are actively
driving it.
Anders Lenborg
CEO, Cloudberry Clean Energy ASA
“The need for flexible,
reliable, and local power
production is more evident
than ever.”
Anders Lenborg, CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
77 IntroductionIntroduction | Letter from the CEOIntroduction | Letter from the CEO
Nor way
Oslo, HQ
Karlstad
Eskilstuna
Lemvig
Sweden
Denmark
1
Asset portfolio per reporting date with proportionate ownership to Cloudberry. Includes the newly signed Danish expansion
at 05.12.2024, expected to close in Q1 2025. More information under the Commercial segment.
Overview and highlights
Norway
138 MW
Denmark
129 MW
Sweden
79 MW
Assets in production
and under construction (MW ¹)
Business overview
Cloudberry continues to deliver profitable growth. In 2024,
the company has increased its production and development
portfolio while also strengthened its balance sheet.
Below is an overview of our portfolio per reporting date.
Type Capacity
1
Annual production
1
In production 346 MW 1 069 GWh
Under construction 0 MW 0 GWh
Construction permit 312 MW 438 GWh
Backlog 1 239 MW
Pipeline >2 500 MW
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
88 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
Highlights of the year
Financials
(per 31.12.2024, consolidated figures unless otherwise stated)
• Revenue slightly decreased, from NOK 610m to NOK 548m
• EBITDA improved from NOK 263m to NOK 309m
• Proportionate EBITDA improved from NOK 401m to NOK 431m
• Strong balance sheet. Cash position of NOK 874m
• Total booked equity of NOK 4 776m
Operational
• Realized a net power price of NOK 0.60 per kWh during
2024, compared to the system price of NOK 0.42 in 2024 and
NOK 0.75 per kWh realised in 2023.
• Cloudberry’s proportionate power production grew ~30% to
674GWh from 520GWh in 2023.
• Strategic expansion in Denmark: Cloudberry signed prior to
year end a transformative transaction in Denmark adding
160 GWh to the production portfolio in favorable price
regions, in addition a Danish asset management team and a
development portfolio.
• Successfully completed Munkhyttan and Sundby wind farms,
adding 149 GWh of annual production in SE-3.
• Øvre Kvemma Hydropower Plant reached completion adding
20 GWh of hydro production in the attractive NO5 region.
• Completed a hydro asset swap, selling three hydropower
plants (36 GWh annual production) while increasing
ownership in Forte Energy Norway AS from 34% to 49.99%
(adding 41 GWh proportionate hydro production). The sale
represented significant value creation with a sale price
exceeding 2.3x the booked equity or an IRR of approximately
28% per annum. 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. Compensation
received under the availability warranty mitigated the
financial impact from the lost production.
• Expanded renewable energy backlog to 1,239 MW,
reinforcing Cloudberry’s growth strategy across the
Nordics. As an example, Cloudberry secured 300 MW of
new wind projects in SE3 through collaboration with Holmen
Renewable Energy showcasing Cloudberry’s important
network of large landowners.
• Expanded Nees Hede Solar project (DK-1) from 175 MW to
232 MW, increasing Cloudberry’s solar energy footprint in
Denmark while exploring hybrid possibilities.
• Our production of clean energy avoided approximately
162 000 tonnes of CO
2
equivalents.
• The annual employee survey recorded an increase in the
Engagement Index from 5.3 to 5.4 and an increase in the
Diversity Index from 5.3 to 5.5, with both indices measured on
a scale of 1 to 6.
• Repositioned Stenkalles into Dingelsundet battery storage
project (SE-3), reflecting Cloudberry’s focus on energy
storage solutions and creative approach to project
execution.
• Maintained strong financial flexibility with a NOK 2.20 billion
credit facility, of which NOK 1.60 billion is utilized. Cloudberry
has hedged more than 80% of proportionate interest-
bearing debt at an all-in cost of below 4%.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
99 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
Key performance measures
2024 2023
Financials
Consolidated FY
Revenue 548m 610m
EBITDA 309m 263m
Cash 874m 779m
Interest-bearing debt 1 951m 1 585m
Total equity 4 776m 4 617m
Proportionate FY
Revenue 776m 711m
EBITDA 431m 401m
Sustainability
1
Proportionate
CO
2
reduction EU-27 electricity mix 162 000 tons
CO
2
eq.
122 000 tons
CO
2
eq.
Direct and indirect emissions 5 664 tons
CO
2
eq.
12 891 tons
CO
2
eq.
2024 2023
Production
2
Proportionate
Production 674 GWh 520 GWh
In operation year-end 346 MW 267 MW
Projects
2
Proportionate
Construction permits year-end
3
312 MW 200 MW
Backlog year-end 1 239 MW 625 MW
Asset
management
2
Proportionate
Asset Management year-end
(Not including Advisory services
at 1 560 MW)
670 MW 299 MW
1
CO2 reduction and the direct and indirect GHG emissions have been adjusted for previous years. Go to the Sustainability section for details.
2
Includes the newly signed Danish expansion at 05.12.2024, expected to close in Q1 2025. More information under the Commercial segment.
3
Construction permit 2023 includes the 140MW proportionate Nees Hede solar project which was closed subsequent to the 2023 balance
sheet date.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1010 IntroductionIntroduction | Overview and highlightsIntroduction | Overview and highlights
Projects and portfolio
Project overview
Cloudberry was listed in 2020, offering investors a unique
exposure to a Nordic renewable platform with an agile
and experienced management team. At the time of
listing, Cloudberry had a portfolio of 15 MW in production
and under construction, which has grown to 346 MW at
the reporting date. Additionally, the company had an
exclusive backlog and permitted projects of 280 MW
which have increased to 1 551 MW per reporting date.
Cloudberry focuses on profitable growth of renewable energy production in
attractive price regions while leveraging our local knowledge and network to
mature and expand the project portfolio. This strategy has resulted in a diver-
sified and robust cash flow from producing assets across Norway, Sweden,
and Denmark, supported by a strong and attractive project pipeline.
Producing Under construction
20242023202220212020IPO
294
346
188
150
109
15
Permitted Backlog
20242023202220212020IPO
1 551
825
608
606
521
280
Producing Under construction
20242023202220212020IPO
294
346
188
150
109
15
Permitted Backlog
20242023202220212020IPO
1 551
825
608
606
521
280
Strong growth in producing assets
MW
Supported by continious growth in
permited projects and backlog
MW
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1111 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Portfolio overview per reporting date
Project Technology Location
Price
area
Total
capacity
(MW)
Owner-
ship
Proporionate
capacity
(MW)
Estimated
production
(GWh) Status
Røyrmyra Wind Norway NO-2 2 100% 2 8 Producing
Forte (3 assets, NO-2) Hydro Norway NO-2 20 50% 10 35 Producing
Forte (4 assets, NO-3) Hydro Norway NO-3 18 50% 9 29 Producing
Forte (8 assets, NO-5) Hydro Norway NO-5 42 50% 21 62 Producing
Tinnkraft Hydro Norway NO-2 2 100% 2 6 Producing
Bøen I & II Hydro Norway NO-2 6 100% 6 18 Producing
Ramsliåna Hydro Norway NO-2 2 100% 2 6 Producing
Skåråna (2 assets) Hydro Norway NO-2 4 100% 4 14 Producing
Odal Vind Wind Norway NO-1 163 33.4% 54 176 Producing
Hån Wind Sweden NO-1 21 100% 21 74 Producing
Odin
1,
2
Wind Denmark DK-1
1
136 100% 136 402 Producing
Kvemma Hydro Norway NO-5 8 100% 8 20 Producing
Sundby Wind Sweden SE-3 32
4
100% 32 89 Producing
Munkhyttan Wind Sweden SE-3 19 100% 19 60 Producing
Svåheia
2
Wind Norway NO-2 25 80% 20 70 Producing
Total 1 (Producing) 500 346 1069
N/A
Total 2 (Producing + under constr.) 500 346 1069
Duvhällen Wind Sweden SE-3 60 100% 60 165 Permitted
Nees Hede
2
Solar Denmark DK-1 232 100% 232 265 Permitted
Dingelsundet
3
Battery Sweden SE-3 40 50% 20 8 Permitted
Total 3 (Prod. + const. + permit) 832 658 1 507
1
Odin portfolio. 373GWh in DK-1. 22 GWH in SE-3. 7 GWh in DK-2 price region. Figures are proportionate to Odin.
2
The portfolio overview includes the Danish transaction signed in December 2024 (expected close in Q1 2025).
3
Capacity for battery projects are quoted in MWh.
4
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.
0
140
280
420
560
700
Total
Duvhallen
Dingelundet (50%)
Nees Hede
Total
Svåheia (80%)
Munkhyttan
Kvemma
Sundby
Odin
Hån
Odal (33.4%)
Small hydro
Forte (49.9%)
Røyrmyra
Producing Construction permit
2
40
MW
136
54
14
21
32
8
19
20
346
232
20
60
658
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1212 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Development portfolio
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. This
collaboration enhances our local presence and provides a
strong platform for future growth, leveraging a portfolio of
development projects and an experienced asset manage-
ment team. This strategic move aligns with Cloudberry’s vision
to expand our renewable energy footprint in the Nordics.
Additionally, the integration of Captiva has further enhanced
our development expertise and access to greenfield
projects within a broader industrial framework. As of today,
Cloudberry’s onshore pipeline exceeds 2 500 MW across the
Nordics, with an exclusive backlog of 1 239 MW.
Cloudberry focuses on projects that deliver both strong
economic returns and minimal environmental impact. We
believe these projects will generate long-term value, particu-
larly as regulatory constraints, heightened nature concerns,
and local stakeholder interests limit new renewable energy
opportunities in the Nordics. This underscores the importance
of local stakeholder management, while demand for green
power continues to rise.
To secure access to prime development sites, Cloudberry
partners with major landowners and established industrial
companies as energy off-takers. A key example is our recent
strategic collaboration with Holmen, one of Sweden’s largest
landowners, which contributes valuable projects to our
growing backlog. Through such partnerships, we create mutu-
ally beneficial projects that support both energy transition
goals and industrial growth.
Cloudberry has structured its development activities around
three key regions, each with distinct strategic focus:
Norway Primarily hydro development, including
industrial wind projects
Sweden Primarily wind development, including storage/
battery
Denmark Wind and solar development and exploring
storage projects
Cloudberry’s exclusive backlog includes 33 projects totaling
1 239 MW across the Nordics:
• 10 Hydro projects
• 22 Onshore wind projects
• 1 Storage project
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1313 IntroductionIntroduction | Projects and portfolioIntroduction | Projects and portfolio
Strategy, performance
and risks
Business model and strategy
15
Performance
17
Outlook
26
Risk Management
27
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1414 Strategy, performance and risksStrategy, performance and risks Strategy, performance and risks
Cloudberry’s business
model and strategy
Cloudberry is a Nordic renewable energy company with an integrated business model
designed to develop, own, and operate renewable energy assets. Our strategy is
centered on creating long-term value through sustainable and scalable growth, while
balancing financial returns, environmental responsibility, and stakeholder interests.
Our business is structured into three revenue-generating segments—Projects,
Commercial, and Asset Management—as well as a cost-efficient Corporate segment,
ensuring an effective operational framework across the full asset lifecycle.
Overview of main segments
Projects
A leading greenfield developer of
hydro, wind, solar, and energy storage
projects in Norway, Sweden, and
Denmark with a solid track record. Our
in-house capabilities cover project
origination, permitting, procurement,
and construction, with a focus on
assets offering favorable economic
returns and low environmental impact.
Commercial
The segment oversees active
ownership of Cloudberry’s renewable
energy assets, optimizing operations,
enhancing portfolio value, executing
M&A transactions, and forming
strategic partnerships.
Asset Management
Responsible for the operation
and management of both
Cloudberry’s portfolio and third-
party renewable assets. This includes
digital solutions and performance
optimization to ensure sustainable
and profitable asset operations.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1515 Strategy, performance and risksStrategy, performance and risks | Business model and strategyStrategy, performance and risks | Business model and strategy
Where to play – Proven and uncorrelated technologies
Cloudberry focuses on proven and uncorrelated technologies across the Nordic countries.
The following table details the strategic focus areas with the green indicating key focus areas.
Regions Hydro Wind Solar Storage
Denmark DK1 & DK2
Norway NO1, N O2 & NO5
Sweden SE3 & SE4
Finland FI Exploring
Cloudberry operates in a market with unique character-
istics when it comes to renewables; with hydro and wind
resources in the Nordics being among the best in the world.
The company uses its local presence and the optimization of
stakeholder alignment to grow through greenfield develop-
ments and acquisitions. Cloudberry’s established presence in
the Nordics provides a strong foundation for expansion, with a
development pipeline exceeding 2 500 MW and a backlog of
over 1 200 MW.
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. However, while pursuing this ambition, Cloudberry
remains committed to capital discipline, prioritizing profitability
over growth. Cloudberry believes in being local, focused, and
agile. The long-term growth strategy rests upon our ability
to create value for our stakeholders, using the best possible
technology, ensuring safe, cost-effective operations, and
promoting sustainability.
With a balanced portfolio,
local presence, digital
innovation, and proactive
risk management, we
ensure resilience and long-
term value in the renewable
energy sector.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1616 Strategy, performance and risksStrategy, performance and risks | Business model and strategyStrategy, performance and risks | Business model and strategy
Performance
Financial performance
Going concern
According to Section 4-5 of the Norwegian Accounting Act,
the Board of Directors confirms that the Financial Statements
have been prepared under the assumption that Cloudberry
with its subsidiaries is a going concern, and that this assump-
tion was appropriate at the date of approval of the Financial
Statements. The consolidated Financial Statements for the
Group include the operations of Cloudberry Clean Energy
ASA, its subsidiaries fully consolidated and associated
companies, which are equity accounted. The Group reports
its Consolidated Financial Statements in accordance with
International Financial Reporting Standards (IFRS) as adopted
by the European Union (EU) and the interpretations issued
by the IFRS Interpretation Committee (IFRSIC) applicable
to companies reporting under IFRS and also complies with
IFRS as issued by the International Accounting Standards
Board (IASB). The consolidated accounts are prepared with
Norwegian Kroner (NOK) as the reporting currency.
Financial summary
1
Cloudberry demonstrated solid financial performance in 2024,
driven by asset transactions, operational enhancements, and
an expanding renewable portfolio. Throughout the year, the
company maintained a sound financial position, strengthened
by strategic acquisitions and divestments, as well as steady
operational revenues.
Cloudberry’s Projects segment expanded its development
pipeline to over 2 500 MW across the Nordics. The Munkhyttan
and Sundby wind farms were completed on time and within
budget, later transferred to the Commercial segment following
test production. The Nees Hede solar project in Denmark was
optimised and therefore expanded from 175 MW to 232 MW. A
key milestone was the 1 239 MW backlog expansion, including
a partnership with Holmen Renewable Energy, securing
approximately 300 MW in future wind projects.
1
The group uses various performance measures, please see chapter “Altermative performance
measure” for definitions.
548
NOK million
operating revenues
309
NOK million
EBITDA
674
GWh production
during the year
68%
equity share
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1717 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
The Commercial segment strengthened its renewable energy
portfolio, increasing proportionate power production to 674
GWh, up from 520 GWh in 2023. The segment expanded
through strategic acquisitions, including the signing of the
Danish transaction with Skovgaard, adding 160 GWh of annual
production capacity. The company also increased its owner-
ship in the Forte hydropower portfolio from 34% to 49.99%,
adding 41 GWh of annual production. Additionally, Cloudberry
divested three non-core hydropower assets for NOK 320.5
million, realizing a NOK 109 million gain.
Cloudberry’s Asset Management segment developed its oper-
ations and improved efficiency through the full integration of
Captiva, enhancing digital asset management services. It took
over management of three external hydropower plants for
Norsk Vannkraft and Blåfall, as well as Øvre Kvemma following
its completion. Additionally, it assumed operational respon-
sibility for the 75 MW Akmene One wind farm in Lithuania,
strengthening its international portfolio. The segment opti-
mized digital investments by reorganizing Kraftanmelding,
generating an NOK 8.3 million gain while retaining a minority
stake. With an expanded asset base and improved cost
efficiency, Asset Management played a key role in optimizing
Cloudberry’s renewable energy operations.
In 2024, Cloudberry’s Corporate segment strengthened its
financial position and solidified its strategic framework for
long-term growth. 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. A completed share
buyback program reduced outstanding shares and enhanced
shareholder value. These measures reinforced Cloudberry’s
financial resilience and growth potential. By year-end 2024, the
total equity of Cloudberry was NOK 4 776m (NOK 4 617m). The
Group has a robust balance sheet with low debt and a strong
cash position.
Financial summary
FY2024 FY2023
Operating revenues NOK million 548 610
EBITDA NOK million 309 263
Profit for the year NOK million 124 233
Total assets NOK million 7 028 6 691
Cash NOK million 874 779
Net interest bearing debt NOK million 1 077 806
Total equity NOK million 4 776 4 617
Equity share % 68% 69%
Producing during the year
1
GWh 674 520
Secured portfolio (Producing and under construction)
2
MW 346 294
Secured portfolio (construction permit)
2
MW 312 60
Secured portfolio (Backlog) MW 1 239 625
1
Including proportionate share of production from associated companies .
2
Includes the newly signed 05.12.2024 Skovgaard transaction expected to close in Q1 2025.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1818 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Key figures
By year-end 2024, the total equity of Cloudberry was
NOK 4 776m (NOK 4617m). The Group has a robust balance
sheet with low debt and a strong cash position.
The information below describes the operations of the consoli-
dated Group in 2024, with the corresponding figures for 2023 in
brackets. Figures are presented in NOK million.
Profit and loss
Profit before tax was NOK 134m (NOK 222m). 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. Operating expenses
were NOK -290m (NOK -276m), share of profit from associated
companies were NOK 51 (NOK -72m), depreciations, amorti-
zation and write downs were NOK -166m (NOK -225m) and net
finance items were NOK -10m (NOK 185m).
EBITDA was NOK 309m (NOK 263m), and EBIT was NOK 144m
(NOK 37m). Profit after tax for the year was NOK 124m
(NOK 233m).
Other comprehensive income consists mainly of items that
may subsequently be reclassified to profit and loss and
amounts to NOK 98m (NOK -99m). This relates to movements
of cash flow hedges with tax effects and foreign currency
translation differences.
Total comprehensive income was NOK 221m (NOK 134m), of
which NOK 157m was attributable to Cloudberry shareholders,
while NOK 64m was attributable to non-controlling interests.
The total income of NOK 221m is expected to be allocated to
retained earnings.
Cashflow
Cash flow from operating activities for the year was NOK 249m
(NOK 224m).
Cash flow from investing activities was NOK -245m (NOK
-1 810m).
Cash flow from financing activities amounted to NOK 86m
(NOK 830m).
At year-end, cash and cash equivalents were NOK 874m
(NOK 779m).
For details, please see the consolidated statement of cash
flows in the Group consolidated financial statements.
Financial position
Total assets at year-end were NOK 7 028m (NOK 6 691m).
The increase from last year primarily reflects acquisitions,
disposals and debt drawdowns. Non-current assets totalled
NOK 5 913m (NOK 5 492m) consisting of investments in
producing assets and associated companies, while current
assets were NOK 1 115m (NOK 1 199m), mainly cash, cash equiv-
alents and other current assets.
Total equity was NOK 4 776m (NOK 4 617m) at year end, corre-
sponding to an equity ratio of 68% (69%).
Total liabilities were NOK 2 253m (NOK 2 075m), with NOK 204m
(NOK 364m) due within 12 months.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
1919 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Operating segments
Cloudberry reports its operations in four segments: Projects, Commercial, Asset Management and Corporate.
The segment reporting is based on proportionate financials. See APM chapter for definitions.
Projects
In 2024, Cloudberry made significant progress in its
Projects segment, strengthening its development
portfolio and advancing several key projects across the
Nordics. The company focused on expanding its portfolio
through strategic initiatives, optimizing project execution,
and ensuring disciplined financial management in line
with its long-term growth strategy.
Key figures proportionate
2024 2023
Total revenue NOK million 141 15
EBITDA NOK million 100 (16)
Construction permits
1
MW 312 60
Backlog MW 1 239 625
1
Includes the newly signed 05.12.2024 Skovgaard transaction expected to close in Q1 2025.
Financial development over the year
• Proportionate revenue: Increased significantly from NOK 15
million in 2023 to NOK 141 million in 2024. 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
Key events over the year
• 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.
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. 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 oper-
ational later the same year. Grid capacity limitations initially
restricted delivery to 23.5 MW, but full output will be realized
following grid upgrades expected in late 2025. However, the
economic impact of the curtailment is expected to be less
than the proportionate lower grid capacity
• Øvre Kvemma hydropower plant (NO-5): The Øvre Kvemma
hydro project was finalized, achieving full production
following commissioning in Q2. The plant was transferred to
Cloudberry’s portfolio during the summer securing additional
hydro capacity in Norway
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2020 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
• Internal sale showcasing value creation: As both Munkhyttan
and Sundby projects have reached completion, they were
transferred in the fourth quarter of 2024 from the Projects
segment to the Commercial segment, with enterprise values
of EUR 39m and EUR 55m, respectively. These valuations,
conducted by a reputable audit firm, reflect approximately
EUR 650/MWh for Munkhyttan and EUR 620/MWh for
Sundby. The production figures are included in the overall
production metrics, while the production financials have
been included in the Projects segment as the internal sales
were at year end. During the year a gain on sale of NOK 113m
was recorded for the Projects segment in the proportionate
financials, representing the value created for these projects.
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.
• Expansion of Nees Hede solar project (DK-1): Cloudberry
enhanced its solar development efforts by advancing the
175 MW Nees Hede project and increasing the project size
to 232 MW. The solar project is still fully permitted and hybrid
possibilities including battery integration are being explored.
Efforts are underway to expand the grid connection to
further optimize the project economics. Given the increased
size and ownership (through the signed agreement with
Skovgaard, further elaborated in the Commercial segment),
Cloudberry is considering bringing in a partner to mitigate
financial exposure and project risks. 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. Cloudberry is considering selling part of
the project (farm down) to align the project portfolio to avail-
able capital.
• 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). With an existing grid connection and a 100 MW
transformation station in place, the projected economics
are highly competitive, benefiting from the strategic loca-
tion and the declining costs of industrial-scale batteries.
Cloudberry, in partnership with Hafslund (50/50 owners),
is currently in the procurement phase, with a final invest-
ment decision anticipated in 2025. The expected revenue
stream from the industrial battery project in Karlstad will
be uncorrelated with Cloudberry’s existing production,
thereby enhancing the robustness and diversification of
Cloudberry’s Nordic portfolio.
• Cloudberry’s backlog has increased to 1 239 MW across 33
exclusive projects, up from 625 MW in 2023. This achieve-
ment underscores the strength of our extensive local
network and our growing market presence in our regions.
We are actively advancing permit preparations and iden-
tifying local synergies to deliver value for stakeholders.
By collaborating closely with communities, we ensure our
projects align with local values, minimize environmental
impact, and maximize returns.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2121 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Commercial
In 2024, Cloudberry made significant strides in growing
and optimizing its renewable energy portfolio within the
Commercial segment. The company completed strategic
acquisitions, portfolio expansion, and operational
improvements showcasing the value of the portfolio.
The most notable developments centred around the
Skovgaard acquisition in Denmark and sale of hydro
assets showcasing significant value creation.
Key figures proportionate
2024 2023
Total revenue NOK million 569 655
EBITDA NOK million 396 487
Production (proportionate) GWh 674 520
Production capacity
year-end
1
MW 346 267
Secured portfolio
(Producing & under
construction)
1
MW 346 294
1
Includes the newly signed 05.12.2024 Skovgaard transaction expected to close in Q1 2025.
Financial development over the year
• Proportionate Revenue: Decreased from NOK 655 million in
2023 to NOK 569 million in 2024. This reduction was primarily
due to a lower nominal gain from an asset sale in 2024
compared to an asset sale in 2023, although the 2024 sale
was more value accretive as it was conducted at a higher
multiple in relation to the booked equity than the sale in
2023. The remaining difference is due to lower achieved
power prices compared to last year.
• Proportionate EBITDA: Declined from NOK 487 million in 2023
to NOK 396 million in 2024, mainly due to a lower contribution
from asset sales in 2024 compared to the nominal realised
gain in 2023.
Key events over the year
• Cloudberry’s proportionate power production grew ~30%
to 674GWh from 520GWh in 2023.The current portfolio,
including the Skovgaard transaction described above, has
an estimated annualized production of 1 069 GWh.
• Cloudberry realized a net power price of NOK 0.60 per kWh
during 2024, compared to the system price of NOK 0.42 and
realised NOK 0.75 per kWh in 2023
• In the fourth quarter of 2024, Cloudberry enhanced its
strategic presence in Denmark through a pivotal acquisition
from Skovgaard. This transaction adds 160 GWh of annual
production capacity net to Cloudberry, including full owner-
ship of the Odin portfolio and 80% ownership in the Svåheia
wind farm in NO-2. Additionally, the deal includes develop-
ment projects and a skilled local development and asset
management team, strengthening our operational capabil-
ities in the region. Cloudberry will finance the transaction by
utilizing approximately DKK 82m of the existing cash balance
and DKK 253m of the existing debt facility. The remaining
part of the purchase price, estimated to DKK 319m, will be
settled through the issue of approximately 29.5 million shares
in Cloudberry. The consideration shares will be issued to
Skovgaard at an agreed subscription price of NOK 17.0 per
share. The transaction and subscription price have been
determined based on fundamental third-party assessments
prepared by reputable audit firms. NOK 17.0 per share repre-
sents a ~52% premium to the share price when announced.
Further information about the transaction scope can be
found in the press release. The transaction is expected
to close in the first quarter of 2025. 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. An extensive repair campaign
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2222 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
by Siemens Gamesa was conducted during 2024 with
rigorous control measures by Odal Wind. Repairs and blade
replacements are covered under Odal Wind’s contracts with
Siemens Gamesa and a compensation payment for lost
production under the first availability period was received
and recorded in Q2 2024. Production will be undergoing
ramp-up throughout 2025 as final repairs and inspections
are being completed. Cloudberry and its partners continue
to work closely with Siemens Gamesa to restore production
and implement long-term solutions.
• In June 2024, Cloudberry completed a hydro asset swap,
selling three hydropower plants—Usma, Bjørgelva, and
Finnesetbekken to Cadre for NOK 320.5 million which repre-
sented significant value creation with a sale price exceeding
2.3x the booked equity and an internal rate of return (IRR) of
approximately 28% per annum. Simultaneously, Cloudberry
increased its ownership in Forte Energy Norway AS from
34% to 49.99% from a fund managed by Swiss Life, adding
41 GWh of proportionate annual hydro production to its
portfolio. The transactions optimized Cloudberry’s portfolio
by shifting production from less attractive NO-3 and NO-4
price areas to more favorable NO-2 and NO-5 regions. The
net effect of the transactions improved portfolio efficiency,
strengthened Cloudberry’s hydro position in Norway, and
generated NOK 40 million liquidity for Cloudberry.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2323 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Asset Management
Cloudberry’s Asset Management segment, operating
under the fully integrated Captiva Group, continued
to expand its scope and optimize renewable asset
performance throughout 2024. The segment manages
both Cloudberry’s own renewable assets and third-
party portfolios. Key developments in 2024 included
the integration of new assets, expanding third-party
management services, and strengthening operational
synergies.
Key figures proportionate
2024 2023
Total revenue NOK million 65 38
EBITDA NOK million (3) (6)
Financial development over the year
• Revenue in the Asset Management segment saw an
increase from NOK 38 million in FY 2023 to NOK 65 million
in FY 2024. This was mainly due to the expansion of
ownership in Captiva from 60% to full ownership, which
positively impacted revenue recognition. Additionally, reve-
nues were increased by a gain of NOK 8 million from the
Kraftanmelding transaction as explained below.
• Proportionate EBITDA: Improved from NOK -6 million in 2023
to NOK -3 million in 2024
Key events over the year
• Through the signed Danish expansion in the fourth
quarter of 2024, Cloudberry further strengthens its Asset
Management capabilities through the addition of Skovgaard
Energy’s technically oriented asset management team,
specializing in solar and wind assets with a Danish foothold.
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 exper-
tise across both organizations while increasing the assets
under management. Please see the press release for more
information about the transaction.
• 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. The wind
park is an extension of the relationship with the owner
Aquila. Further a 20 MW wind farm with state-owned
“Elektrum,” was taken over, marking the first collaboration
involving Nordex turbines.
• Cloudberry successfully reorganized its digital investments
in Kraftanmelding and the Captiva Portal In Q3 2024. On
30 August, Elmera Group ASA, Cloudberry, Småkraft AS,
founders and employees, partnered in Kraftanmelding AS
to provide balancing services and power trading. Elmera,
Småkraft, and Kraftanmelding employees invested over
NOK 20 million, while Cloudberry contributed with its digital
business. This led to a pre-money valuation of Kraftanmelding
at approximately 1.4 times Cloudberry’s book value, resulting
in a NOK 8.3 million gain over the quarter. Post-transaction,
ownership is divided among Elmera (34%), Cloudberry (32%),
Småkraft (8%), and founders and employees (27%).
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2424 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Corporate
In 2024, Cloudberry continued to optimize liquidity,
strengthen financial flexibility, and reduce costs, ensuring
a solid foundation for continued growth and profitability.
The company secured new financing, expanded its
capital structure, and strategically managed its debt
portfolio. Cloudberry’s disciplined financial strategy,
prudent capital allocation, and focus on cost efficiency
have positioned the company for sustainable, long-term
growth.
Key figures proportionate
2024 2023
Total revenue NOK million 1 2
EBITDA NOK million (62) (64)
Included in Corporate operating cost for 2024 is NOK 19m of
warrants costs which are non-cash (NOK 23m in FY2023) and
NOK 7m in non-recurring transaction costs. Adjusted for this,
the underlying costs for 2024 decreased compared to 2023.
Key events over the year
• 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. Cloudberry is
expected to draw the equivalent of ~NOK 400 million in
additional debt from the facility to finance the previously
mentioned signed Danish expansion under the Commercial
segment reporting.
• Above 80% of the proportionate debt is fixed on long-term
contracts at an all-in rate (including margins) below 4% p.a.
• Cloudberry focuses on optimizing liquidity and reducing
costs to boost profitability. In 2024 EUR 16 million in debt was
drawn for the Munkhyttan project and EUR 25 million was
drawn on the Sundby Project. The Øvre Kvemma project
remains equity-financed, with plans to finance 50% of the
investment cost with debt over the coming quarters.
• Following the completion of Cloudberry’s share buyback
program on January 2, 2024, the annual general meeting
held on April 16, 2024, resolved to reduce the Company’s
share capital by cancelling 2 807 500 treasury shares.
This decrease in share capital was completed over the
quarter. Additionally, the general meeting approved a share
purchase program for the Board of Directors, resulting in
the issuance of 83 833 new shares to its members subject to
three year lock-up, which was issued over the quarter. The
Company’s new share capital is NOK 72 161 609.25, divided
into 288 646 437 shares, each with a par value of NOK 0.25.
Each share carries one vote.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2525 Strategy, performance and risksStrategy, performance and risks | PerformanceStrategy, performance and risks | Performance
Outlook
Cloudberry is well-positioned for
continued growth and value creation
across its Projects, Commercial, and
Asset Management segments.
The successful transfer of Munkhyttan and Sundby to the
Commercial segment following their on-time and on-budget
completion in 2024 demonstrates our ability to deliver value
through the construction phase. Meanwhile, the increase of
~600 MW in backlog and the expansion of the Nees Hede solar
project to 232 MW strengthen our development platform and
enhance its value.
Through the Danish acquisition, Cloudberry has established a
solid foothold in the Danish market, increasing our presence
and capabilities in one of Europe’s leading renewable energy
regions. The integration of Skovgaard Energy’s team with
Cloudberry’s existing operations unlocks synergies, increases
economies of scale, and positions us to expand our services
across a growing portfolio of both producing assets and
development possibilities.
Cloudberry will continue to advance its development port-
folio, which now exceeds 1 200 MW, with a strong focus on
high-quality wind, hydro, solar and storage projects across
Norway, Sweden, and Denmark. Key projects such as Nees
Hede and Dingelsundet will remain priorities in the coming
year, with efforts concentrated on continuous optimization
and other value accretive initiatives. This while continuously
monitoring and optimizing our producing assets and eval-
uating partnerships, M&A and other related activities to
increase Cloudberry’s value for all stakeholders.
As we expand our footprint in the Nordics, we remain
committed to ensuring operational excellence and main-
taining strong stakeholder relationships. Initiatives such as
local collaborations and community engagement, as seen in
our projects over the course of 2024, reflect our dedication
to sustainable development and long-term value creation.
Looking ahead, Cloudberry will continue to focus on disci-
plined execution, strategic profitable growth, and leveraging
its strengthened platform to drive the energy transition and
deliver long-term value for stakeholders.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2626 Strategy, performance and risksStrategy, performance and risks | OutlookStrategy, performance and risks | Outlook
Risk management
The Group is exposed to various risks
through its value chain, including strategic,
operational, climate, financial and market/
external risks. Cloudberry has extensive
routines and policies in place to actively
manage risks. Cloudberry has implemented
a standardized process for risk assessment
and risk mitigation in the Group with a risk
management policy. The process includes
conducting risk work shops in all segments,
training the management team and key
personnel in risk management, and aligning
and calibrating risks across the Group. The
key Company risks are discussed, and policies
are reviewed and approved by the Audit
committee and Board of Directors on
a regular basis.
Operational risk
All processes throughout the value chain are exposed to oper-
ational risk. 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.
Operational risks also include health and safety hazards
especially in our construction processes, and risks related to
climate, nature and environment.
Cloudberry manages the risk through close follow-up and
monitoring of operating assets and developing projects.
Procedures and guidelines for the segments are implemented
and reviewed regularly and include the whole value chain we
are part of.
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. The company’s activities
are subject to government approvals, permits, and regulatory
frameworks in each of its operating markets, and evolving
regulations may pose both challenges and opportunities.
Regulatory risk continues to be a key factor influencing the
Nordic and European energy markets. 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 contin-
uously adapt its commercial strategy.
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. 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.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
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. Policy inconsistency or shifts in government priorities
could impact the development of certain projects, potentially
impacting the expected returns or necessitating strategic
recalibration.
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 comprehen-
sive risk monitoring into investment planning. The company
remains agile in adjusting operational and financial strategies
to respond to evolving market conditions, ensuring long-term
resilience and profitability in a dynamic energy landscape.
Financial risk
Cloudberry is exposed to various financial risks, including
power price volatility, interest rate risk, currency fluctuations,
credit risk, and liquidity risk. The company’s financial risk
management strategy aims to minimize cash flow volatility
and, to a lesser extent, mitigate negative accounting effects.
Interest rate and currency risks are managed through defined
mandates and hedging instruments, ensuring predictability in
financial performance.
Cloudberry has gradually implemented Power Purchase
Agreements (PPAs) to stabilize revenue streams and reduce
exposure to power price fluctuations. The company’s long-
term objective is to establish sufficient hedging to cover
interest expenses and overhead costs, with this being phased
in over time and aligned to portfolio composition and profita-
bility considerations.
Interest rate risk primarily relates to Cloudberry’s debt port-
folio, 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. Cloudberry remains
dependent on external financing, and the ability to secure
necessary funding on competitive terms and within required
timelines is critical. Any constraints in accessing capital could
lead to delayed project execution, reduced asset lifespans, or
the need to divest certain interests.
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 finan-
cial 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. Fluctuations in exchange rates between these curren-
cies could impact cash flows, financial performance, and
asset valuations. Hedging strategies are actively employed to
manage currency risks, ensuring greater financial predictability.
By maintaining a disciplined financial strategy, proactively
managing market risks, and implementing effective hedging
mechanisms, Cloudberry seeks to enhance financial stability
and ensure sustainable long-term growth.
Climate risk
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 poten-
tially 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 oper-
ations.
Cloudberry has assessed its potential climate-related risks
and opportunities following the recommendations of the
Task Force on Climate-related Financial Disclosure (TCFD).
The company regularly reviews and evaluates its strategy for
climate-related risks to identify additional risks and opportuni-
ties, ensuring that it makes informed decisions and evaluations
regarding the impact of climate risks on Cloudberry. Climate-
related risks are incorporated into Cloudberry’s overall risk
management framework. Further details on the climate risks
can be found in the Sustainability section.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2828 Strategy, performance and risksStrategy, performance and risks | Risk Management Strategy, performance and risks | Risk Management
Sustainability
statement
General information
33
Environment
39
Social
59
Governance
73
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
2929 Sustainability Sustainability
Sustainability in Cloudberry
The transition to renewable energy is one
of the most urgent and complex challenges
of our time. Climate change disrupts
lives through extreme weather, rising
sea levels, food insecurity, air pollution,
disease, poverty and forced displacement,
disproportionately affecting those with the
least resources. Rising energy demands,
and geopolitical uncertainties require bold
action and strong collaboration.
We view these challenges as opportunities to drive lasting
progress through responsible ownership, sustainable develop-
ment, and strategic partnerships. By working closely with local
communities, policymakers, and investors, we turn ambition
into action, accelerating the energy transition.
Cloudberry is perfectly positioned to lead the way, combining
a long-term commitment to sustainable growth with tangible
action that drives value. In addition to delivering clean energy,
our projects drive job creation, responsible land use, grid
resilience, and community development. Building trust and
fostering strong relationships with local communities is funda-
mental to how we operate. True sustainability extends beyond
environmental compliance, it also requires social commitment,
community collaboration and transparency.
That is why we actively engage with local stakeholders,
collaborate with schools, businesses and politicians, and host
open-house events to ensure positive impact.
In an era of misinformation, access to reliable data and knowl-
edge is vital for democracy and informed decision-making.
Engaging communities, policymakers and public figures with
credible information is more important than ever to safeguard
climate action and energy security.
This is the Cloudberry way: balancing environmental and social
responsibility with value creation and sound economic returns
for our investors. Our ESG commitment is not merely about
compliance, it is about setting a higher standard.
While reporting frameworks evolve, our principle remains
unchanged: sustainability is not a passing trend – it is essential
for long-term value creation for both society and stakeholders.
We position ourselves as the junction box connecting capital,
local communities, and viable projects – ensuring that the
energy transition succeeds for all. Together, we provide
renewable energy today and for future generations.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3030 Sustainability Sustainability
About the sustainability statement
Cloudberry is a lean organization, and we integrate sustainability into the daily operations of
every employee. Their efforts are coordinated by our CSO and sustainability advisor, ensuring
that sustainability is embedded in every aspect of our business model. Our approach prioritizes
sustainable value creation, with reporting as a key tool for transparency and stakeholder
communication. While action drives impact, reporting reinforces accountability and supports our
sustainable strategy.
The sustainability statement is included as part of the Board
of Directors’ report, and is thus formally approved by The
Board. The sustainability statement is structured into four
chapters, with the first chapter, General Information, outlining
our assumptions, reporting methodology, and approach to
identifying material sustainability topics. The following three
chapters describes our actual sustainability initiatives for
each material topics identified through our double materi-
ality assessment. Each chapter (i) details our impacts, risks
and opportunities regarding the material topics, (ii) provides
a description of our policies, actions and targets, and (iii)
describes how we manage our material topics.
While Cloudberry meets the revenue and asset thresholds
for ESRS applicability, our workforce size places us within the
second wave of companies subject to mandatory reporting.
However, this might change with EUs omnibus regulation,
which proposes simplifications to the sustainability reporting
requirements for companies. As of March 2025, the final
wording has not been determined, and the regulation is
not yet in effect. However, the proposed changes would
exempt Cloudberry from mandatory sustainability reporting
under both ESRS and the EU Taxonomy. While Cloudberry
values the transparency and comparability these regulations
have promoted, simplification allows us to reallocate more
resources from reporting to implementing value-adding
sustainability initiatives. For this reason, our sustainability
statement is inspired by, but not fully aligned with, the ESRS
disclosure requirements.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3131 Sustainability Sustainability
Key performance summary
In the following chapters, we detail our impacts, risks, opportunities,
policies, actions, and targets across all material topics. Our goal is to
offer a comprehensive view of the non-financial factors that influence
our long-term financial performance, while also providing a holistic
perspective on our sustainability practices.
This integrated approach helps stakeholders understand how these elements interconnect
and contribute to our overall strategy. The following table offers a snapshot of our primary
sustainability-related key performance indicators, underscoring our commitment to transpar-
ency and continuous improvement.
Overall, we have met or exceeded our targets. We are particularly proud of our progress on
the engagement index, which shows that our employees find fulfillment and motivation in their
work. However, we acknowledge that we are falling short of our targets for female employee
representation, greenhouse gas emissions, and avoided emissions. Our inability to meet the
GHG emissions target is due to an improved calculation methodology, and the blade break
incident at Odal prevented us from achieving our avoided emissions target. Attracting more
female talent to the renewable energy sector is a priority for 2025 and beyond.
Actual
2022
Actual
2023
Actual
2024
Target
2024
Target
2025
Environment
GHG emissions avoided tCO
2
e
1
59 000 122 000 162 000 180 000 230 000
GHG emissions tCO
2
e
2
11 734 15 492 5 574 5 000 200
Social
Work injuries (incl. Sub-contractors) 0 1 0 0 0
Employee engagement index
3
5.2 5.3 5.4 ≥ 5.3 ≥ 5.3
Equal opportunities index
3
5.2 5.3 5.5 ≥ 5.3 ≥ 5.3
Female employees % of total 24% 28% 28% ≥ 35% ≥ 40%
Female managers % in mgmt. positions 33% 33% 33% ≥ 33% ≥ 40%
Female BoD % in total BoD 43% 57% 47% ≥ 40% ≥ 40%
Sick leave own workforce 1.7% 3.1% 3.4% ≤ 2% ≤ 2%
Governance
Whistle-blowing reports 0 1 0 N/A N/A
Confirmed cases of corruption or bribery 0 0 0 0 0
Participation in compliance training
4
36% 100% 100% 100% 100%
Breach of concession 0 0 0 0 0
1
As a basis for calculating the positive contribution (avoided emissions), Cloudberry has used the European electricity mix (EU-27, IEA 2024)
2
Location based. Please see details on estimation methodology in the chapter “Climate Change”. Target for 2025 includes emissions from operating assets
and offices. Target to be adjusted, according to investment decision, transactions or other relevant events.
3
The results from the Employee engagement index and the Equal opportunities index originate from the annual survey in Dec 2024. The score is 1 to 6,
with 6 as the highest score.
4
Recordable participation in compliance training. Recordkeeping started in 2022.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3232 Sustainability Sustainability
General
information
Basis for preparation
34
Double materiality assessment
36
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3333 Sustainability | General informationSustainability | General information
Basis for preparation
This chapter outlines the assumptions and
methodologies that are the foundation for this
sustainability statement.
Organizational boundary for the
sustainability statement
The sustainability statement is prepared on a consolidated
basis, meaning that the disclosures cover the same entities as
our financial statements. This includes the parent company,
Cloudberry Clean Energy ASA, and all the subsidiaries it
controls. Joint operations and associated companies are
not included in the organizational boundary. As of December
31, 2024, Cloudberry does not have operational control over
any entity not consolidated in our financial statements. For a
detailed overview of all Cloudberry’s subisidaries and equity
accounted companies, see note 24 of the financial statements.
The double materiality assessment considered actual and
potential, positive and negative, impacts, risks, and oppor-
tunities (IROs) in our operations, as well as in our upstream
and downstream value chain. Where our policies, actions,
and targets (PATs) relate to our value chain, this is explicitly
stated. Our greenhouse gas (GHG) reporting complies with the
Greenhouse Gas Protocol.
GHG accounting organizational boundary
The organizational boundary for the GHG accounting is the
same as for the sustainability statement as a whole, except
that ESRS mandates separate line reporting for scope 1 and
scope 2 emissions from non-consolidated entities where
Cloudberry has operational control. Cloudberry does not
have operational control over any non-consolidated enti-
ties. Therefore, the GHG accounting does not include the
third-party power plants that Captiva has under technical
commercial asset management, and emissions from joint
operations and associated companies is only included in
scope 3, category 15 (“Investments”) in the GHG accounting.
Definitions
The sustainability statement is underpinned by our double
materiality assessment. This assessment, detailed further
below, begins with the identification of IROs. Note that these
definitions are taken directly from the ESRS standard and may
not be immediately intuitive but should be interpreted in the
context of the standard.
• Impacts: These are the effects that Cloudberry has on the
environment and people. They can be:
– Positive or Negative: Impacts may benefit or harm.
– Actual or Potential: We assess both confirmed (actual)
and theoretical (potential) impacts, assigning higher
scores to those that have already occurred.
– Direct or Indirect: Impacts can arise from our own oper-
ations or indirectly through our business relationships,
including effects across our entire value chain.
• Risks and Opportunities: These refer to the financial impli-
cations that environmental and social factors may have on
Cloudberry’s financial status.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3434 Sustainability | General informationSustainability | General information
Omissions
We believe that openness and cooperation lead to prosperity
for all. Hence, to our knowledge, we have not omitted any
information that is material to our stakeholders related to intel-
lectual property, know-how, or other innovation-related results.
Time horizons
Some of our IROs have already manifested, while others
may arise in the future. We have considered IROs for short-,
medium-, and long-term time horizons. The default time hori-
zons we have used are as follows:
• Short term: 0-1 years
• Medium term: 1-5 years
• Long term: More than 5 years
Corrections and changes
We strive for consistency in our methodology and policies.
However, sustainability reporting is continuously evolving, and
our sustainability statement reflect this dynamic nature. Since
our previous report, we have further developed our sustaina-
bility initiatives and reporting. This progress will continue as we
gain new insights and adopt best practices.
To ensure comparability with previous reporting periods, we
have established a restatement policy that outlines when
we must recalculate or restate previously reported sustaina-
bility information. When we make significant changes to our
reporting assumptions or methodology, we will clearly disclose
this, explain the underlying reasons, and describe their effects.
While we aim for accuracy, errors may still occur. Cloudberry
is committed to transparency, including acknowledging and
correcting mistakes. If material errors are identified in prior
years, we will correct them in the current sustainability state-
ment and clearly communicate their impact.
Since the last report, several adjustments have been imple-
mented. Most notably, our reevaluation of IROs has refined
our DMA, narrowing our focus to fewer, more precise material
topics for Cloudberry. Additionally, we have excluded Scope 3
categories 4 and 12 from our GHG accounting. These changes
are detailed in the chapters “General Information” and
“Climate Change”.
Cloudberry uses the sustainability system provider CEMAsys
to automatically convert our measured and estimated
consumption data into CO
2
equivalents. The system includes
an extensive database covering the major emission factors
throughout the world. During 2024, we have updated our
choice of emission factors to better reflect actual conditions.
External assurance
We decided not to obtain external limited assurance for
our 2024 sustainability report, as we report voluntarily in
accordance with ESRS in 2024. Hence, there are no specific
criteria against which auditors could assess our sustainability
statement. Our methodology aligns with best practices,
having undergone assurance in 2023. Subsequently, we have
maintained an open dialogue with our auditor regarding the
improvements made to our GHG reporting this year.
Management of IROs
Each chapter on material sustainability topics begins with a
table outlining the material IROs associated with that topic.
The table provides a description of each IRO, along with its
classification, time horizon, and a brief overview of how it is
managed. This management description is not exhaustive, as
further details are provided within the chapters themselves.
Please note that, while IROs assessed as non-material are not
disclosed here, they are still considered in Cloudberry’s internal
risk assessments and processes whenever relevant.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3535 Sustainability | General informationSustainability | General information
Double materiality assessment
Over the past few years, Cloudberry has systematically structured and refined our sustainability initiatives.
In 2022, we revised our materiality assessment, defined sustainability ambitions, targets, and KPIs, and
restructured the reporting. In 2023, we continued preparing for ESRS reporting, focusing on accurate greenhouse
gas accounting, further developing guiding documents, and updating the Double Materiality Assessment (DMA) to
better align with EFRAG’s guidance. This chapter details how we further refined our DMA for 2024.
Impacts, risks and opportunities
As part of the DMA, we compiled a comprehensive list of
potentially material IROs directly or indirectly related to our
business model. This list was based on ESRS 1 AR16 sub-topics
and sub-sub-topics, supplemented by additional internally
identified IROs. Through stakeholder dialogues and internal
rating workshops with subject matter experts, we refined
this long list into a final set of material IROs, which was then
presented to management.
EFRAG defines the DMA as an iterative process. Therefore, we
revisited our DMA for the 2024 reporting cycle, incorporating
insights from the 2022 and 2023 assessments. This resulted in
the following refinements to the previously reported IROs in the
FY 2023 Sustainability Report:
• Clarifying IROs: Some IROs were identified as vague,
inconsistent, or misaligned with ESRS 2 SBM-3 disclosure
requirements. We refined their wording for better compli-
ance while prioritizing relevance and clarity, ensuring that
non-essential data points do not obscure the report.
• Removing redundancies: Previously disclosed IROs that were
duplicates under different wording have been consolidated.
• Including additional IROs: Some topics previously deemed
immaterial or not identified in 2023 have been included in the
2024 report.
As a result, the total number of IROs has decreased. The 2024
double materiality assessment identified 22 IROs, of which 6
are actual positive impacts, 4 are actual negative impacts, 3
risks, 5 opportunities and 4 potential negative impacts. These
IROs are disclosed in each of the following chapters.
Planet and society
Financial materiality
(outside-in perspective)
Impact materiality
(inside-out perspective)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3636 Sustainability | General informationSustainability | General information
Material topics
• Pollution is no longer considered a material topic. While we recognize the
importance of pollution prevention, our updated assessment concluded that
Cloudberry has historically had no significant impact in this area, nor is it likely
to change in the future. Given the DMA’s role in prioritizing critical sustaina-
bility topics, we focus on those with the greatest impact.
• Resource use and circular economy has also been deemed immaterial.
Even though materials and components used in our power plants may have
negative upstream impacts (e.g. on human rights, labor conditions, and
ecosystems), these risks are better addressed under their respective material
topics. Additionally, IROs specifically related to resource depletion and waste
do not meet materiality thresholds. We regularly monitor these IROs, and we
will reassess the conclusions if necessary.
• Entity-specific topics: In previous reports, we identified “Local society” and
“Favorable framework for renewables” as entity-specific topics. However,
these align closely with EFRAG’s pre-existing topics and have now been inte-
grated into “Affected communities” and “Climate change/Business conduct,”
respectively.
• Continued immateriality of specific topics
– Consumers and end-users remain immaterial because Cloudberry does not
sell physical products directly to consumers.
– Water and marine resources remain immaterial because Cloudberry’s
small-scale hydropower plants do not create large artificial reservoirs.
Additionally, these plants are typically located in steep river sections, mini-
mizing impacts on migrating fish and river flow. The effects our hydropower
plants have on aquatic life is considered in relation to the material topic
biodiversity.
Financial materiality
Impact materiality
Immaterial Significant Crucial
Immaterial Significant Crucial
Water and
marine resources
Consumers and end-users
Own workforce
Affected
communities
Business conduct
Workers in the
value-chain
Pollution
Climate change
Resource use and
circular economy
Biodiversity and
ecosystems
Environment
Social
Governance
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3737 Sustainability | General informationSustainability | General information
These refinements ensure that our DMA remains focused,
transparent, and aligned with regulatory requirements while
addressing the most relevant sustainability challenges. The
following model illustrates our material topics.
While overlap exists among the topics identified in our double
materiality assessment, each topic aligns with one of the
following categories: Environment, Social, or Governance.
Cloudberry is dedicated to consistently managing both the
positive and negative impacts as well as the financial risks and
opportunities associated with each material topic. The illustra-
tion below offers an overview of our approach. The following
chapters detail our policies, actions, and targets for each
area. In addition, the table identifies which of the Sustainable
Development Goals we consider to be most important for
each dimension of our business model.
Our ambitions and material topics
Environment Social Governance
Sustainability
ambitions
To power the transition
to renewable energy
aiming to be climate
and nature positive
To act responsibly
towards our employees
and society, being a
preferred employer
and partner
To ensure solid
governance internally
and in our value chain
at all times
Material
topics
• Climate change
• Biodiversity and
ecosystems
• Own workforce
• Workers in the value
chain
• Affected communities
• Business conduct
Targets • Net zero by 2040
• Minimize and repair
adverse nature impact
• Zero injuries
• Attract and retain a
diverse and competent
workforce
• Zero compliance breach
internally and in the value
chain
Contribution to
SDG targets
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
NO
POVERTY
ZERO
HUNGER
GOOD HEALTH
AND WELL-BEING
QUALITY
EDUCATION
GENDER
EQUALITY
CLEAN WATER
AND SANITATION
AFFORDABLE AND
CLEAN ENERGY
DECENT WORK AND
ECONOMIC GROWTH
INDUSTRY, INNOVATION
AND INFRASTRUCTURE
REDUCED
INEQUALITIES
SUSTAINABLE CITIES
AND COMMUNITIES
RESPONSIBLE
CONSUMPTION
AND PRODUCTION
LIFE
ON LAND
PEACE, JUSTICE
AND STRONG
INSTITUTIONS
CLIMATE
ACTION
LIFE
BELOW WATER
PARTNERSHIPS
FOR THE GOALS
For queries on usage, contact: dpicampaigns@un.org
Developed in collaboration with | TheGlobalGoals@trollback.com | +1.212.529.1010
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3838 Sustainability | General informationSustainability | General information
Environment
Climate change
40
Biodiversity
48
EU Taxonomy
52
Sustainability ambitions
To power the transition to renewable energy
aiming to be climate and nature positive
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
3939 Sustainability | EnvironmentSustainability | Environment
Climate change
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Accelerating the energy transition:
Cloudberry’s role in fossil fuel displacement
Cloudberry continues to expand its renewable energy portfolio, replacing fossil fuels and reducing emissions
while fostering energy independence. Supplying more clean energy has a significant positive impact on climate
change mitigation.
Actual
Positive
impact
Our core business model is centered on providing renewable
energy for future generations.
We are constantly searching for new projects that allow us to
produce more clean energy in the Nordics.
Scope 3 GHG emissions from upstream & operational activities
While Cloudberry’s operations result in a net positive climate impact, emissions from logistics, raw material
extraction, component sourcing, and construction contribute to our total Scope 3 footprint.
Actual
Negative
impact
We are committed to reducing our combined Scope 1, 2 and
3 emissions by 90% within 2040. We plan on achieving this
through partnership and cooperation with our suppliers, and
by incorporating emissions requirements in our contracts.
Transition opportunity related to governments prioritizing renewable energy development
Governments prioritizing renewable energy deployment may create growth opportunities and more predictable
investment conditions.
Opportunity Cloudberry actively monitors energy policies in our markets
and engages with key stakeholders, including policymakers
to promote responsible renewable energy expansion.
Additionally, we demonstrate the benefits of power
production by ensuring economic value creation for local
communities.
Cloudberry continuously assesses political and regulatory
landscapes to anticipate potential delays or changes in
financial or regulatory frameworks for renewable energy
projects.
Transition risk that governments will not prioritize renewable energy development
and production
Limited government support for renewable energy could result in fewer growth opportunities and less
predictable investment conditions.
Risk
Revenue instability due to climate-driven energy production volatility
Cloudberry’s assets are sensitive to changing weather patterns, including variations in precipitation, wind,
temperature, and extreme weather events. This can impact operational efficiency, infrastructure resilience, and
revenue stability.
Risk We integrate advanced climate scenario analyses into
our assessments of construction projects and acquisitions.
Additionally, we leverage digital monitoring tools to track
production in real-time and implement proactive measures to
optimize output and reduce volatility impacts.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4040 Sustainability | EnvironmentSustainability | Environment
Policies
Rather than a standalone climate policy, Cloudberry integrates
climate considerations into our Code of Conduct, Supplier
Code of Conduct, procurement practices, and contractual
requirements for suppliers and subcontractors. We regularly
evaluate the need for a separate policy but have determined
that our current framework effectively mitigates significant
negative impacts.
Climate-related requirements are assessed on a project-
by-project basis, considering factors such as geography,
accessibility, and technological feasibility. Mandating electric
machinery, low-emission fuels, or low-carbon materials in
all cases is not practical, as a mountaintop wind farm may
face challenges that an accessible field project does not.
Knowing this, we tailor the climate initiatives for each project
to the project site’s unique characteristics. In addition, each
initiative must balance environmental impact with economic
viability to ensure resources are allocated where they deliver
the greatest benefit. Some measures are cost-effective, while
others are prohibitively expensive. A high-cost initiative, even
if beneficial in isolation, could ultimately reduce our overall
climate impact if it limits our ability to develop additional
turbines or expand capacity.
Cloudberry’s mission is to provide renewable energy today
and for future generations. We continuously evaluate the
trade-offs between implementing additional climate measures
and maximizing renewable energy production. Ultimately, our
most significant contribution to combating climate change
is what we do best - producing clean, renewable energy at
scale.
Actions
Every additional kilowatt-hour of clean energy production
directly contributes to climate change mitigation. In 2024, we
focused on two key areas:
1. Expanding renewable energy capacity
Developing new renewable energy projects is central to our
strategy. Our development team actively collaborates with
local communities to identify suitable sites and address
concerns early in the process. By tailoring each project to
its specific location, we enhance the likelihood of successful
implementation, ultimately increasing clean energy production.
In 2024, we completed the construction of Sundby and
Munkhyttan Wind Farms and acquired the Øvre Kvemma
hydropower plant, adding nearly 60 MW of new, installed
capacity.
2. 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 contribu-
tion to global climate goals.
The role of renewable energy in climate mitigation
Climate change mitigation is central to Cloudberry’s business
model. Each kilowatt hour of green energy we produce adds
to the overall supply of clean energy. Since renewable energy
sources like wind power have low marginal costs, they are
often prioritized in the electricity market, which helps displace
more expensive and carbon-intensive power generation, such
as coal and gas. This reduces the need for these conventional
power plants to operate at full capacity, helping lower their
overall production.
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 neigh-
boring countries, where coal and gas are still common energy
sources. The mix of energy displaced depends on factors like
demand, fuel prices, and grid conditions at the time, but in
general, wind power from the Nordics can support the tran-
sition to a greener, more sustainable energy system across
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4141 Sustainability | EnvironmentSustainability | Environment
Europe. It is also beneficial for European energy security and
independence.
We estimate that by producing 674 GWh of renewable energy
in 2024, we avoided approximately 162 000 tCO
2
e, assuming
that we displace emissions from the average European energy
mix (IEA EU-27). This quantifies our significant positive environ-
mental impact, considering that our total direct and indirect
emissions for the year, including construction activities, totaled
5 574 tCO
2
e.
Targets
Lifetime emissions from our power plants
As part of our ‘3-in-30’ strategy, we strive to minimize the
lifetime emissions of our power plants. Achieving this goal
requires decarbonization across the value chain, particularly
in power plant component production, where most emissions
originate. However, with uncertain evolvement of new green
technologies and reliance on third-party initiatives, setting
precise targets remains challenging. We actively collaborate
with suppliers and business partners to identify cost-effec-
tive and sustainable project designs, such as incorporating
low-carbon materials and fossil-free construction methods.
Minimizing greenhouse gas emissions
Every human activity generates greenhouse gas (GHG)
emissions, and renewable energy production is no exception.
Mining, transportation, assembly, construction, inspection, and
decommissioning all contribute to emissions, either directly or
indirectly. We prioritize emission reductions at every project
phase. Key decision points include project planning, procure-
ment, subcontractor selection, and, most critically, finall
investment decisions. GHG emissions are a key consideration
in the evaluation of whether to develop or acquire a power
plant, alongside financial, technical and regulatory factors.
Cloudberry primarily relies on subcontractors for transporta-
tion, construction, maintenance, and repairs; activities that
account for 97% of our total emissions. Our direct emissions
stem mainly from electricity use in offices and power plants,
as well as business travel to meet local stakeholders, investors,
and inspect facilities. While these direct sources are relatively
inelastic and minor compared to subcontractor emissions, we
remain committed to reducing all emissions.
Science based targets
We have set ambitious climate targets:
• Reduce scope 1 and 2 emissions by 42% by 2030.
• Cut total emissions by 90% by 2040.
These commitments, verified by the Science Based Targets
Initiative (SBTi), align with the global goal of limiting warming to
1.5°C.
Our Scope 1 and Scope 2 emissions were low in our base year.
Consequently, small fluctuations in emissions can significantly
affect our perceived progress toward achieving the SBTi
target when evaluated in percentage terms. Both metrics
have increased since the base year, a fluctuation we consider
normal on our path to achieving a 42% reduction in Scope 1
and Scope 2 emissions by 2030. However, our total emissions
were significantly reduced in 2024, primarily due to a decrease
in scope 3, category 2 (“capital goods”), resulting from reduced
procurement and construction activities. Our current progress
toward the SBTi targets is further detailed in the subchapter
“Evaluation of emissions”.
GHG accounting
Estimates & measurements
Cloudberry utilizes the CEMAsys platform to calculate its emis-
sions and energy usage. The platform automatically selects
the appropriate emission factors based on the description
of the emissions source. The data used to consolidate
Cloudberry’s GHG emissions comes from two sources: actual
measurements and estimates.
Cloudberry is committed to open and transparent reporting
across its operations and value chain, prioritizing actual data
whenever feasible. However, obtaining precise data from the
value chain is not always possible. In such cases, we make
well-informed estimates, acknowledging the inherent uncer-
tainties, especially as data sources become more indirect or
less transparent.
For each estimate, we disclose the methodology, assess its
precision, and document the underlying assumptions and
calculations to ensure future auditability. Estimates are period-
ically updated when more accurate or efficient methodologies
become available.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4242 Sustainability | EnvironmentSustainability | Environment
Data quality varies by source. For example, actual electricity
usage is highly reliable, as it is sourced directly from invoices,
while supplier-reported material usage (e.g., diesel consump-
tion) may be less consistent. We assess the credibility of each
data source, and when data is deemed unreliable, we either
disclose the limitations or replace it with a well-founded esti-
mate based on the best available information.
Limitations
Due to challenges in accessing reliable data from some part-
ners, we have been unable to fully measure the emissions and
energy consumption associated with the following projects.
Given the high estimation uncertainty, we have opted to qual-
itatively disclose these gaps rather than provide speculative
figures. We are actively working to obtain the necessary data
and will incorporate these emissions in our next annual report.
Øvre Kvemma
The hydropower plant was constructed by an external
company. Cloudberry acquired shares in the completed facility
upon its commissioning in Q3 2024. According to the GHG
Protocol, emissions from the plant’s construction and associ-
ated infrastructure should have been included in our Scope 3
emissions for 2024. However, we have been unable to obtain
sufficient data to meet this requirement.
Odal Wind
A blade failure incident occurred at Odal Wind Farm in
Q2, after which the turbine supplier conducted clean-up
and restoration activities. While we have obtained most of
Retrospective
1
Milestones and targets
2
Base-year 2022 2023 2024
3
2030 2040
Scope 1 GHG emissions
Gross scope 1 GHG emissions (tCO
2
eq) 2 7 10 (42%)
Scope 2 GHG emissions
Gross location-based scope 2 GHG emissions (tCO
2
eq) 5 45 44 (42%)
Gross market-based scope 2 GHG emissions (tCO
2
eq)
3
49 455 940
Significant scope 3 GHG emissions
4
Total gross indirect scope 3) GHG emissions (tCO
2
eq) 11 727 15 441 5 520
1 Purchased goods and services (tCO
2
eq) 6 298 81
2 Capital goods (tCO
2
eq) 11 700 15 082 5 332
3 Fuel- and energy-related activities (tCO
2
eq) 1 28 47
5 Waste generated in operations 6 2 2
6. Business travel 11 15 25
15. Investments 3 16 32
Total GHG emissions
Total GHG emissions (location-based) (tCO
2
eq) 11 734 15 492 5 574 (90%)
Total GHG emissions (market-based) (tCO
2
eq) 11 778 15 902 6 470
1
The calculation of 2024 emissions use more precise emission factors than previously, to better reflect actual conditions
2
The targets are in relation to the base-year emissions.
3
We do not purchase guarantees of origin for our electricity consumption.
4
Category 4 and category 12 have been removed following an updated interpretation of their intended uses. As a result, total emissions for 2022 and 2023 have been revised accordingly.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4343 Sustainability | EnvironmentSustainability | Environment
the relevant data, we believe the dataset may be partly
incomplete regarding fuel consumption during clean-up. As
Cloudberry holds a minority share in Odal Wind, emissions
related to the supplier’s activities should be reported under
Scope 3, Category 15 (‘Investments’). However, any unreported
emissions from these activities are expected to be small.
Waste generated at construction sites
We have not been able to obtain comprehensive data on
all waste generated by subcontractors at sites at Sundby,
Munkhyttan, Odal, and Øvre Kvemma. Given the scale and
nature of these projects, any missing data is likely to have a
negligible effect on our GHG accounting.
Evaluation of emissions
Scope 1
Both scope 1 have increased year-over-year, primarily due to
enhanced data collection and improved estimation accuracy.
This demonstrates that higher reporting quality can some-
times lead to higher reported emissions without an actual
increase in emissions.
Scope 1 emissions encompass all direct energy consumption in
our own operations. This includes emissions from fuel consump-
tion in our own cars and sulfur hexafluoride (SF
6
) gas leakage
from switchgears at our wind farms. Fuel consumption figures
are derived from reported data, while SF
6
leakage estimates are
based on supplier-specific reports. We consider these esti-
mates to be reasonably accurate. Most fuel-related emissions
from our activities occur during construction work performed
by subcontractors. Fuel consumption by our suppliers is
not included here. Instead, it falls under scope 3, category 1
(“Purchased goods and services”). Thus, scope 1 emissions
account for less than 1% of Cloudberry’s total emissions.
Scope 2
Our electricity consumption, and thus our location-based
scope 2 emissions have remained consistent year-over-year.
Scope 2 emissions include electricity usage in our electrical
cars, at our offices, and at power plants. This data is highly
reliable since it is sourced directly from invoices or metered
readings. Using the location-based method, we estimate that
electricity consumption represents approximately 2% of our
total emissions. We do not purchase guarantees of origin
certificates for our electricity consumption.
While the data we have aquired is highly reliable, we acknowl-
edge that it is not complete. Our power plants consume some
of the electricity they generate, but the exact amount is
unknown. This electricity comes directly from our wind farms
and hydropower plants, both of which generate clean energy.
Consequently, any unaccounted emissions are likely negligible.
Scope 3 categories
Approximately 97% of our total emissions originate within our
value chain, making reductions along the value chain the most
effective way to achieve a positive climate impact. In 2024, emis-
sions in “Purchased goods and services,” “Capital goods” and
“Upstream transportation” categories declined significantly, due
to reduced construction activity compared to 2023 and 2022.
In less than a year, our wind
farms generate more energy
than they consume throughout
their entire life cycle.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4444 Sustainability | EnvironmentSustainability | Environment
Notably, the vast majority of emissions fall within the “Capital
goods” category, which covers all upstream emissions from
materials and components used in power plant installations.
Conversely, emissions from “Fuel- and energy-related activ-
ities,” “Waste,” “Business travel,” and “Investments” have
increased – not due to greater activity, but because of
improved data accuracy. In 2024, Cloudberry reassessed its
material scope 3 categories determining that only categories
1–3 (“Purchased goods and services,” “Capital goods,” and
“Fuel- and energy-related activities”) are material. However,
for transparency, consistency with previous reports, and ease
of data availability , we also disclose emissions from catego-
ries 5, 6, and 15 (“Waste generated in operations,” “Business
travel,” and “Investments,” respectively). The remaining
categories are considered immaterial based on their emission
levels. Additionally, we have decided no longer to report on
category 4 and 12 (“Upstream transportation and distribu-
tion” and “End-of-life treatment of sold products”), due to an
updated understanding of their relevance.
Category 1: Purchased goods and services
This category encompasses emissions from goods and
services procured in 2024. It includes lifecycle emissions from
third-party service technicians traveling to our sites, as well
as diesel consumption related to subcontractor construction
activities. In 2024, this category accounted for only 1% of our
total emissions. This is a decrease year-over-year due to
reduced construction activity. We obtained travel data when
available and estimated distances when necessary, and we
consider this data sufficiently accurate.
Category 2: Capital goods
This category covers all upstream lifecycle emissions associ-
ated with materials and components used in the Sundby and
Munkhyttan Wind Farms, including steel, fiberglass, concrete,
plastics, and metals for turbines, foundations, cables, switch-
gear, transformers, and other materials used for the wind
farm themselves as well as related infrastructure. In 2024, this
category accounted for 94% of Cloudberry’s total emissions.
Our data sources include reports from subcontractors on their
fuel, electricity and material use, as well as turbine specific
life cycle assessments. Unfortunately, there are some gaps in
the collected data. These data gaps are either estimated or
disclosed qualitatively, depending on their materiality and our
perceived stakeholder interest. We consider the data sources
to be reliable, and our estimates to be sufficiently precise.
According to the GHG Protocol, the emissions associated with
producing assets and components we acquire during the
year, must be reported in the year of acquisition, regardless
of which period the actual emissions occur. These emissions
cannot be amortized or depreciated over an asset’s lifetime;
they must be reported entirely in the acquisition year. As this
category accounts for 94% of our total emissions, procurement
is the main driver of our reported emissions, and year-over-
year fluctuations in our procurement significantly impacts our
GHG accounting. During 2024, our total reported emissions
decreased by 63% year-over-year – primarily because the
majority of the components used in our construction activities
during the year, were acquired in previous years. We acknowl-
edge that this reduction does not reflect progress toward
our Science Based Targets Initiative (SBTi) commitment,
as emissions will rise again with the construction of future
projects. Despite these fluctuations, we remain committed to
improving emissions efficiency by optimizing emissions per
installed megawatt (MW) in future projects.
Category 3: Fuel- and energy-related activities
This category represents indirect emissions from our
consumption of fuel and energy. It encompasses upstream
emissions associated with energy, including electricity trans-
mission and distribution losses, as well as diesel extraction,
production, and transport. It accounts for 1% of our total emis-
sions and is largely based on estimates, which may be slightly
overestimated. However, given its minor significance, we main-
tain the existing methodology for consistency.
Category 5: Waste generated in operations
Waste-related emissions account for less than 1% of our total
emissions. Most offices receive waste reports that detail quan-
tities and disposal methods, which we use to estimate waste
per person and to allocate data for offices without reports.
These estimates are assumed to be highly accurate. Although
emissions from construction waste are not available, and thus
this category may be underreported, any unaccounted emis-
sions are assumed to be immaterial.
Category 6: Business travel
Historically, we collected actual employee business travel
data by vehicle type. Because business travel has historically
contributed an insignificant amount to our overall emissions,
we estimated the 2024 business travel emissions based on
historical travel patterns per employee. This category is slightly
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4545 Sustainability | EnvironmentSustainability | Environment
overestimated, because actual business travel declined slightly
from 2023 levels. However, this category accounts for less than
1% of our total emissions, so the discrepancy is acceptable.
Category 15: Investments
This category includes Scope 1 and Scope 2 emissions from
power plants in which Cloudberry owns a minority share and
lacks operational control. In 2024, this applies to the Odal Wind
Farm and the Forte Energy portfolio. In addition, it includes
our ownership stake in Kraftanmelding. Emission data for this
category consists of an equal mix of estimates and actual
measurements, both of which are considered sufficiently
accurate. Although potential emissions from Odal’s clean-up
activities may have data limitations, these emissions are likely
to be trivial. Overall, Category 15 accounts for less than 1% of
our total emissions.
Emissions intensity
The Emissions Intensity table illustrates that most of our emis-
sions occur during the construction phase of our power plants.
During operation, Scope 1 and Scope 2 emissions are less
than 0.1 grams of CO
2
equivalents per kWh produced. Total
emissions per kWh have steadily decreased, primarily due to
reduced construction activities. Furthermore, the table shows
that our avoided emissions (calculated using the IEA EU-27
mix) substantially exceed our total emissions. In fact, for every
kWh generated, we avoid 30 times more emissions than we
produce. This clearly demonstrates that our most significant
contribution to mitigating climate change lies in developing
additional power-producing assets.
Emissions per power plant for 2024
The table above presents emissions per power plant.
Emissions below 50 kgCO
2
e have been rounded to zero,
which may create the impression that many plants have
lower emissions than expected. However, this does not indi-
cate underreporting; rather, it highlights how little our power
plants emit during production phase. Note that the emissions
from the operation of our power plants are incomplete. The
Unit 2022 2023 2024
GHG intensity (scope 1 and 2)
Per energy generation gCO
2
e/kWh 0 0.1 0.1
Per sales revenues gCO
2
e/NOK 0.03 0.16 0.14
Per EBITDA gCO
2
e/NOK 0.1 0.2 0.18
GHG intensity (scope 1, 2, and 3)
Per energy generation
1
gCO
2
e/kWh 39 25 8
Per sales revenue gCO
2
e/NOK 56 47 15
Per EBITDA gCO
2
e/NOK 78 59 18
Per spent capex, construction
projects gCO
2
e/NOK 0 21 21
Per spent capex, Sundby gCO
2
e/NOK 0 24 13
Per spent capex, Munkhyttan gCO
2
e/NOK 0 21 21
Avoided emissions
Per energy generation gCO
2
e/kWh 220 235 240
Per sales revenue gCO
2
e/NOK 284 366 424
Per EBITDA gCO
2
e/NOK 391 464 524
1
The downward trend in total emissions per kWh is due to reduced construction activities.
Read more about this under the subchapter “Category 2: capital goods” above.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4646 Sustainability | EnvironmentSustainability | Environment
description of the power plants’ consumption of their own
produced energy can be found under the subheading “Scope
2” above.
The table illustrates that the Odin Portfolio exhibits significantly
higher scope 2 emissions compared to our other producing
assets. This is due to its location in Denmark, exposing it to an
energy mix that is more influenced by non-renewable energy
production in Europe. As a result, each kWh of electricity
consumed has a considerably higher kgCO
2
e impact than that
of our other assets.
Energy usage
MWh 2024
Total energy consumption 1 999
Total energy consumption from renewable sources 1 770
Consumption of electricity & district heating generated
using renewable sources 1 769
Consumption of electricity generated using our own
renewable power plants (Unknown quantity. Set to zero) -
Diesel (cars and generators) - Renewable share 1
Total energy consumption from fossil sources 229
SF
6
leakage <0.01
Diesel (Cars and generators) - Fossil share 4
Consumption of electricity & district heating generated
using fossil sourcesrenewable sources 225
In 2024, Cloudberry’s total energy consumption amounted to
1 999 MWh, while our energy production reached 674 GWh. This
results in a production-to-consumption ratio of 337:1. However,
this exceptionally high ratio should be interpreted with caution,
as it is not representative of our typical operations. The primary
reason for this outlier is that the ratio does not account for the
lifetime energy consumption of each power plant. It includes
the energy production of plants commissioned before 2024 but
excludes the energy required for their construction.
For context, independent assessments have estimated that
our wind parks will generate between 27-37 times more elec-
trical energy than the amount of energy that was, and will be,
consumed over its entire life cycle. Including manufacturing,
operating, servicing, and disposing of the power plant. All while
delivering clean, renewable power with every kilowatt-hour
produced.
The way forward
Going forward, we will continue to accelerate the development
of new clean energy projects. The design and location of these
projects will depend on changes in the macroeconomic envi-
ronment, future energy prices, and regulatory frameworks. We
will invest further in countries that offer favorable renewable
energy frameworks and competitive energy costs. Our project
backlog includes a range of exciting and profitable technol-
ogies, notably our planned solar park in Denmark and energy
storage systems in Sweden. This diversification will reduce our
reliance on specific resources and suppliers, minimize market
cannibalization, and further establish Cloudberry as a serious
player in the Nordic renewable energy sector.
tCO
2
e
Total
scope 1
Total
scope 2
Total
scope 3 Total
Development projects
Munkhyttan 0 0 5 156 5 156
Sundby 1 0 267 267
Producing assets
Odin 5 30 38 74
Odal 0 5 13 18
Sundby 1 3 5 8
Munkhyttan 1 1 3 5
Hån 2 1 2 5
Forte Energy 0 0 1 1
Røyrmyra 0 0 0 1
Usma 0 0 0 1
Bøen 0 0 0 0.4
Bjørgelva 0 0 0 0.3
Flatestøl (Skåråna) 0 0 0 0.3
Ramsliåna 0 0 0 0.3
Øvre Kvemma 0 0 0 0.3
Steinbergdalen (Skåråna) 0 0 0 0.2
Finnesetbekken 0 0 0 0.1
Tinnkraft 0 0 0 0.1
Offices
Norway 0 2 29 31
Sweden 0 1 5 6
Total 10 44 5 520 5 574
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4747 Sustainability | EnvironmentSustainability | Environment
Biodiversity
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Production of clean energy contributes to the mitigation of climate
change, which is a direct impact driver of biodiversity loss
Our production of clean energy mitigates climate change by reducing greenhouse gas emissions, which is a
primary driver of Biodiversity loss. Climate change accelerates biodiversity loss by altering habitats, increasing
extreme weather events, and disrupting ecosystems.
Actual
Positive
impact
Providing renewable energy for future generations is at the
heart of our business model.
Ecosystem improvement projects
During the planning phase, we engage biologists to identify potential initiatives aimed at promoting nature
rehabilitation and enhancing conditions for greater biodiversity.
Actual
Positive
impact
We identify and implement initiatives to strengthen local
biodiversity and to minimize negative impact from our activities.
Cloudberry continuously monitor our power plants to ensure
that the plants are operated in accordance with permits,
which are designed to avoid/minimize negative impacts on
local ecosystems. We have had zero concession breaches
during 2024.
However, we consider it our duty to go beyond just
compliance; We aim to implement initiatives that positively
impact our projects.
Being known as a responsible developer that positively impacts nature
may increase local willingness to host our power plants
By implementing a robust portfolio of impactful initiatives, such as enhancing local ecosystems and other
nature positive projects, we establish ourselves as a responsible developer. This reputation can encourage
neighboring municipalities and communities to welcome our future projects.
Opportunity
Upstream impacts on ecosystems
Building power plants is a resource intensive process that relies on a steady inflow of metals and minerals.
The mining, refining, and transporting of these materials contribute to upstream biodiversity loss through
ecotoxicity, habitat destruction, land use changes, freshwater depletion, and land degradation.
Actual
Negative
impact
To mitigate these impacts, Cloudberry imposes strict
environmental and sustainability requirements on our
suppliers, enforcing compliance through supply chain due
diligence and sustainability audits.
Land-use impact from renewable energy projects
Wind farms and hydropower plants alter local ecosystems, particularly during construction-phase.
Actual
Negative
impact
To minimize our negative impacts, Cloudberry prioritizes
impact reduction, sustainable land-use planning, and
biodiversity restoration post-decommissioning.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4848 Sustainability | EnvironmentSustainability | Environment
Policies
Biodiversity requirements are included in our Code of Conduct,
Supplier Code of Conduct, Supplier Due Diligence, Supplier’s
Self-Assessment Forms, and as specific clauses in supplier- and
subcontractor contracts where relevant. In addition to our
internal guidelines, all of our power plants are subject to strict
environmental requirements from local and national regulators.
The combination of internal and external requirements ensures
that we plan and operate our power plants responsibly.
We have a whistle-blower channel that is open for both
employees, subcontractors and the public to report, both
actual and suspected, incidents of negative impacts on
nature.
Actions
Our approach to minimizing impacts on nature
Cloudberry constructs and operates power plants within
natural environments. We recognize that such expansion carry
the potential to negatively affect ecosystems and biodiversity
if it is not constructed and operated responsibly. Each location
has unique ecosystems and thus different risks and oppor-
tunities. A key part of the planning phase is engaging with
local communities to understand their concerns and interests.
These concerns often relate to potential negative impacts
on nature. We consider these issues carefully, and they help
shape the final project design. Our engagement with local
communities is further detailed in the chapter on Affected
Communities.
Cloudberry conducts preliminary examination to assess each
site’s unique features, ensuring that potential, significant
biodiversity and ecosystem impacts are identified early. This
involves risk analysis with third-party consultants, frequent site
visits and evaluations by external biologists. Once sufficient
data is collected, we perform thorough evaluations based
on the principles of the mitigation hierarchy. If we identify
significant impacts that cannot be managed in accordance
with the hierarchy, the project is terminated. This underscores
our respect for biodiversity and ecosystems. In addition to
mitigating adverse effects, we actively seek opportunities
for positive ecological initiatives. We explore measures to
enhance local ecosystems through habitat restoration, the
implementation of sustainable land management practices
and other relevant initiatives.
When potential impacts are determined to be manage-
able, we move forward to secure the necessary permits to
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
4949 Sustainability | EnvironmentSustainability | Environment
construct and operate the power plants. The concession
applications often propose mitigating requirements that we
place on ourselves. The authorities carry out a comprehen-
sive evaluation of all potential and actual negative impacts
identified. Concessions shall only be issued when the poten-
tial negative impacts of the power plants can be managed
responsibly. The concessions include environmental criteria
specifically adopted to safeguard local ecosystems, cultural
heritage sites, and other interests of the local community
around that specific site. As an example, the concession for
our hydro power plant, Bøen II, mandated a design of the
power plants water intake that allows eel to move down-
stream undisturbed. These requirements are implemented in
our designs, all our operational power plants are continually
monitored to ensure lasting compliance.
After obtaining a concession, and other relevant permits from
the authorities, we proceed to the construction phase. We
only engage responsible subcontractors who have passed
Cloudberry’s due diligence process and comply with the
strict environmental requirements outlined in our contracts
and Supplier Code of Conduct. Read more about our supplier
requirements in the chapters “Workers in the value chain” and
“Business Conduct”. The construction phase also includes
strategies to minimize environmental impacts. For example, we
consider scheduling the most disruptive activities outside the
local animals’ breeding, nesting, or rearing season whenever
possible. In addition, we strive to reduce affected areas by
minimizing on-site component storage through just-in-time
delivery and by incorporating road design approaches that
lessen the need for passing places when feasible.
At the end of a power plant’s operational life, we will dismantle
the facility in a manner that minimizes environmental impact
while maximizing recycling opportunities. By prioritizing
methods that allow for more recycling of materials, we
contribute to reducing the demand for virgin raw materials,
whose extraction and refinement can have substantial nega-
tive upstream effects on nature. Additionally, with permission
from the landowner, we will implement nature positive meas-
ures to restore the ecosystem to an even healthier condition
than before our involvement. Each of our power plants are
built and operated in full compliance with the rigorous stand-
ards established by our operating licenses, and our continuous
monitoring ensures that we consistently meet, and often
exceed, all environmental requirements.
In addition, during 2024 Sundby Wind Farm maintained the
environmental certification “Bra Miljöval” (Good Environmental
Choice). This certificate demonstrates that the electricity
production at the Sundby windfarm meets a set of environ-
mental criteria, including biodiversity.
Targets
Our goal is that our operations shall have a net positive impact
on nature. Our projects are designed not only to mitigate
adverse effects but also to actively enhance biodiversity
wherever possible. We integrate comprehensive biodiversity
assessments into our project planning to ensure our devel-
opments bolster ecosystem resilience and promote species
diversity. Furthermore, we actively implement ecological
enhancement projects to support and enrich natural habitats
throughout the lifecycle of our assets. For instance, at Sundby
Wind Farm in Sweden, we collaborated with third-party
consultants to identify and adopt nature conservation meas-
ures that enhance biodiversity on-site. These efforts include
supporting pollinator populations, monitoring avian species,
and creating new habitat spaces.
The way forward
While we acknowledge that our construction and operational
activities may disturb local ecosystems around our sites,
public perceptions of our negative impacts are often exag-
gerated. Moving forward, we will prioritize data collection and
transparent disclosure of our findings. All our projects comply
with strict environmental requirements and will continue to
do so. Additionally, we will focus on identifying nature-positive
initiatives to enhance biodiversity around new construction
sites and develop innovative solutions to minimize and avoid
construction impacts.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5050 Sustainability | EnvironmentSustainability | Environment
Spoor: Protecting wildlife with AI: A smarter future for wind energy
The transition to renewable energy is essential for combating climate change, but it must
be pursued in coexistence with nature. Wind turbines could pose risks to bird populations
through collisions and habitat disruption. However, strategic planning, improved turbine
design, and data-driven measures can significantly reduce these impacts.
By integrating responsible siting, monitoring, and
mitigation measures, we can ensure that wind
power development supports both renewable
energy goals and biodiversity protection. As the
global demand for renewable energy grows, so
does the responsibility to mitigate its ecological
impact. That is why Cloudberry has teamed up
with Spoor, a Norwegian technology firm using
AI-powered camera systems to monitor bird
activity around wind farms.
Founded in 2020 during the pandemic, Spoor
was built on a fundamental question: How can
industry and nature co-exist? Traditional methods
of studying bird migration and collision risks – such
as onsite ornithologists or radar – sometimes fall
short in delivering precise, reliable and long-term
data. Spoor’s AI-driven approach offers
operators of wind farm data-backed insights
to help balance energy production with nature
conservation.
– Wind energy is crucial for the transition to
renewables, but it must be done in coexistence
with nature to safeguard long-term value creation.
Our technology gives operators the ability to make
informed decisions while dispelling myths about
its impact on bird populations, says Ralph Natter
Berg, a key executive at the company.
One of Spoor’s landmark projects is its partnership
with Cloudberry at the Rørmyra wind farm, where
their system has recorded approximately 240,000
bird movements in the area. Preliminary reports
from Spoor during the first two years of data
collection indicate that fewer than one bird per
turbine per year collides, demonstrating the impor-
tance of local knowledge and the use of modern
technology in understanding and mitigating our
projects’ impacts on the environment.
When it comes to implementation, regulators
always look for the best solutions with high quality
data to guide their decisions, but many countries
still rely on traditional assessment methods.
However, environmental authorities in Sweden and
Norway are showing increasing openness to also
include camera-based monitoring powered by AI.
– Our journey started with recording bird activity
around wind farms, providing operators with
insights into flight patterns and collision risks.
But data alone isn’t enough. We saw the need
to move from observation to action. Our next
step is to enable real mitigation by implementing
AI-driven solutions like shut down-on-demand
technology, which precisely reduces turbine
speed when high-risk species are detected. This
shift allows wind energy to be both efficient and
responsible, ensuring maximum protection of birds
with maximum renewable energy production, says
Ralph.
Ingrid Bjørdal, our Chief Sustainability Officer,
is closely engaged in advancing technological
mitigation solutions:
– As Cloudberry expands wind power across the
Nordics, we see great potential in scaling and inte-
grating these solutions. The trial at Rørmyra wind
farm was our first step, followed by Odal wind
farm. With rapid advancements in AI technology,
Cloudberry is committed to leading the industry in
innovation and sustainability. We want to demon-
strate that balancing respect for nature with
society’s growing demand for renewable energy
is not just possible –it’s essential, says Ingrid.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5151 Sustainability | EnvironmentSustainability | Environment
EU Taxonomy
Sustainability must be measurable and
comparable. The EU Taxonomy sets clear
criteria for defining sustainable activities,
allowing Cloudberry to demonstrate how our
business model drives the green transition.
Cloudberry is required to report under the EU Taxonomy, the
EU classification system that defines sustainable economic
activities. The EU Taxonomy aims to establish a framework
that produces comparable information across sectors and
geography. To this end, the EU has adopted regulations
covering various economic activities and categorized those
to which the regulations apply as eligible. In this context,
eligible means that an activity is covered by the regulations,
not that it is sustainable.
If an eligible activity meets the EU criteria for sustainability, it is
considered aligned with the EU Taxonomy. To be aligned, an
eligible activity must:
1. Make a substantial contribution to at least one of the six
environmental objectives.
2. Do No Significant Harm (DNSH) to the other environmental
objectives.
3. Comply with minimum safeguards related to human and
labor rights.
This chapter outlines Cloudberry’s methodology for assessing
whether our activities are eligible and, if so, whether the
eligible activities are aligned with the EU Taxonomy. The
assessment follows three key steps:
1. Eligibility Assessment –Identifying activities that fall within
the scope of the EU Taxonomy.
2. Alignment Verification – Determining whether these activ-
ities meet technical screening criteria, Do No Significant
Harm (DNSH) principles, and minimum safeguards.
3. KPI Calculation – Measuring the proportion of revenue,
capital expenditure (CapEx), and operational expenditure
(OpEx) associated with eligible and aligned activities.
The assessment methodology relies on self-evaluation,
compliance with international frameworks for corporate
responsibility, and outcomes from previous years’ consulta-
tions with third-party verifiers.
Environmental objectives:
• Climate change mitigation
• Climate change adaptation
• Protection of water and marine resources
• Transition to a circular economy
• Pollution prevention and control
• Protection and restoration of biodiversity and
ecosystems
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5252 Sustainability | EnvironmentSustainability | Environment
Step 1: Eligibility assessment
Eligible activities
We screened our own activities, to identify which activities
are explicitly included in the EU taxonomy regulation. We iden-
tified the activities “Electricity generation from hydropower”
and “Electricity generation from wind power” as relevant for
Cloudberry. These activities encompass both the construction
and operation of such power plants. Thus, our construction
projects and our producing assets are eligible under the
EU-taxonomy.
Non-eligible activities
Conversely, we have determined that Captiva’s technical
commercial asset management services are ineligible. This
may seem counterintuitive, since operational monitoring,
quality assurance, HSE compliance, on-site supervision,
commercial management, financial services, maintenance,
and revenue management are fundamental to operating a
power plant. However, the Taxonomy requires us to classify
Captiva’s services within the non-eligible activity “Asset
management”, rather than the eligible activity “Electricity
generation from hydropower”. These activities are never-
theless closely linked to producing renewable energy, so this
classification highlights the limitations of the EU Taxonomy’s
stringent rules.
Step 2: Alignment assessment
The next step is to identify whether the eligible activities
are aligned. Our wind power and hydropower plants were
assessed against chapter 4.3 and chapter 4.5 in Annex 1 of the
Delegated Act 2021/2139, respectively. These chapters describe
the technical screening criteria to making a substantial contri-
bution to climate change mitigation and the “Do No Significant
Harm” (DNSH) criteria for the other five environmental objec-
tives for both technologies. To assess the technical screening
criteria, we considered actual measurements, internal risk
analyses for each power plant, climate risk analyses based on
the IPCC’s Fifth Assessment Report, the license requirement for
each specific power plant, the power plants’ LCAs and addi-
tional sources. We concluded that all our power plants meet the
technical requirements. In addition, we verified that our opera-
tions still comply with the minimumrequirements concerning the
core topics of human rights & workers’ rights, bribery/corruption,
taxation, and fair competition.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5353 Sustainability | EnvironmentSustainability | Environment
Step 3: Calculation of KPIs
Reporting principles
The EU Taxonomy requires the disclosure of three KPIs;
Turnover, CapEx and OpEx. Our methodology for calculating
these KPIs is based on our interpretation of the delegated
acts, as well as guidance from the European Commission. In
calculating the KPIs, Cloudberry reports on figures that derive
from activities that are eligible and aligned to Taxonomy. The
calculations are defined as follows:
The basis for calculating the three KPIs is Cloudberry’s
consolidated financial figures as of year-end 2024. Thus, the
calculation of the KPIs includes economic activities of compa-
nies that Cloudberry controls figures from joint ventures (JVs)
and associated companies.
Turnover
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 gener-
ated electricity.
Eligible
& aligned
Turnover %
=
Numerator: Revenue from eligible
and aligned activities
IFRS 15 Sales RevenueDenominator:
Capital expenditure (CapEx)
Cloudberry’s Capex, disclosed in compliance with the
Taxonomy, includes total expenditure for additions to property,
plant, and equipment (PPE), intangible assets, and right-of-use
assets directly associated with Taxonomy-eligible activities
or those covered by a plan to expand or transition eligible
activities into Taxonomy-aligned ones. These expenditures
additions mainly cover the purchase or construction costs of
power plants. However, they exclude capitalized development
costs related to internal employee salaries, external develop-
ment costs and interest costs for projects still in the backlog or
pipeline.
Eligible
& aligned
CapEx %
=
Numerator:
CapEx on eligible
and aligned activities
Total additions for PPE
and Intangible assets
Denominator:
Operating expenditure (OpEx)
Cloudberry’s Opex, disclosed in compliance with the
Taxonomy, includes the total expenditure for direct non-cap-
italized costs that relate to research and development
(greenfield development), maintenance and repair, project
costs (greenfield development) and any other direct expendi-
tures incurred for the day-to-day service and continued
functioning of hydro and wind power plants.
Eligible
& aligned
OpEx %
=
Numerator: OpEx on eligible and
aligned activities
Total direct non-
capitalized costs
Denominator:
99% of our capital expenditure is
considered sustainable according
to the EU Taxonomy.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5454 Sustainability | EnvironmentSustainability | Environment
The results
Cloudberry’s EU Taxonomy reporting reaffirms its strong
alignment with sustainable economic activities. The data
shows that turnover is derived from renewable energy sales,
of capital expenditure (CapEx) is invested in wind and hydro-
power projects, and of operating expenditure (OpEx) goes
toward maintaining and enhancing these renewable assets.
Notably, all eligible activities are fully aligned with the EU
Taxonomy’s requirements, meaning they contribute substan-
tially to climate change mitigation, do not significantly harm
other environmental objectives, and comply with safeguards
related to human and labor rights.
Cloudberry’s near-total alignment, especially the 99% CapEx
alignment, highlights its commitment to renewable energy
investments and reinforces its role in Europe’s green transition.
This dedication to sustainable growth solidifies Cloudberry’s
position as a key player in the green economy.
Turnover
Capex
Opex
Full year 2024
NOK million
Eligible - Taxonomy aligned 84%
Non- Eligible 16%
382
Eligible - Taxonomy aligned 99%
Non- Eligible 1%
Eligible - Taxonomy aligned 98%
Non- Eligible 2%
404
15
Full year 2023
NOK million
Eligible - Taxonomy aligned 81%
Non- Eligible 19%
333
Eligible - Taxonomy aligned 95%
Non- Eligible 5%
Eligible - Taxonomy aligned 96%
Non- Eligible 4%
550
20
Full year 2022
NOK million
Eligible - Taxonomy aligned 74%
Non- Eligible 26%
208
Eligible - Taxonomy aligned 88%
Non- Eligible 12%
324
Eligible - Taxonomy aligned 88%
Non- Eligible 12%
12
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5555 Sustainability | EnvironmentSustainability | Environment
Turnover
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities
Code
Turnover
Proportion of
Turnover 2024
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy-aligned
(A.1.) or -eligible (A.2.)
turnover, FY2023
Enabling
activity
Transitional
activity
MNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from wind power CCM 4.3 285 75% Y N N/EL N/EL N/EL N/EL - Y Y N/A Y Y Y 59% - -
Electricity generation from hydropower CCM 4.5 34 9% Y N N/EL N/EL N/EL N/EL - Y Y N/A N/A Y Y 22% - -
Turnover of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 319 84% 84% - - - - - - - - - - - - 81% - -
A.2. Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL - - - - - - - - - -
Turnover of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 0 0% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 0% - -
A. Turnover of Taxonomy-eligible activities (A.1. + A.2.) 319 84% EL N/EL N/EL N/EL N/EL N/EL - - - - - - - 81% - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
Turnover of Taxonomy-non-eligible activities 63 16%
Total (A+B) 382 100%
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5656 Sustainability | EnvironmentSustainability | Environment
CapEx
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities
Code
CapEx
Proportion of
CapEx 2024
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy-aligned
(A.1.) or -eligible (A.2.)
CapEx, FY2023
Enabling
activity
Transitional
activity
MNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from wind power CCM 4.3 274 68% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 95% - -
Electricity generation from hydropower CCM 4.5 126 31% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 0% - -
CapEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 399 99% 99% 0% - - - - - - - - - - - 95% - -
A.2. Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL - - - - - - - - - -
CapEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 0 - EL EL N/EL N/EL N/EL N/EL - - - - - - - 0% - -
A. CapEx of Taxonomy-eligible activities (A.1. + A.2.) 399 99% 99% 0% - - - - - - - - - - - 95% - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
CapEx of Taxonomy-non-eligible activities 5 1%
Total (A+B) 404 100%
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5757 Sustainability | EnvironmentSustainability | Environment
OpEx
2024 Substantial Contribution Criteria DNSH criteria (‘Does Not Significantly Harm’)
Economic Activities
Code
OpEx
Proportion
of OpEx 2024
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Climate Change
Mitigation
Climate Change
Adaptation
Water
Pollution
Circular Economy
Biodiversity
Minimum Safeguards
Proportion of
Taxonomy-aligned
(A.1.) or -eligible (A.2.)
OpEx, FY2023
Enabling
activity
Transitional
activity
MNOK % Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y; N; N/EL Y/N Y/N Y/N Y/N Y/N Y/N Y/N % E T
A. TAXONOMY-ELIGIBLE ACTIVITIES
A.1. Environmentally sustainable activities (Taxonomy-aligned)
Electricity generation from wind power CCM 4.3 15 97% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 85% - -
Electricity generation from hydropower CCM 4.5 0 1% Y N N/EL N/EL N/EL N/EL Y Y Y Y Y Y Y 11% - -
OpEx of environmentally sustainable activities
(Taxonomy-aligned) (A.1) 15 98% 98% 0% - - - - - - - - - - - 96% - -
A.2. Taxonomy-Eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL EL; N/EL - - - - - - - - - -
OpEx of Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities) (A.2) 0 0% EL EL N/EL N/EL N/EL N/EL - - - - - - - 0% - -
A. OpEx of Taxonomy-eligible activities (A.1. + A.2.) 15 98% 98% 0% - - - - - - - - - - - 96% - -
B. TAXONOMY-NON-ELIGIBLE ACTIVITIES
OpEx of Taxonomy-non-eligible activities 2%
Total (A+B) 15 100%
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5858 Sustainability | EnvironmentSustainability | Environment
Social
Own workforce
60
Workers in the value-chain
64
Affected communities
68
Sustainability ambitions
To act responsibly towards our employees
and society, being a preferred employer
and partner
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
5959 Sustainability | SocialSustainability | Social
Own workforce
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Secure, year-round employment
We have a positive impact on our employees’ physical and mental well-being by providing stable,
secure, year-round employment, fair wages, social protections, rapid professional growth and
meaningful tasks.
Actual
positive
impact
We ensure high motivation by engaging in several social events
and wellness initiatives to increase job satisfaction; by trusting our
employees with autonomy, providing meaningful work, and through open
and honest communication. We continually monitor our employees’
motivation, and take action whenever necessary.
Increased efficiency and innovation due to high motivation
Our annual survey finds that our employees consider their work to be important, motivating and
fulfilling. Ensuring that our employees remain motivated and satisfied ensures low turnover and
a high degree of engagement, which in turn may lead to value creation through effective and
innovative employees.
Opportunity
Potential discrimination or harassment in the workplace
Potential negative impacts can arise from incidents of discrimination or harassment in the
workplace, caused by unconscious bias or intent. Such impacts can potentially occur between
colleagues, between Cloudberry as an employer and its employees, or in the context of
recruitment processes.
Potential
negative
impact
We have received no indication of discrimination or harassment having
occurred within our own operations. Still, Cloudberry works systematically
to promote equality and prevent discrimination in the workplace. This
is done through our annual employee engagement survey, our Code of
Conduct, our whistleblower channel, and our inclusive culture.
Our commitment to equal opportunities applies to all organizational
processes, including recruitment and hiring, working conditions, training,
development, compensation, benefits, leave of absence, salary and
promotions.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6060 Sustainability | SocialSustainability | Social
The green transition will entail the creation of jobs and
changes to existing roles. It is paramount that the renewable
sector provides good working conditions and opportunities.
In all areas of our operations, Cloudberry is committed to
providing working conditions that ensure health and safety,
equal opportunities, professional development and well-being.
Policies
Code of Conduct
The Code of Conduct outlines ethical guidelines and expecta-
tions both for our workforce and the organization. The policy
addresses a range of topics, including health and safety,
labor rights, diversity, equity, inclusion, professional develop-
ment, and whistleblowing. All employees receive the Code of
Conduct as part of their employment contract.
Whistleblowing policy
The policy aims to spread awareness about the right and
responsibility of employees to report misconduct in Cloudberry.
It outlines the reporting process and how cases are handled.
Cloudberry provides a confidential whistleblowing channel,
with the option to report anonymously. The policy applies to
all employees in Cloudberry, as well as business relationships
and other third parties. Suspected breaches can be reported
anonymously through our whistleblower channel. While these
reports are initially handled internally, they will be escalated to
the appropriate authorities if necessary. Confirmed violations
may result in internal and/or external sanctions under labor,
tort or criminal law. Reporting about suspected violations shall
never lead to retribution in any way. We received no notices
through the whistle-blowing channel in 2024.
Number of employees per gender (Headcount, as of 31.12)
Gender FY 2024 FY 2023 FY 2022
Male 37 50 47
Female 13 19 15
Other 0 0 0
Not reported 0 0 0
Total Employees 50 69 62
Number of employees per country (Headcount, as of 31.12)
Country FY 2024 FY 2023 FY 2022
Norway 35 52 50
Sweden 13 15 10
Switzerland 2 2 2
Total employees 50 69 62
Number of employees (Headcount, as of 31.12)
Age FY 2024
< 30 years old 8
30 - 50 years old 31
> 50 years old 11
Actions
The foundation of ESRS reporting is the double materiality
assessment, which is underpinned by the IROs. A key step in
identifying relevant IROs is identifying which resources our
key activities depend on. This exercise confirmed that we are
powered by people, and our most critical dependency is our
workforce. As a knowledge-based company, Cloudberry relies
on the expertise, proactive attitude, and location-specific
insights of our employees. Consequently, our foremost activity
is to attract and retain the brightest talent in the energy
industry.
Attracting, retaining, and developing a highly skilled workforce
requires continual focus. To meet this challenge, Cloudberry
offers competitive benefits, rapid career advancement,
significant autonomy, and opportunities for employees to help
shape the future of our rapidly growing company. Our team
stays with us because they are entrusted with meaningful
tasks, supported by an inclusive and collaborative work envi-
ronment, and provided with exceptional growth opportunities.
We recognize that retaining our most valuable resource is an
ongoing process, one that demands daily engagement and
renewal.
Ensuring mental well-being
We have established a range of formal and informal initiatives
to foster a vibrant work environment. Our employees enjoy
twice-weekly workout sessions during working hours, weekly
social events, regular in-office gatherings, and generally an
inclusive atmosphere during the working day. To promote a
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6161 Sustainability | SocialSustainability | Social
sense of community across borders, we host biannual events
that bring together colleagues from all corners of the Nordics.
We prioritize making everyone feel seen and giving praise
when it’s deserved. For example, we make sure to highlight
individual success stories and achievements in our townhall
meetings. By the same token, we feature stories of employees
demonstrating the core values of our company. In 2024,
we also marked World Mental Health Day with a dedicated
event on mental well-being, focusing on the importance of
belonging, purpose, and control—reinforcing our commitment
to a supportive workplace culture.
Ensuring physical well-being
Cloudberry’s business model inherently presents low physical
risk to our own workforce. Our employees typically operate
in the safety of offices, engage in meetings with local stake-
holders, or conduct site inspections. These activities are
generally associated with minimal health and safety-, human
rights-, or labor risks. However, a low level of risk does not
justify inaction. ESRS mandates that, when assessing potential
negative human rights risks, severity must take precedence
over likelihood. Cloudberry applies the same approach when
evaluating health and safety and labor rights risks. These
assessments are thoroughly analyzed, and the results are the
foundation of our policies and initiatives.
Note that, while the risk of physical harm to our own
employees is low, there are significant health and safety
considerations in our supply chain and among the
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6262 Sustainability | SocialSustainability | Social
subcontractors working at our sites. We implement several
initiatives and policies to manage these risks. Read more
about this in the following chapters.
Engaging with our workforce
As a lean organization with a flat hierarchy, communication
is seamless, allowing employees to informally voice their
concerns directly with executive management. However, we
also proactively seek feedback through an annual survey
and biannual individual performance appraisals. This ongoing
dialogue allows us to continuously enhance our work envi-
ronment and support our team’s development. We carefully
analyze and discuss this feedback to identify areas for
improvement and implement targeted initiatives to address
them. The 2024 survey underscored a particularly strong
performance in both employee motivation and the diversity
and inclusion index. Average scores of 5.4 and 5.5, respec-
tively, on a 1–6 Likert scale, demonstrate that our efforts in
these areas are yielding the desired results.
Cloudberry is a dynamic and evolving organization. Our
acquisition of Captiva and the upcoming transaction with
Skovgaard Energy have made significant changes within our
workforce. Such transitions can pose challenges to employee
morale. However, we remain committed to ensuring that every
new and old team member feels heard and secure throughout
these periods of transformation.
Although absenteeism is a multifaceted issue, it can still serve
as an indirect measure of employee well-being, because
higher sick leave rates can be linked to factors such as
elevated stress, poor leadership, and work-related physical
injuries. In 2024, Cloudberry employees reported a sick leave
rate of only 3.4%, which is significantly lower than the national
average of approximately 7.2% (SSB, Q3 2024).
Targets
We have three target categories related to our workforce.
The first target is to achieve zero workplace injuries. We are
pleased to report that during the reporting period, no injuries
were recorded among our employees. To uphold this standard,
we maintain protocols for the prompt internal reporting of
both actual injuries and near misses across all sites under
our control, as well as at locations where Cloudberry holds
a minority stake. Every reported incident is systematically
escalated through the appropriate channels and ultimately
reviewed by our Board of Directors, ensuring continuous over-
sight and accountability.
Secondly, we have set two diversity and inclusion targets:
by 2025, we aim for 40% female employees and at least 40%
female representation in executive leadership. This is crucial
for our continued growth, as diverse perspectives drive
impactful decision-making.
Lastly, our annual employee survey measures a broad range
of topics, ranging from work-life balance to satisfaction with
innovative AI-solutions. We have set targets related to our
employees engagement and diversity. For 2024 we met both
targets.
Our employees participate in tailored bonus schemes aligned
with their respective roles. A key component of every scheme
is a substantial emphasis on the individual’s contribution to
company culture, social cohesion, and their demonstration
of Cloudberry’s core values; to be supportive, committed,
excellent, and bold. By linking monetary incentives to these
principles, Cloudberry underscores its commitment to
fostering an inclusive and supportive workplace. We believe
this approach is a key driver of employee engagement and
retention.
The way forward
Our highly skilled workforce is the cornerstone of our compet-
itive advantage. We recruit each employee for their unique
expertise and innovative mindset. Retaining top talent is
paramount; hence, we are committed to cultivating an envi-
ronment where careers thrive. To uphold this commitment, we
actively listen to our employees, maintain the initiatives they
value, implement robust development strategies, and continu-
ously refine systems that require improvement.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6363 Sustainability | SocialSustainability | Social
Workers in the value-chain
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
Human rights impacts in the upstream supply chain
The supply chain for energy assets is complex and fragmented. 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.
Potential
negative
impact
We prevent and mitigate negative
impacts on the workers in our value
chain through our supplier code of
conduct, contractual clauses, supplier
audits, procurement practices
and supplier due diligence. These
documents and initiatives pressure
our direct business relationships
to make similar demands of their
business relationships.
We emphasize cultivating long-term
and honest relationships with our
suppliers and business partners.
This motivates both parties to act
responsibly, honestly, and ethically
to maintain the relationship. This
enables us to have a greater impact
on our business partners’ conduct
than our size would indicate.
Worker’s rights in the construction phase
Cloudberry does not perform construction work directly. Instead, we engage experienced subcontractors to carry out construction
activities on our behalf. Engaging hired personnel in the context of construction and maintenance is associated with sector-wide risks
to workers’ rights. However, the risks are somewhat decreased by the geographical positioning of Cloudberry in the Nordic countries
– owing to the presence of unions and strong labor legislation. Still, several risks in the area of indecent working conditions, inadequate
HSE routines, and workers’ rights in general persist, especially connected to the employment of temporary workers and labor migrants.
Potential
negative
impact
Health and safety of non-employees during the operational phase
Cloudberry engage service technicians to perform the periodic maintenance, local workforce to perform frequent inspections, and
subcontractors to perform repairs as needed. These individuals are not directly employed by Cloudberry. Therefore, we consider the
risks related to poor HSE compliance to be higher than for our own workforce.
Potential
negative
impact
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6464 Sustainability | SocialSustainability | Social
A just energy transition requires the protection of workers’
human rights throughout the value chain. Engaging in a
global value chain, Cloudberry risks contributing to potential
negative impacts on worker’s rights in various ways – from the
procurement of renewable energy components to the service
of subcontractors working on our sites. Cloudberry works
systematically to identify, mitigate and avoid actual or poten-
tially adverse impacts.
In our due diligence assessments of 2024 under the
Transparency Act, we identified several risks at our own
power plants. These risks included poor HSE compliance by
subcontractors at our operating power plants. With regard
to construction activities, we specifically identified the risks
of inadequate compliance with HSE routines and indecent
working conditions by subcontractors working on our sites.
Policies
In 2024, Cloudberry further enhanced its health and safety
procedures for third-party employees and contractors at the
wind and hydropower plants we own, as well as those under
asset management. These improvements included updating
our internal control routines, revising the requirements for
working at heights, establishing new procedures for the
regular replacement of fire extinguishers, mandating inspec-
tions of hoists before use, and updating the contact posters
for reporting concerns, issues, and injuries.
Supplier Code of Conduct
The most significant risk of human rights breach lies deep
within our upstream value chain, where visibility and direct
oversight are limited. We remain committed to assessing
and mitigating these risks through supplier due diligence and
responsible sourcing practices. One of the ways we exert
influence on our suppliers is through our Supplier Code of
Conduct (SCoC). The SCoC sets clear expectations for all our
business partners to respect and promote human and labor
rights. Furthermore, our suppliers and business partners are
required to conduct due diligence and set out requirements
for their subcontractors and their own upstream suppliers.
This obligation enables Cloudberry to have an indirect, positive
influence on our suppliers’ suppliers.
Under the SCoC, suppliers must comply with laws regarding
conflict minerals to prevent the funding of actors violating
human rights. Regarding workers’ rights, the SCoC emphasizes
suppliers’ respect for the right to freely associate, join unions,
and bargain collectively. The suppliers’ employees’ are also
entitled to fair contracts and compensation, regular safety
training, and safe and hygienic work environments, facilities
and accommodations. Forced and child labor is strictly prohib-
ited. The SCoC further sets out expectations to condemn
workplace discrimination and harassment.
These requirements are solidified by contractual clauses
– making our expectations binding. If Cloudberry identi-
fies non-compliance by any member of the supply chain,
Cloudberry is set to notify the supplier of the breach and
request all necessary information to investigate the non-com-
pliance, as well as a correction plan.
Safety is our top priority.
A collaborative safety
exercise at Sundby Wind
Farm, featuring the joint
efforts of Eskilstuna Fire
Department and Vestas.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6565 Sustainability | SocialSustainability | Social
Whistle-blowing policy
The Whistle-blowing policy applies to suppliers and business
partners, including temporary workers hired from temporary
staffing agencies. It seeks to spread awareness among
employees about their rights and duties to report violations of
our guidelines or other misconduct. The policy provides guide-
lines on how reports can be made, and what can be expected
from Cloudberry in the event of a report.
Our whistleblowing channel is accessible on our internet page
(www.cloudberry.no), to provide workers with an accessible
platform to voice concerns or misconduct. Aiming to foster
a culture of transparency and accountability, the channel is
widely promoted and allows for anonymous reporting.
The whistle-blowing policy and reporting channels are meant
to ensure alignment with the Working Environment Act
(Arbeidsmiljøloven) chapterand similar laws and regulations in
the rest of the Nordics on whistleblowing.
Systematic monitoring
Comprehensive monitoring is undertaken to assess and
address impacts on human rights and decent working condi-
tions. Our due diligence processes are conducted on the basis
of international standards, including those covered by the
Norwegian Transparency Act:
• the International Covenant on Economic, Social and Cultural
Rights (“ICESCR”),
• the International Covenant on Civil and Political Rights
(“ICCPR”),
• the OECD guiding principles for Multinational Enterprises,
• The UN Guiding Principles on Business and Human Rights,
• and the core Conventions of the International Labor
Organization.
Our risk-based analysis and mitigation initiatives concentrate
on the highest-risk areas of our value chain. For further details,
please refer to our Transparency Report, scheduled for publi-
cation on our website in June 2025.
Actions
Pre-screening of suppliers
Cloudberry is committed to fostering a responsible and
sustainable value chain that upholds high standards of
accountability, ethics, and environmental stewardship. As part
of our supplier’s due diligence process, we require all part-
ners 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. By setting
clear expectations and assessing risks through prequalifi-
cation screenings and ongoing evaluations, we ensure that
our suppliers operate responsibly while fostering continuous
improvement. This approach enables us to build long-term
partnerships with suppliers who share our vision for sustaina-
bility, respect for workers’ rights, and commitment to reducing
environmental impact.
Engagement with workers
Our project managers maintain a regular onsite presence
at our construction projects. This includes participating in
safety walks, participating in safety-awareness-trainings,
and engaging with the workers. These interactions provide
valuable insights into the experiences of potentially vulner-
able workers, and it demonstrates to the subcontractors’
employees that Cloudberry prioritizes workers’ rights,
promoting adherence to the health and safety routines. We
collaborate with the subcontractors to address any identified
gaps, ensuring a safer and more inclusive working environment.
Training programs
All of Cloudberry employees received training on governance
and compliance matters, including anti-corruption measures
and whistleblower policies. Project managers were also
trained in human rights and safe working conditions.
Targets
Cloudberry is committed to zero injuries across all project
phases - development, construction, operation and, decom-
missioning – for own employees, subcontractors, suppliers,
and other third parties. In 2024, there were no recordable inju-
ries at the power plants under our direct control, nor did we
receive any reports of serious upstream injuries from our major
suppliers. However, in the fourth quarter a subcontractor at
Odal wind farm sustained a lost-time injury involving a broken
leg. While Cloudberry does not have operational control of
Odal wind farm due to its minority ownership stake, we take
such incidents seriously. Our management, together with
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6666 Sustainability | SocialSustainability | Social
Odal Wind Farm leadership, is actively following up to ensure
appropriate HSE measures are implemented. This incident was
reported to Cloudberry’s ESG-committee, Audit Committee,
and Board of Directors, underscoring our commitment to
ensuring safe working environments across all Cloudberry-
associated projects. As part of our continuous improvement
efforts, we are strengthening safety initiatives internally and
in collaboration with our partners to mitigate risks and prevent
future incidents.
Workers in the value chain
Our supplier audits, requirements, site visits, and safety walks
have proven effective at detecting and preventing negative
impacts on workers at our tier 1 suppliers, and we will continue
these initiatives. To manage issues further into our value chain,
we will strengthen cooperation with our direct business part-
ners and work together to encourage improvements among
subsuppliers. As we explore new technologies, we will remain
vigilant regarding emerging risks to workers, recognizing that
different technologies have distinct supply chains and associ-
ated challenges.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6767 Sustainability | SocialSustainability | Social
Affected communities
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
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.
Potential
negative
impact
We prevent and mitigate negative impacts on the indigenous peoples and affected
communities around our upstream value chain through our supplier code of conduct,
contractual clauses, supplier audits, procurement practices and supplier due diligence.
These documents and initiatives pressure our direct business relationships to make
similar demands of their business relationships.
Cloudberry is committed to having no direct infringement of indigenous peoples and
none of Cloudberry’s development projects are located in areas that historically belong
to the Sámi people.
Economic contributions through local value creation
Cloudberry supports local economies by using local contractors and suppliers,
paying land-use royalties, funding community initiatives, and improving local
infrastructure.
Actual
positive
impact
Cloudberry evaluates the availability of local alternatives in our procurement processes
and proactively engages with the local business community to encourage bidding in
tenders.
Community consent through demonstrated local value creation
Positive local impact through targeted investments, educational outreach, and
nature access programs may enhance municipal & community willingness to host
Cloudberry projects.
Opportunity Cloudberry proactively integrates community consultation & biodiversity protection
measures in all our projects.
We recognize that acting responsibly in every aspect of our operations is essential, as
even a single misstep can harm trust and credibility.
To reduce reputational counterparty risk, we only engage with responsible business
partners who align with our commitment to social and environmental integrity.
Local opposition
Power plants can have a visual and acoustic impact on the local society. In addition,
power plants may restrict access to areas that were previously fully accessible to
the local community.
Actual
negative
impact
Cloudberry engage local stakeholders in open and honest dialogue to listen to their
concerns with the intention to identify and implement the best solutions for each
specific location.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6868 Sustainability | SocialSustainability | Social
Policies
Code of Conduct
Our Code of Conduct emphasizes the importance of commu-
nity engagement, transparency, and sustainability. It sets out
that local revenue should grow in accordance with increased
industry profitability. The guidelines specifically highlight the
importance of local job creation, local economic integration
and enabling positive spin-offs.
Our success depends on meaningful engagement with
communities affected by our operations. Early stakeholder
dialogue is foundational to our approach, allowing us to
understand community needs and aspirations. By initiating
conversations with landowners and local stakeholders at the
project outset, we aim to secure wide-ranging support and
foster collaboration. Our projects are designed to be envi-
ronmentally and socially sustainable, with community voices
integral to the final design of the project.
The Code of Conduct include guidelines regarding Indigenous
people’s rights specifically. While Cloudberry does not operate
in any traditional Sámi areas, negative impacts on such areas
necessitates guidelines to prevent negative impact. Among
other guidelines, Cloudberry shall ensure that licenses follow a
free, prior and informed consent (FPIC) by indigenous groups
potentially impacted by our operations, in compliance with the
UN Declaration on the Rights of Indigenous Peoples (UNDIR)
article 10 and the ILO Convention no. 169 article 6. Moreover,
production and extraction shall not cause degradation to
resources that marginalized communities depend on.
Actions
Local community engagement
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. This
is essential for collecting and analyzing the local stakeholders’
insights, worries and suggestions, which in turn enables the
design of even better projects and ensures impactful initia-
tives to promote local value creation.
We observe that communities value our open dialogue. This
became particularly evident in 2024, when heightened local
demand prompted us to expand our outreach efforts. In select
projects, we organized additional dialogue meetings to ensure
the local community had greater opportunities to voice their
opinions and receive answers to their questions. 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.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
6969 Sustainability | SocialSustainability | Social
Management of negative impacts on local communities
We acknowledge that power production presents both posi-
tive and negative impacts, appealing to some stakeholder
groups more than others. Navigating this balance can be
challenging. Historically, many infrastructure projects have
overlooked local communities’ needs. Cloudberry aims to
break this trend. For example, to avoid and minimize negative
impacts on local communities, we consistently use conserv-
ative estimates when we calculate sound pollution around
our power plants, ensuring that our operations remain well
below the decibel levels considered disruptive by regulators.
Moreover, our wind farms that are within the range of nearby
residences are equipped with an advanced shadow detection
system that continually monitors the sun’s position relative to
our installations. This system automatically halts turbine oper-
ation when necessary, ensuring that any shadows cast on
houses or cabins do not exceed the national limits. We firmly
believe that acting responsibly and implementing solutions
that genuinely benefit local stakeholders is the best way of
doing business.
During 2024, Cloudberry updated its third-party risk analyses
for all its hydropower plants. These assessments evaluate
whether, and in what ways, our facilities might pose risks to
external stakeholders, and if so, they determine the appro-
priate mitigation measures. The evaluations consider a diverse
range of groups, including various demographics within the
local community as well as tourists. Potential risks examined
include inadequate safety barriers, the likelihood of local
residents swimming too close to the plants, and even the
possibility of risk-seeking individuals intentionally kayaking over
the dam. Risk-mitigating initiatives were implemented where
necessary.
Management of positive impacts on local communities
Our purpose is to deliver renewable energy today and for
generations to come. Reflecting this vision, many initiatives in
2024 were aimed at inspiring and involving younger genera-
tions. Among other things, we have organized an open house
at Sundby Wind Farm, conducted lectures at local schools,
and welcomed students to visit our construction sites. Moving
forward, we aim to expand the student visit initiatives, as we
have seen its impact in sparking interest in renewables in
general and science, technology, and construction specifi-
cally. By providing firsthand exposure to the energy sector, we
aim to inspire young people and demonstrate that a career
in renewable energy is a meaningful pathway. In addition, we
participate in, and support, the social arenas that the local
communities value whenever possible.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7070 Sustainability | SocialSustainability | Social
Cloudberry’s projects positively impact local economies. 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. In addi-
tion, 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.
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. 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. 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.
Lastly, increasing Nordic energy production is essential in
uncertain times. Reducing our reliance on foreign energy
sources is important in times where we see increasing
protectionist tendencies in elections all over the world. In cold
climates, such as ours, electricity equals safety. We need it to
stay warm. To heat our homes. To store and prepare our food.
To light up the dark winter days. Cloudberry contributes to
ensuring that the Nordic countries energy security.
Targets
While we have not yet formalized specific targets related to
local communities, this will be a core focus for 2025. Our efforts
in local engagement, economic development, and infrastruc-
ture improvements provide a strong foundation for setting
measurable goals to further community benefits in the years
to come.
The way forward
We will continue to expand initiatives that drive both tangible
and intangible local value creation, recognizing their impor-
tance in maintaining our social license to operate. By actively
engaging with local communities, we can identify the best
solutions for each project and ensure that our developments
align with local priorities and needs. Strengthening coopera-
tion with stakeholders—including landowners, municipalities,
and community organizations—will remain a key focus in 2025.
Watch the film: Munkhyttan Wind Farm –
Boosting the Nordic Value Chain
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7171 Sustainability | SocialSustainability | Social
Kraftkvinnene: Empowering women to lead the way in the energy transition
In September 2024, Cloudberry, hosted an inspiring networking event in collaboration with Kraftkvinnene at our main office in Oslo,
bringing together 100 women from across the energy sector. The evening highlighted the need for stronger networks, increased visibility,
and collective action to accelerate the shift to renewable energy while ensuring greater gender equality in the industry.
One of the participants, and part of board as well
as the organizing committee from Kraftkvinnene
was Siren Skalstad Ellensen:
-There is a great need for these types of gath-
erings so women can build connections across
industry segments. This fosters knowledge
exchange, professional growth, and increased
recruitment across the energy sector, said Siren.
Building connections, driving change
Apart from providing plenty of networking oppor-
tunities, the speakers of the evening focused
on the trilemma of achieving economic growth,
addressing the climate crisis, and preserving
nature. Moreover, highlighting equality in the
renewable energy industry is a core element of
every event with Kraftkvinnene.
Charlotte Bergqvist, Chief Projects Officer at
Cloudberry, and co-founders of Kraftkvinnorna
(Women in Power in Sweden), was one of the
speakers during the evening. She shared the story
of how the organization in Sweden came about
ten years ago, when a group of women decided
to challenge the male dominant keynote speaker
and panel line-ups in the energy sector:
– On the one hand it’s inspiring to see our sister
organization in Norway grow.On the otherhand, it
is frustrating that they are still needed. A lot has
changed for the better during these ten years,
partly attributed to the work we have done. But
evidently, we still have a long way to go before the
energy sector is truly equal, says Charlotte.
Judging from the recent growth of Kraftkvinnene,
the demand for such initiatives is clear. The
network of Kraftkvinnene is now exceeding
1,200 members – an indication of the growing
momentum for change.
Looking ahead, Kraftkvinnene will continue its
efforts to give women in the industry the tools and
opportunities needed to advance their careers.
A key initiative is an upcoming board training
program designed to increase female representa-
tion in leadership positions:
– It is critical that we not only bring more women
into the industry, but also actively support their
growth into leadership and decision-making roles,
says Siren Skalstad Ellensen.
Kraftkvinnene is a professional network
that aims to shape and promote the
renewable energy industry. Kraftkvinnene
in Norway was founded in March 2019 and
today has more than 1 200 members from
more than 250 different companies and
is constantly attracting new members.
An important part of Kraftkvinnene’s
purpose is to increase the recruitment of
women in the renewable energy industry.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7272 Sustainability | SocialSustainability | Social
Governance
Business conduct
74
Sustainability ambitions
To ensure solid governance internally and in our
value chain at all times
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7373 Sustainability | GovernanceSustainability | Governance
Business conduct
Description of the IROs Type of IRO Value chain Management of the IRO Timeframe
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.
Actual
positive
impact
Through honest and open dialogue, we aim to enhance stakeholder knowledge on
the energy transition, investment prerequisites for renewables, climate mitigation,
and environmental protection. By fostering informed discussions, we strengthen
collaboration and support for a sustainable future.
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.
Risk Cloudberry closely monitors the political agenda and macroeconomic trends, and plan
accordingly. For example, by prioritizing investments in Sweden and Denmark after
Norway introduced the ground rent tax for onshore wind.
The public’s perception of renewable energy projects
Concerns over potential adverse effects on biodiversity, land use, visual or noise
pollution, and inadequate local value creation may delay or even block project
approvals. Moreover, even if we act responsibly, the renewable energy industry’s
reputation could suffer from the irresponsible business conduct of third parties
that fail to meet social or environmental standards, leading to intensified public
opposition and further impeding progress.
Risk Cloudberry proactively integrates community consultation & biodiversity protection to
build local support and to mitigate resistance.
To reduce reputational counterparty risk, we only engage with responsible business
partners who align with our commitment to social and environmental integrity.
Value chain Upstream
Own operations
Downstream
Timeframe Short-term
Medium-term
Long-term
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7474 Sustainability | GovernanceSustainability | Governance
Policies
Our approach
Our business model actively contributes to climate change
mitigation. However, power production can also negatively
impact people and nature if not operated or constructed
responsibly. It is our duty to avoid, minimize, offset, or reme-
diate such effects. To do this, we have designed a corporate
governance structure that promotes transparency, account-
ability, and responsible decision-making, enabling us to
address our IROs effectively. We have adopted a risk-based
approach, prioritizing areas where the likelihood and potential
consequences are highest. This strategy allows us to allocate
resources efficiently, reducing unnecessary administrative
burdens while maintaining robust oversight in critical areas.
Our lean organizational structure enables us to grant signif-
icant autonomy to our employees. While a trust-based
approach carries more risk than a rigid, approval-based
control system, our deliberate use of informal controls offers
clear benefits. It empowers project teams to independently
design and implement sustainability initiatives while being
reinforced by third-party risk analyses, environmental impact
assessments, and stringent external requirements. Licenses
to construct and operate power plants are granted only after
regulators have thoroughly scrutinized all potential negative
and positive impacts of each project. As a developer working
with third-party contractors, we enforce strict environmental
requirements, as well as requirements regarding health and
safety, working conditions, hours, pay, and related matters.
For more details on these requirements and how we ensure
compliance, please refer to the “Workers in the Value Chain”
chapter.
Although our double materiality assessment confirms a low risk
of corruption, bribery, and unethical practices within our direct
operations and business partnerships, we remain vigilant.
We recognize that these risks may escalate further along our
value chain, and we proactively monitor and strengthen our
due diligence processes to mitigate potential exposures. To
manage these risks we have implemented several measures.
Incidents are detected through our internal control systems
and whistleblowing channel, and preventive efforts are rein-
forced through training programs and our Code of Conduct.
Additionally, the Board of Directors actively oversees policies
related to business ethics, human rights, anti-corruption, and
responsible supply chain management.
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 envi-
ronmental factors. These assessments are critical because
our most significant risks and potential negative impacts arise
from our upstream value chains. Selecting the right business
partners is, therefore, the single most impactful decision we
make to avoid being associated with adverse outcomes.
To ensure an effective approach, we apply a materiality
threshold in our supplier evaluations, focusing on those
suppliers and subcontractors with the highest potential risk for
negative impact, as defined by our procurement policy. This
risk-based selection ensures that our due diligence efforts
are concentrated where they are most needed. Suppliers
must meet a minimum compliance baseline across govern-
ance, environmental, and social responsibility criteria. Those
identified as posing a high-risk potential—whether due to
operational concerns, regulatory non-compliance, or a history
of unethical practices—undergo enhanced due diligence. If
a supplier falls below established thresholds in critical areas
such as labor rights, environmental stewardship, or financial
stability, they may be required to implement corrective action
plans as a condition for maintaining or establishing a business
relationship with Cloudberry
Adherence to our Supplier Code of Conduct and all applicable
legal requirements is non-negotiable. However, we believe that
collaboration is the most effective means to mitigate negative
impacts among our subcontractors and suppliers. We place
high importance on partnering with organizations that share
our values, are committed to health, safety, and environmental
(HSE) initiatives, and are willing to acknowledge and remediate
any actual negative impacts.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7575 Sustainability | GovernanceSustainability | Governance
Pre-screening suppliers is particularly crucial for our asset
management division, which oversees power plant opera-
tions 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. However, since asset managers do not have
the authority to modify or terminate these contractual rela-
tionships , their ability to address potential upstream risks is
limited. Early identification of these risks is therefore essential
to prevent any adverse effects. Read more about how we
work with our business partners in the chapter on workers in
the value chain.
Corporate culture and the code of conduct
The CoC provides ethical guidelines on key governance issues
including anti-corruption, conflict of interest, anti-money laun-
dering, cyber security, financial integrity, trade regulations, and
fair competition. It enforces a zero-tolerance policy on corrup-
tion and requires employees to conduct regular compliance
training.
To uphold fair competition, the CoC strictly prohibits anti-com-
petitive practices such as price-fixing and bid-rigging.
Cybersecurity and data privacy are prioritized through regular
audits and comprehensive employee training. Ethical infor-
mation handling is enforced to prevent insider trading, ensure
confidentiality, and promote responsible external communica-
tion. Additionally, we extend our commitment to high ethical
standards across our entire value chain, requiring business
partners to adhere to the same governance principles.
Whistleblowing and incident management
Cloudberry’s whistleblowing channel is accessible to all
internal and external stakeholders, offering anonymous
reporting options. The whistleblowing policy is widely commu-
nicated, encouraging reporting of ethical concerns. We
guarantee thorough investigations without retribution. In 2024,
the channel was strengthened when we assigned two board
members and the Chief Sustainability Officer as recipients. If
you have any concerns, suspicions or worries, we encourage
you to access our whistleblower channel and report the
concern. No incidents were reported in 2024.
Anti-corruption and supplier management
Cloudberry upholds a zero tolerance for bribery and corrup-
tion, 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. In 2024,
an AI-assisted audit of a higher-risk supplier was conducted,
reinforcing Cloudberry’s commitment to ethical sourcing. The
audit did not uncover any deviations but identified five key
areas for improvement..
Engaging with local and national politicians
Political dynamics at both local and national levels can
significantly impact each development project, introducing
risks such as municipal delays and unpredictable regulatory
changes. This volatility can lead to increased costs and direct
project setbacks. As every phase of the development process
incurs a cost, a project delay represents both a monetary
loss as well as an opportunity cost. Continuous monitoring
of Nordic energy politics through media, direct dialogue with
politicians, industry networks, and official communications
is therefore essential. This vigilance minimizes the risks of
investing in areas with lower chances of success.
Our mitigation efforts hinge on proactive stakeholder engage-
ment. Educating local decision-makers about the true costs
and benefits of local power production is one of our most
important tools. Read more about the engagement initiatives
in the chapter on affected communities.
Procurement policy
The Procurement Policy underscores Cloudberry’s commit-
ment to responsible and sustainable procurement practices.
The policy establishes clear guidelines for supplier selection,
contracting, and cost management, ensuring that all procure-
ment decisions align with Cloudberry’s ethical, environmental,
and governance principles. It prioritizes fair and transparent
supplier relationships, favoring those with competitive prices
who demonstrate commitment to high-quality products,
compliance with relevant laws, fair labor practices, and a
reduced environmental footprint. Competitive tendering
processes and authorization protocols further reinforce
accountability in procurement activities.
A strong emphasis is placed on sustainability and ethical
business conduct, with internal training programs aimed at
fostering awareness and adherence among employees. The
policy also mandates meticulous record retention, ensuring
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7676 Sustainability | GovernanceSustainability | Governance
procurement transparency and legal compliance. Our
ongoing review and improvement efforts ensure alignment
with sustainability regulations and industry standards. By
integrating these responsible procurement measures, we aim
to create a resilient and sustainable value chain, minimizing
negative environmental impacts while supporting ethical
business conduct across all operations
The sustainability reporting process
Our sustainability reporting process includes several robust
procedures to ensure accuracy and completeness. The first
line of defense is the expertise of our data owners, which mini-
mizes the risk of errors in quantitative data. The Sustainability
Advisor collects the data, and before consolidation, each
submission is evaluated against historical trends and current
events. Any discrepancies are thoroughly investigated and
corrected as necessary. Once consolidated, emissions are
calculated using reputable emission factors, and when esti-
mates are needed, we consult internal or external experts.
Qualitative information is collected and verified by the project
team members or asset managers best equipped with the
relevant knowledge. The final report is reviewed by the Chief
Sustainability Officer and the ESG Committee to ensure
compliance with the applicable reporting frameworks before
it is presented to the Board of Directors for approval.
Actions
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.
The supplier audit in focus was Infrakraft (previously Entry), who
was an important supplier of groundwork in the construction
of Sundby wind farm. Our supplier audits are not just about
compliance – they foster collaboration and continuous improve-
ment both for ourselves and those taking part in the audit.
The supplier audit at Infrakraft focused on critical ESG areas
such as labor conditions, HSE, environmental protection, risk
management, and ethical business practices. Nijaz Mehmedovic
is Operations manager at Infrakraft, with a decade of experi-
ence working both as a project engineer and as a key account
manager for various infrastructure customers:
– This audit was a good opportunity for us to demonstrate our
commitment to best practices and, at the same time, learn and
improve. Governance is not just about following rules; it is about
setting a higher standard, says Nijaz from Infrakraft.
All in all, the audit not only confirmed compliance with relevant
regulations but also identified some slight improvement areas
within the areas of risk management and subcontractor moni-
toring. This initiative marks a milestone in leveraging AI for
governance and compliance, setting the foundation for future
audits and strengthening supplier collaboration.
Nijaz Mehmedovic,
Operations manager
at Infrakraft
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7777 Sustainability | GovernanceSustainability | Governance
Targets
As part of the “3-in-30” strategy, Cloudberry aims to achieve
3 TWh in production by 2030, with a balanced approach of
organic growth and inorganic growth. Central to this growth
strategy is our unwavering commitment to zero tolerance
for compliance breaches, both internally and throughout our
value chain.
To uphold this standard, we integrate strict compliance
requirements into every stage of our acquisition and expan-
sion efforts, including regular courses and awareness training.
We proactively assess risks related to governance, ethics, and
regulatory adherence, ensuring that all business activities align
with Cloudberry’s ethical and legal obligations.
The way forward
To ensure we remain on the right trajectory, Cloudberry is
committed to responsible growth—both organically, through
new project development, and inorganically, through acquisi-
tions. This requires a continuous focus on risk management,
ethical business practices, and regulatory compliance across
all aspects of our operations. To achieve this, we will:
• Strengthen supplier due diligence for both new develop-
ments and acquisitions to ensure full alignment with our
ethical and compliance standards.
• Expand supplier audits, prioritizing high-risk suppliers to
ensure focus on materiality and integrity in our value chain.
• Continue fostering responsible sourcing by safeguarding
human and labor rights in relevant procurement processes.
• Ensure robust ESG integration in both project development
and operational management.
• Enhance training programs for employees and partners,
ensuring they fully understand regulatory requirements,
ethical standards, and Cloudberry’s zero-tolerance stance
on violations.
• Continuously update our guiding documents, policies, and
best practices to align with the latest industry standards
and regulatory expectations.
• Engage stakeholders proactively, fostering collaboration
with regulators, investors, suppliers, and communities to
drive meaningful impact and long-term resilience.
By taking a holistic approach to governance, compliance, and
sustainability in all parts of our organization, Cloudberry aims
to maintain trust, mitigate risk, and drive responsible energy
expansion in the Nordic region.
Actual 2024 Actual 2023 Actual 2022 Target 2024
Whistle-blowing incidents 0 1 0 N/A
Corruption and bribery incidents 0 0 0 0
Compliance training 100% 100% 36% 100%
Breach of concession 0 0 0 0
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
7878 Sustainability | GovernanceSustainability | Governance
Corporate
governance
Corporate governance in Cloudberry
80
The Board and governing bodies
82
The Executive Management
88
Executive compensation
89
Shareholder information
90
Signatures from the Board and the CEO
92
Cloudberry Clean Energy • Annual report 2024
79 GovernanceGovernance
Corporate governance in Cloudberry
Introduction
The Board of Directors is strongly committed
to maintaining high standards of corporate
governance, which is fundamental to
Cloudberry’s operations. Transparent
and robust governance structures ensure
accountability, ethical business conduct,
and long-term value creation for both
shareholders and stakeholders. Cloudberry
adheres to regulatory requirements and best
practices, particularly those outlined in the
Norwegian Code of Practice for Corporate
Governance (NUES).
Operating in a dynamic sector, Cloudberry places strong
emphasis on sustainability, regulatory compliance, and
investor confidence. The Board of Directors and management
continuously assess and refine governance structures to align
with strategic objectives and evolving regulations.
Key governing documents
Cloudberry’s corporate governance framework is founded
on a set of key governing documents that establish respon-
sibilities, processes, and policies to ensure transparency,
accountability, and effective decision-making. These docu-
ments form the backbone of the Company’s governance
structure and are aligned with Norwegian legislation, NUES,
and industry best practices.
Core governance documents
• Articles of Association – Define the fundamental principles
of Cloudberry’s business operations, including its strategic
platform – to develop, own, and operate renewable energy
assets in the Nordics. The Articles outline decision-making
frameworks, shareholder rights, and the roles and respon-
sibilities of the General Meeting, Board of Directors, and
executive management.
• Norwegian Code of Practice for Corporate Governance
(NUES) – Cloudberry follows the NUES principles, which
promote sound governance practices, board accountability,
shareholder rights, and financial transparency. The Company
conducts an annual compliance review, disclosing any devia-
tions with clear justifications to maintain transparency.
• Board procedural rules – Specify the responsibilities, struc-
ture, and working methods of the Board of Directors. They
define the oversight function, clarify the roles of board
committees, and establish requirements for board meeting
frequency and structure.
• Code of Conduct – Sets ethical expectations for employees,
executives, and board members, covering business integ-
rity, anti-corruption, fair competition, and human rights.
Supporting policies on compliance, whistleblowing, and
responsible business practices enhance internal govern-
ance mechanisms.
• Guidelines for risk management and internal control –
Provide a structured approach to identifying, assessing,
and mitigating risks while ensuring financial integrity and
regulatory compliance. Cloudberry continuously strengthens
internal controls to manage financial, operational, market,
and ESG-related risks effectively.
• Nomination committee policy – Establishes guidelines for
identifying and evaluating candidates for the Board of
Directors, ensuring a diverse composition that balances
competency, independence, and industry expertise.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8080 GovernanceGovernance | Corporate governance in CloudberryGovernance | Corporate governance in Cloudberry
• Remuneration and Compensation Policies – Govern exec-
utive and board compensation, ensuring alignment with
Cloudberry’s strategic goals and long-term value creation.
The policies promote competitive, performance-based
remuneration while incorporating sustainability objectives.
They are reviewed by the Remuneration Committee and
disclosed in line with regulatory requirements.
Guiding values and governance approach
Cloudberry’s corporate values—Be Supportive, Be Bold, Be
Exceptional, and Be Committed—shape decision-making, lead-
ership expectations, and corporate culture. These values guide
collaboration, innovation, ethical conduct, and operational
excellence, reinforcing Cloudberry’s long-term commitment to
sustainability and responsible business practices.
To ensure continuous improvement, governing documents are
regularly reviewed to align with regulatory changes, industry
developments, and Cloudberry’s strategic ambitions. This
governance framework upholds transparency, strengthens
stakeholder trust, and ensures long-term, sustainable value
creation.
Basis for reporting
Cloudberry’s corporate governance reporting is based on
Norwegian legal requirements, stock exchange regulations,
and recognized governance standards. As a company
listed on the Oslo Stock Exchange, Cloudberry complies with
the Norwegian Public Limited Liability Companies Act, the
Norwegian Accounting Act, and the Issuer rules of the Oslo
Stock Exchange. These regulations ensure transparency,
accountability, and proper financial reporting.
In addition, Cloudberry adheres to NUES, which provides guide-
lines for sound corporate governance principles, including
board responsibilities, shareholder rights, and risk manage-
ment. The Company follows NUES on a comply-or-explain
basis, meaning any deviations are disclosed and justified in
this section. See table to the right.
Cloudberry aligns with European regulatory requirements for
corporate sustainability and is actively preparing for compli-
ance with the Corporate Sustainability Reporting Directive
(CSRD) and the European Sustainability Reporting Standards
(ESRS). These frameworks ensure structured, transparent
reporting on environmental, social, and governance (ESG)
factors, reinforcing Cloudberry’s commitment to responsible
business practices.
Reporting in relation to Norwegian Code of Practice
NUES provides principles for responsible corporate governance.
The Company adheres to these guidelines on a comply-or-ex-
plain basis, meaning any deviations are disclosed and justified in
the Governance section of the annual report.
The table to the right are the key principles, with reference to
relevant information and if Cloudberry complies.
Compliance
with the Code Reference
1. Implementation and reporting on
corporate governance
Page 81
2. Business purpose and strategy
Page 15
3. Equity and dividends
Page 90
4. Equal treatment of shareholders and
transactions with close associates
Page 90
5. Shares and trading
Page 91
6. General Meetings
Page 86
7. Nomination committee
Page 86
8. The Board of Directors: composition
and independence
Page 83
9. The work of the Board of Directors
Page 84
10. Risk management and internal control
Page 27
11. Remuneration of the Board of
Directors
Page 89
12. Remuneration of Executive
Management
Page 89
13. Information and communication
Page 91
14. Takeovers
Page 91
15. Auditor
Page 87
Deviations from Section 6 of the Corporate Governance Code: The Corporate Governance
Code recommends that all members of the Board attend the general meetings of the
Company. Not all board members are present at every general meeting of the Company.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8181 GovernanceGovernance | Corporate governance in CloudberryGovernance | Corporate governance in Cloudberry
The Board and governing bodies
The overall structure
Cloudberry’s governance structure consists of several key governing bodies to ensure an effective balance
between decision-making, oversight, and accountability.
The various committees, the Board of Directors and other governing bodies of Cloudberry are illustrated below:
Board of Directors
General Meeting
ESG
committee
1
Audit
committee
Remuneration
committee
Nomination
committee
External auditor
Chief Executive
Officer
1
Following the AGM2025 the ESG Committee
will be merged with the Audit Committe
(reporting topics), and strategic ESG topics
will be moved to the Main Board
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8282 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
The Board of Directors of Cloudberry
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Nicolai Nordstrand
Board member
Henrik Joelsson
Board member
Alexandra Koefoed
Board member
Mads Andersen
Board member
For full CVs please see Cloudberry.no
Composition and independence
The Board of Directors of Cloudberry is responsible for
overseeing the Company’s strategic direction, financial perfor-
mance, and governance framework. The Board consists of
individuals with diverse expertise in renewable energy, finance,
compliance, and corporate governance, ensuring a balanced
and competent leadership structure.
According to the Articles of Association, the Board of Directors
shall consist of between three and eight members. Presently,
the Board has seven members, all non-executive directors
with regards to Cloudberry. All but one of the Board members
are independent of the Company’s executive management
and significant shareholders. Nicolai Nordstrand is the general
manager of Havfonn AS and Snefonn AS, which controlled
8.6% and 5.6% of Cloudberry’s shares and votes, respectively,
as of 31 December 2024. Together, the two companies held a
total of 14.2%
Board members are elected by the General Meeting for a
one-year term and may be re-elected. None of the Board
members hold executive roles within Cloudberry, ensuring a
clear division between management and oversight functions.
The Board members are encouraged to own shares in the
Company through a structured share purchase program,
where they invest 30% of their fixed gross remuneration (pre-
tax) annually in Cloudberry shares. For further details about
the Boards share purchase programme see the Company’s
annual Remuneration report.
Role and responsibilities
The Board of Directors has the overall responsibility for the
governance of Cloudberry and ensures the proper organi-
zation of the Company’s business activities. The Board’s key
responsibilities include:
• Defining and overseeing Cloudberry’s corporate strategy.
• Ensuring sound financial management and approval of
budgets and financial reports.
• Monitoring risk management practices and internal controls.
• Overseeing ESG (Environmental, Social, and Governance)
initiatives and regulatory compliance.
• Appointing and supervising the CEO and reviewing execu-
tive management performance.
• Representing shareholder interests and safeguarding
Cloudberry’s long-term value creation.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8383 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
Principles and instructions
The Board operates based on clear procedural instructions
that define its work and responsibilities. These instructions
specify the division of tasks between the Board and the CEO,
meeting structures, decision-making processes, and ethical
guidelines. Annual self-assessments are conducted to eval-
uate the Board’s performance and effectiveness.
Conflicts of interest are managed through strict governance
policies. Any Board member with a potential conflict on a
matter is required to disclose it and recuse themselves from
related discussions and decisions. Cloudberry’s Code of
Conduct further reinforces ethical business practices and
Board integrity. The Board’s work is guided by governing prin-
ciples such as transparency, accountability, and sustainability,
aligning with Cloudberry’s long-term strategy and stakeholder
expectations.
The work of the Board
The Board meets regularly, with a minimum of four scheduled
meetings per year and additional meetings as needed. In 2024,
the Board held 19 meetings (of which seven were physical,
six were digital on Teams and six were electronic/in writing),
with an average attendance rate of 99%. Attendance is a key
priority, and Board members are expected to actively partici-
pate in governance discussions.
A structured annual work plan ensures that key matters such
as corporate strategy, financial performance, ESG goals,
insurance, organizational development, and risk management
are systematically reviewed. The Board also participates in
strategic site visits to Cloudberry’s operational assets to gain
deeper insight into the Company’s activities. To stay informed
about industry trends and governance best practices, the
Board members engage in continuous learning and regulatory
updates. In line with the increasing focus on sustainability,
Cloudberry’s Board plays an active role in integrating ESG
considerations into decision-making processes.
The Board remains committed to enhancing governance,
ensuring financial discipline, and supporting Cloudberry’s
mission to develop, own, and operate renewable energy
assets across the Nordics.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8484 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
Working committees of the Board
To enhance governance efficiency, the Board has established three committees: an Audit committee, a Remuneration committee and an ESG committee. These committees assist the Board in deci-
sion-making and governance while ensuring compliance with regulatory requirements and best practices. Each committee operates under a defined charter, meets regularly, and reports on its activities
to the Board of Directors.
Audit committee
The Audit committee is on behalf of the Board responsible for
overseeing Cloudberry’s financial reporting, internal controls,
risk management, and audit processes. The committee
ensures that the Company’s financial statements are
accurate, compliant with International Financial Reporting
Standards (IFRS), and aligned with shareholder expectations.
It also monitors financial risk and internal audit functions.
Key responsibilities include:
• Reviewing financial statements and ensuring high-quality
financial reporting.
• Monitoring internal control systems and risk management
frameworks.
• Assessing the independence and performance of the
external auditor.
• Evaluating the Company’s financial risk exposure, including
compliance with tax, treasury, and financial regulations.
The committee consists of independent, non-executive Board
members, as required by the NUES. It convenes at least five
times per year, with additional meetings when necessary.
In 2024, the audit committee held six meetings.
Remuneration committee
The Remuneration committee safeguards the integrity of
Cloudberry’s executive remuneration policies, ensuring they
are competitive, transparent, and aligned with shareholder
interests. The committee’s work supports the retention of a
highly qualified leadership team while ensuring that executive
performance is linked to long-term value creation.
Key responsibilities include:
• Evaluating the Company’s executive compensation struc-
ture, including short-term incentives (STI) and long-term
incentives (LTI).
• Aligning remuneration with Cloudberry’s financial and ESG
performance targets.
• Reviewing CEO and executive management performance
against predefined benchmarks.
• Overseeing share-based incentive programs and ensuring
fair and transparent management remuneration policies.
The committee is composed of independent Board members
and convenes at least twice annually to assess executive
pay policies and make recommendations to the Board for
approval.
In 2024, the Remuneration committee held seven meetings.
Environmental, Social and Governance (ESG) committee
The ESG committee plays a pivotal role in ensuring that
Cloudberry’s commitment to environmental, social and
governance (ESG) principles is fully integrated into its business
operations and strategy. Given Cloudberry’s focus on renew-
able energy, sustainability is central to its long-term value
creation.
Key responsibilities include:
• Overseeing Cloudberry’s sustainability goals and climate
risk policies.
• Ensuring compliance with EU Taxonomy and Corporate
Sustainability Reporting Directive (CSRD) frameworks.
• Monitoring policies related to business ethics, human rights,
anti-corruption, and responsible supply chain management.
• Advising the Board on emerging ESG risks and opportuni-
ties, particularly related to the renewable energy sector.
The committee consists of Board members with expertise
in sustainability, corporate governance, and regulatory
compliance. It meets on a regular basis to review Cloudberry’s
progress toward its ESG commitments and to ensure align-
ment with industry best practices.
In 2024, the ESG committee held seven meetings.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8585 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
Annual General Meeting
The Annual General Meeting (AGM) is the highest deci-
sion-making body in Cloudberry, where shareholders exercise
their rights and influence the Company’s governance.
Cloudberry is committed to ensuring that the AGM is conducted
in a manner that facilitates transparency, equal shareholder
treatment, and active participation in accordance with NUES.
Notice and participation
Cloudberry ensures that the notice of the AGM, including the
agenda and supporting documents, is made available at least
21 days in advance, in line with NUES recommendations and
the Norwegian Public Limited Liability Companies Act. The
notice contains sufficient and detailed information to enable
shareholders to make informed decisions.
Shareholders have the right to attend, speak, and vote at the
AGM. Those unable to attend in person can vote by proxy
or use digital voting options where applicable. Cloudberry
encourages shareholders to engage actively in deci-
sion-making processes and facilitates electronic participation
as a part of its commitment to accessibility.
Agenda and decisions
The AGM is typically held by the end of April each year, where
key matters are considered, including:
• Approval of the annual accounts and financial statements,
including the Board’s annual report.
• Election of Board members and nomination committee
members.
• Approval of executive remuneration policies, including long-
term incentive structures.
• Appointment of the external auditor and approval of the
auditor’s remuneration.
• Other matters required by law or proposed by the Board or
shareholders.
Each share carries one vote, and all resolutions are passed by
simple majority, unless legislation or the Company’s Articles of
Association require a higher majority.
Extraordinary General Meetings
If the Board of Directors, the auditor, or shareholders repre-
senting at least 5% of the Company’s share capital request an
Extraordinary General Meeting (EGM), the Board must convene
the meeting within a month. EGMs are called to address
urgent matters that require shareholder approval between
regular AGMs.
Board recommendations and independent chairing
All proposals presented at the AGM are supported with
recommendations from the Board, ensuring shareholders have
sufficient information. The AGM is chaired by an independent
party, typically an external legal counsel, to ensure impartiality
and adherence to governance best practices.
Minutes and transparency
Meeting minutes, including resolutions and voting results, are
published on Cloudberry’s website immediately after the AGM,
in accordance with stock exchange requirements and best
governance practices.
The Nomination committee
The Nomination Committee is responsible for proposing candi-
dates for the Board of Directors and Nomination Committee,
as well as recommending Board remuneration. Operating
independently, it ensures a transparent and objective process
aligned with NUES.
Composition and election
Elected by the AGM for a two-year term, the Nomination
committee consists of three independent members who are
not part of the Board or executive management. Members
may be re-elected, and the committee ensures broad share-
holder representation.
The current members are:
• Morten S. Bergesen, Chair (re-elected in 2023)
• Joakim Gjersøe, Member (re-elected in 2024)
• Henrik Lund, Member (re-elected in 2023)
Responsibilities and work process
The Nomination committee’s primary responsibility is to ensure
that Cloudberry’s Board of Directors has the necessary exper-
tise, diversity, and independence to support the Company’s
strategy and governance requirements. Each year, the
committee assesses the composition of the Board to deter-
mine whether changes are needed. This assessment includes
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8686 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
reviewing the Board’s competencies, workload, and diversity
and consulting with key stakeholders.
To identify suitable candidates, the committee:
• Engages with major shareholders to gather input on Board
composition and strategic governance needs.
• Holds discussions with existing Board members and CEO to
evaluate competencies, workload, and future needs.
• Benchmarks Board remuneration against industry standards
to ensure it remains competitive.
• Ensures that proposed candidates meet independence
requirements and have relevant qualifications in areas such
as renewable energy, corporate governance, sustainability,
and finance.
Since last AGM, the committee has held 11 meetings.
Transparency and shareholder involvement
The committee ensures transparency by publishing its
recommendations well in advance of the AGM. Shareholders
are invited to propose candidates and provide input on the
Board’s composition. The final recommendations, including
proposed Board members and remuneration levels, are
submitted for shareholder approval at the AGM.
External auditor
Cloudberry’s external auditor, Ernst & Young AS (EY), is respon-
sible for independently auditing the Company’s financial
statements in accordance with International Standards on
Auditing (ISA) and Norwegian regulations. The audit ensures
financial integrity, regulatory compliance, and stakeholder
confidence.
Independence and oversight
The Audit Committee oversees the auditor’s work, ensuring
compliance with NUES. Each year, the external auditor
provides a written confirmation of independence and presents
key audit findings and financial reporting risks to the Audit
committee and the Board of Directors.
Engagement and reporting
The auditor participates in meetings of the Board of Directors
and the Audit committee whenever the annual accounts are
on the agenda. During these meetings, the auditor presents
the main features of the plan and work performed related to
the audit, reports on the annual accounts and any significant
changes in the Company’s accounting principles and material
estimated accounting figures. Additionally, the auditor
highlights any significant matters where there has been disa-
greement between the auditor and the Company’s executive
management. The auditor has not reported any such disa-
greements.
Furthermore, the Board of Directors conducts an annual
review of the Company’s internal control procedures in collab-
oration with the auditor. This review includes an assessment
of identified weaknesses and recommendations for improve-
ment. The auditor also meets with the Board of Directors
without management present to discuss governance-related
concerns. In 2024, the external auditor attended four meetings
with the Audit committee and one meeting with the Board of
Directors.
Audit and non-audit services
To protect independence, Cloudberry follows a pre-approval
policy for non-audit services and discloses auditor fees in its
annual report. The remuneration to the auditor is subject to
approval by the annual General Meeting. The Audit committee
monitors compliance with EU regulations on auditor rotation,
assessing the auditor’s performance and recommending
changes when necessary.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8787 GovernanceGovernance | The Board and governing bodiesGovernance | The Board and governing bodies
The Cloudberry Management
For full CVs please see Cloudberry.no
Anders J. Lenborg
Chief Executive
Officer
Ole-Kristofer Bragnes
Chief Financial
Officer
Christian A. Helland
Chief Commercial
Officer
Ingrid Bjørdal
Chief Sustainability
Officer
Charlotte Bergqvist
Chief Projects
Officer
Erik W. Welle-Strand
Chief Operation
Officer
The Executive Management
Cloudberry’s executive management team is responsible for the day-to-day operations,
strategic execution, and financial performance of the Company. The team works closely
with the Board of Directors to ensure alignment with corporate objectives, regulatory
compliance, and sustainable value creation.
In 2024, Cloudberry implemented key changes to its
executive management team to enhance strategic alignment
and operational efficiency. As part of this transition, the
Company restructured its leadership roles and introduced
new competencies to support its growth ambitions in the
renewable energy sector.
These changes reflect Cloudberry’s
commitment to strengthening its leadership
team and maintaining a robust management
framework to support its renewable energy
ambitions.
Chief Financial
Officer
Chief Sustainability
Officer
Chief Projects Officer
(Projects segment)
Chief Operating Officer
(Asset Management
segment)
Board of Directors
General Meeting
Chief Executive
Officer
Chief Commercial Officer
(Commercial segment)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8888 GovernanceGovernance | The Executive ManagementGovernance | The Executive Management
Executive
compensation
The Company’s executive compensation structure is
designed to attract, retain, and motivate key leaders while
aligning with long-term shareholder interests. It consists of
a fixed base salary, performance-based incentives, and
benefits. The performance-based components include
both short-term incentives (STI) linked to annual financial
and strategic targets and long-term incentives (LTI)
designed to drive sustainable long-term value creation.
Compensation guidelines are reviewed annually to ensure competitiveness and
adherence to market standards. The latest executive compensation policy,
approved at AGM in 2024, outlines the framework for remuneration, including
performance metrics, incentive structures, and governance principles. The
Board of Directors, through the Remuneration Committee, oversees these poli-
cies to ensure transparency and compliance with regulatory requirements.
Further details on executive remuneration, including specific compensation
components and annual disclosures, can be found in the Company’s annual
Remuneration report.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
8989 GovernanceGovernance | Executive compensationGovernance | Executive compensation
Shareholder information
Cloudberry is committed to maintaining
an open and transparent dialogue with its
shareholders, ensuring equal treatment,
predictable shareholder returns, and
adherence to sound corporate governance
principles. The Company’s policies on
ownership, dividend distribution, and share-
related matters align with NUES and statutory
requirements for public companies listed on
the Oslo Stock Exchange.
Ownership structure
Cloudberry is listed on the Oslo Stock Exchange, and its shares
are freely tradable. As of 31 December 2024, the Company’s
shareholder structure consists of institutional investors, private
investors, and business partners. A full overview of the 20
largest shareholders is disclosed in note 19 in the annual report
for 2024. (also available on Cloudberry’s website.)
The Company’s ownership policy emphasizes transparency
and shareholder engagement. Information on shareholding
structures is regularly updated and published in accordance
with disclosure obligations.
Dividend policy
Cloudberry’s dividend policy aims to balance shareholder
returns with the Company’s financial position and growth
ambitions. In the growth phase, the Company prioritizes
reinvestment in development projects and acquisitions to
maximize long-term value creation. Over time, Cloudberry
intends to distribute dividends to shareholders in line with
sustainable cash flows from operating assets.
The Board of Directors will evaluate dividend payments annu-
ally and presents any proposed distribution to the General
Meeting for approval. The policy ensures that retained earn-
ings are sufficient to fund future opportunities while delivering
competitive shareholder returns.
Equal treatment of shareholders
Cloudberry has one class of shares, where each share carries
equal rights, including voting rights at the General Meeting.
The Company upholds the principle of equal treatment of
all shareholders in accordance with Norwegian corporate
governance standards.
If the Board of Directors proposes a share capital increase
through the issuance of new shares, existing shareholders
will have pre-emptive rights to subscribe in proportion to their
current holdings, unless such rights are waived by the General
Meeting. Any decision to waive pre-emptive rights will be justi-
fied and disclosed in a public statement.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9090 GovernanceGovernance | Shareholder informationGovernance | Shareholder information
Shares and negotiability
Cloudberry’s shares are freely transferable, and there are no
restrictions on share trading or ownership, as defined in the
Company’s Articles of Association. The Company supports an
open market for its shares and complies with all Oslo Stock
Exchange regulations regarding share issuance and trading.
Purchase of treasury shares
The General Meeting may authorize the Board of Directors to
purchase treasury shares within the framework of the Public
Limited Liability Companies Act. Any such authorization will
typically allow repurchases for purposes such as employee
incentive programs, share-based compensation, or other
corporate objectives. The Board ensures that any buybacks
are conducted in compliance with principles of equal treat-
ment of shareholders.
Takeovers
Cloudberry follows the NUES recommendations regarding
takeovers. The Board of Directors will not take measures to
obstruct a takeover bid unless explicitly authorized by the
General Meeting. In the event of an offer, the Board will issue
a recommendation to shareholders based on an independent
evaluation, ensuring transparency and shareholder interests
are protected. The Board will ensure that all shareholders
receive equal treatment and sufficient information to make an
informed decision.
Any potential takeover scenario will be handled in compliance
with Norwegian securities law, and Cloudberry’s governance
policies will safeguard the interests of minority shareholders
throughout the process.
Increase in share capital and equity
The Board of Directors may propose increases in share capital
to finance strategic growth initiatives, acquisitions, or other
corporate purposes. Any such proposal will be subject to
shareholder approval at the General Meeting.
At the Annual General Meeting, the Board may seek author-
izations to increase share capital and option to do share
buy back within defined limits. These authorizations are
time-bound and valid until the next General Meeting, ensuring
shareholder oversight. The Board will ensure that capital
measures align with the Company’s financial strategy and
long-term value creation objectives.
Cloudberry maintains a solid capital structure to support its
operations and investment plans. The Company regularly
assesses its equity and liquidity levels to ensure financial resil-
ience and alignment with strategic goals.
Information and communication
Cloudberry prioritizes timely and accurate information to
shareholders, ensuring equal access to relevant company
updates. The Company reports financial and operational
developments in accordance with Oslo Stock Exchange
disclosure rules.
The Annual General Meeting serves as the primary forum for
shareholder engagement. Shareholders are encouraged to
participate and exercise their voting rights. Meeting notices
and agenda documents are published on the Company’s
website in advance of each General Meeting, and the minutes
are published shortly after the General Meeting.
Investor relations activities, including earnings reports, capital
market updates, and governance disclosures, are managed
in line with best practices to foster transparency and trust
among the Company’s stakeholders.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9191 GovernanceGovernance | Shareholder informationGovernance | Shareholder information
Signatures from the Board and
the CEO of Cloudberry Clean Energy ASA
Board conclusion
In the opinion of the Board of Directors, the consolidated financial statements provide a true and fair view of the group’s
financial performance during 2024 and financial position on 31 December 2024. According to Section 4-5 of the Norwegian
Accounting Act, we confirm that the consolidated financial statements and the financial statements of the parent company
have been prepared based on the going concern assumption, and that it is appropriate to make that assumption.
Oslo, 24 March 2025
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9292 GovernanceGovernance | Signatures from the Board and the CEOGovernance | Signatures from the Board and the CEO
Financial
statements
Consolidated financial statements
94
Parent company financial statements
146
Responsibility statement
162
Auditor’s report
163
Alternative performance measure
166
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9393 FinancialsFinancials Financials
Consolidated financial statements
Consolidated statement of profit or loss
95
Consolidated statement of comprehensive income
95
Consolidated statement of financial position
96
Consolidated statement of cash flows
97
Consolidated statement of changes in equity
98
Notes to the consolidated financial statements
99
General
99
Note 1 General information
99
Note 2 General accounting policies and principles
100
Note 3 Key accounting estimates and judgements
101
Note 4 Operating segments
102
Note 5 Business combinations
104
Note 6 Acquisitions and disposal of assets and
operations
106
Financial risk management
107
Note 7 Risk management and financial instruments
107
Note 8 Hedge activities and derivatives
116
Statement of profit and loss or
comprehensive income
118
Note 9 Sales revenues and other income
118
Note 10 Employee benefits and share-based
payments
120
Note 11 Other operating expenses
123
Note 12 Financial items
123
Note 13 Tax
124
Statement of financial position
126
Note 14 Property, plant and equipment
126
Note 15 Goodwill and impairment
128
Note 16 Investments in associated companies and
joint ventures
131
Note 17 Inventory
135
Note 18 Cash, cash equivalents and corporate funding
136
Note 19 Share capital and shareholder information
136
Note 20 Interest-bearing debt and debt facilities
138
Note 21 Provisions, guarantees and other contractual
obligations
140
Other information
141
Note 22 Earnings per share
141
Note 23 Transactions with related parties
142
Note 24 List of subsidiaries and equity accounted
companies
144
Note 25 Subsequent events
145
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9494 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of profit or loss
1 January–31 December
NOK million
Note
FY2024
FY2023
Sales revenue
9
382
333
Other income
9
166
277
Total revenue
548
610
Cost of goods sold
(33)
(26)
Salary and personnel expenses
10
(122)
(119)
Other operating expenses
11
(135)
(130)
Operating expenses
(290)
(276)
Net income/(loss) from associated companies and JV
4, 16
51
(72)
EBITDA
1
309
263
Depreciation
14
(175)
(109)
Amortization
9
(18)
Impairment
15
-
(99)
Operating profit (EBIT)
1
144
37
Financial income
7, 12
234
306
Financial expenses
7, 12
(244)
(121)
Profit/(loss) before tax
134
222
Income tax expense
13
(10)
11
Profit/(loss) after tax
124
233
Profit/(loss) attributable to:
Equity holders of the parent
96
272
Non-controlling interests
28
(39)
Earnings per share (NOK):
Continued operation
– Basic
22
0.33
0.93
– Diluted
22
0.32
0.93
Consolidated statement of
comprehensive income
1 January–31 December
NOK million
Note
FY2024
FY2023
Profit for the year
124
233
Other comprehensive income
Items which may be reclassified over profit and loss in
subsequent periods
Net movement of cash flow hedges
8
(54)
(44)
Income tax effect
8
12
10
Exchange differences on translation of foreign operations
140
(64)
Net other comprehensive income
98
(99)
Total comprehensive income/(loss) for the year
221
134
Total comprehensive income/(loss) attributable to:
Equity holders of the parent company
157
220
Non-controlling interest
64
(86)
1
Classified as alternative performance measure (APMs). For further details, including definitions and usage, refer to the section on Alternative
performance measure in the financial report.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9595 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of financial position
NOK million
Note
31.12.2024
31.12.2023
ASSETS
Non-current assets
Property, plant and equipment
14
4 172
3 997
Intangible assets
5
24
Goodwill
15
208
206
Investment in associated companies and JVs
16
1 424
1 175
Financial assets and other assets
7
105
91
Total non-current assets
5 913
5 492
Current assets
Inventory
17
152
99
Accounts receivables
7
59
61
Other assets
7
30
260
Cash and cash equivalents
18
874
779
Total current assets
1 115
1 199
TOTAL ASSETS
7 028
6 691
NOK million
Note
31.12.2024
31.12.2023
EQUITY AND LIABILITIES
Equity
Share capital
19
72
73
Share premium
19
3 497
3 496
Total paid in capital
3 569
3 569
Other equity
536
362
Non-controlling interests
671
685
Total equity
4 776
4 617
Non-current liabilities
Interest-bearing loans and borrowings
8, 20
1 853
1 507
Lease liabilities
24
30
Provisions
21
116
115
Deferred tax liabilities
13
55
59
Total non-current liabilities
2 048
1 710
Current liabilities
Interest-bearing loans and borrowings
20
98
78
Other financial liabilities
2
57
Lease liabilities
16
7
Accounts payables and other liabilities
7
27
147
Provisions
21
62
76
Total current liabilities
204
364
Total liabilities
2 253
2 075
TOTAL EQUITY AND LIABILITIES
7 028
6 691
Oslo, 24 March 2025
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9696 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of cash flows
NOK million
Note
FY2024
FY2023
Cash flow from operating activities
Profit/(loss) before tax
134
222
Net gain from sale of PPE and project inventory
(118)
(272)
Depreciations and amortization
14
166
126
Impairment
-
99
Net income from associated companies and JV's
4, 16
(51)
72
Share-based payments – non-cash to equity
17
24
Net interest paid/received
56
28
Unrealised effect from change in fair value derivatives
(11)
(12)
Unrealised foreign exchange (gain)/loss
(12)
(56)
Change in accounts payable
(81)
7
Change in accounts receivable
(4)
4
Change in other current assets and liabilities
154
(18)
Net cash flow from operating activities
249
224
Cash flow from investing activities
Interest received
12
33
23
Investment and capitalization projects
(42)
(14)
Investments in PPE and intangible assets
14
(276)
(535)
Net proceeds from sale of PPE and project inventory
6
320
684
Net proceeds from divestment of operations, net of cash
6
(34)
-
Investment in business comb. net of cash acquired
5
(112)
(2 010)
Payment for increase in controlling interest
(1)
(23)
Investments in associated companies and JV's
16
(165)
-
Net cash flow from loans to associated companies and JV's
(1)
(20)
Distributions from associated companies and JV's
16
32
85
Net cash flow from (used in) investing activities
(245)
(1 810)
NOK million
Note
FY2024
FY2023
Cash flow from financing activities
Payment to escrow account
-
(3)
Proceeds from new term loans
20
471
1 200
Payment of capitalised borrowing costs
(3)
(8)
Repayment of term loan
20
(129)
(207)
Repayment of current interest-bearing liabilities
20
(86)
(54)
Interest paid on loans and borrowings
12
(88)
(55)
Payment on lease liabilities – interest
(1)
(2)
Repayment on lease liabilities
(6)
(6)
Share capital increase
19
1
1
Payment for shares bought back
19
-
(29)
Dividends paid to NCI
(72)
(7)
Net cash flow from financing activities
86
830
Total change in cash and cash equivalents
90
(756)
Effect of exchange rate changes on cash and
cash equivalents
5
(3)
Cash and cash equivalents at start of period
779
1 538
Cash and cash equivalents at end of period
874
779
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9797 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated statement of changes in equity
Attributable to parent company equity holders
Paid in capital
Other equity
Foreign
Share based Cash flow currency trans-Retained Total other Non-controlling
Share capital
Share premium
Treasury shares
paymenthedge reserveslation reserveearnings
equity
Total
interests
Total equity
Equity as at 01.01 2023:
73
3 495
-
31
74
18
22
146
3 714
80
3 794
Profit/loss for the period
-
-
-
-
-
-
272
272
272
(39)
233
Other comprehensive income
-
-
-
-
(35)
(18)
-
(53)
(53)
(47)
(99)
Total comprehensive income
-
-
-
-
(35)
(18)
272
220
220
(86)
134
Share capital increase
-
1
-
-
-
-
-
-
1
-
1
Repurchase own shares
-
-
(29)
-
-
-
-
(29)
(29)
-
(29)
Share based payments in the year
-
-
-
24
-
-
-
24
24
-
24
Transaction with non-controlling interest
-
-
-
-
-
-
2
2
2
(32)
(30)
Transaction with non-controlling interest
from business combinations
-
-
-
-
-
-
-
-
-
723
723
Transfer to other equity
-
-
-
-
-
-
-
-
-
-
-
Equity as at 31.12 2023
73
3 496
(29)
55
39
1
296
362
3 931
685
4 617
Equity as at 01.01 2024:
73
3 496
(29)
55
39
1
296
362
3 931
685
4 617
Profit/loss for the period
-
-
-
-
-
-
96
96
96
28
124
Other comprehensive income
-
-
-
-
(42)
103
-
62
62
36
98
Total comprehensive income
-
-
-
-
(42)
103
96
157
157
64
221
Share capital increase
-
1
-
-
-
-
-
-
1
-
1
Repurchase own shares
(1)
-
29
-
-
-
(28)
1
-
-
-
Share based payments in the year
-
-
-
17
-
-
-
17
17
-
17
Transaction with non-controlling interest
-
-
-
-
-
-
(1)
(1)
(1)
(7)
(9)
Transaction with non-controlling interest
from business combinations
-
-
-
-
-
-
-
-
-
(72)
(72)
Transfer to other equity
-
-
-
-
-
-
-
-
-
-
-
Equity as at 31.12 2024
72
3 497
-
72
(2)
104
362
536
4 105
671
4 776
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9898 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Notes to the consolidated financial statements
General
Note 1 General information
Accounting policies
Cloudberry Clean Energy ASA (“the Company”), its subsidiaries and investments in associated companies and joint ventures (“the Group” or
“Cloudberry”) is an independent power producer, developing, owning and operating renewable assets in the Nordics. Cloudberry has an integrated
business model across the life cycle of renewable power plants including project development, construction, financing, ownership, operations and
management.
Cloudberry Clean Energy ASA is incorporated and domiciled in Norway. The address of its registered office is Frøyas gate 15, NO-0273 Oslo, Norway.
Cloudberry Clean Energy ASA was established on 10 November 2017. The Company is listed on Oslo Stock Exchange main list (ticker: CLOUD).
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
9999 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 2 General accounting policies and principles
Basis for preparation
The Group’s consolidated financial statements have been prepared
in accordance with International Financial Reporting Standards
(IFRS) and interpretations from International Financial Reporting
Interpretations Committee (IFRIC) as adopted by the EU.
The Group’s consolidated financial statement is prepared on a going
concern basis.
These consolidated financial statements for the full year 2024 have
been approved for issuance by the Board of Directors on 24 March
2025 and are subject to approval by the Annual General Meeting on
23 April 2025.
The functional currency of the parent company Cloudberry Clean
Energy ASA is Norwegian krone (NOK) and the consolidated financial
accounts are presented in Norwegian Krone (NOK). As a result of
rounding adjustments, amounts and percentages may not add up to
the total.
Basis for measurement
The consolidated financial statements have been prepared on a
historical cost basis, except that certain financial instruments and
derivatives are recognised at fair value, please see Note 7 Key risks
and financial instruments. Historical cost is generally based on the fair
value of the consideration given when acquiring assets and services.
Basis and principles for consolidation
The consolidated financial statements comprise the financial state-
ments of the parent company Cloudberry Clean Energy ASA and its
subsidiaries, see Note 24 List of subsidiaries and equity accounted
companies.
Subsidiaries are all entities (including structured entities) over which
the Group has control.
Upon the acquisition of new entities, development or producing
projects, single or groups, management assess whether the acqui-
sition constitutes a business combination in accordance with IFRS
3, or whether it is considered to be an asset acquisition, see Note 5
Business combinations and Note 6 Acquisitions and disposal of assets
and operations.
Foreign currency translation
The functional currency of the companies in the Group is determined
based on the nature of the primary economic environment in which
the company operates.
Transactions in foreign currencies are initially recorded at the spot
rate at the date of the transaction.
Monetary balance sheet items denominated in foreign currencies
are retranslated at the functional currency rate of exchange at the
balance sheet date. All differences are taken to profit or loss with the
exception of net investments in foreign operations, where currency
differences are taken to other comprehensive income.
Non-monetary items that are measured in terms of historical cost in a
foreign currency are translated using the exchange rate at the date
of the transaction. Non-monetary items that are measured at fair
value in a foreign currency are translated using the exchange rates at
the date when the fair value was measured.
Principles of cash flow statement
The cash flow statement has been prepared using the indirect
method.
Operating activities: changes in working capital comprise of current
interest-free receivables and current interest-free liabilities. Effects
related to capital expenditures, inventory investments, unrealised
changes or reclassifications are not included in changes in working
capital.
Investing activities: acquisition/divestment of shares includes cash
and cash equivalents in the investee that are recognised/divested
at the transaction date. Hence, this is presented net together with
the cash consideration paid or received. Capitalized costs related to
project inventory are presented together with project investments.
Financing activities: interest payments from interest rate derivatives,
which are used to manage the Group’s debt portfolio, are presented
as a part of interests paid.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
100100 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 3 Key accounting estimates and judgements
Significant estimates
The most critical assumptions used by management are the long-
term price forecast for power and the related market developments
together with the applied weighted average cost of capital (WACC)
in discounted cash flow (DCF) models. The uncertainty related to the
long-term price forecast estimate is primarily associated with the
Commercial segment, while WACC estimates are also relevant for
Asset Management. These assumptions are critical input for manage-
ment related to financial statement processes such as:
•
Impairment testing of goodwill, PPE and investment in associates
and JV’s. See Note 15 Goodwill and impairment.
•
Allocation of fair value in business combinations, transactions
related to PPE, investment in associates and JV’s , goodwill
and inventory. In 2024, there have been no significant business
combinations. However, at the end of 2024 a significant business
combination in Denmark was signed, which is expected to be
completed in the first quarter of 2025. Allocation of fair value in this
transaction will include significant estimates. For further details,
refer to Note 5.
Long term price forecast for power
Management relies on two independent providers, Volue and
Thema, for long-term power price forecasts. Until 2022, only Volue
was used, however, following the acquisition of the Odin portfolio in
2023, management introduced a second provider to ensure a more
balanced and representative outlook. Each provider develops its own
base case for future power prices, and to maintain objectivity, we use
the average of both forecasts.
Significant variations exist between individual power price forecasts,
making an averaging approach the most appropriate methodology.
This method reflects a broader market perspective while mitigating
potential biases in any single forecast.
For decision-making, the base cases of Volue and Thema are
averaged to derive a consolidated power price curve, benefiting
from two independent external sources. This approach ensures an
impartial and consistent basis for estimating long-term power prices.
Additionally, management follows a structured policy of relying on
independent third-party power curves.
The power price forecast is continuously reviewed and updated
based on the latest available data. The selection of external providers
is also subject to ongoing assessment.
Weighted average cost of capital (WACC)
The Weighted Average Cost of Capital (WACC) is a significant
estimate used by management to prepare the financial statements,
particularly in the valuation of assets and impairment testing.
Cloudberry determines WACC based on externally observed market
indicators, ensuring an unbiased and market-reflective estimate.
Cost of debt
The cost of debt is calculated using the market risk-free rate appli-
cable to the respective country of investment, with an observed
market-based margin added. This approach ensures that the debt
cost reflects prevailing financial conditions in the relevant jurisdiction.
Cost of equity
The cost of equity is derived using the Capital Asset Pricing Model
(CAPM), which incorporates the:
•
Risk-free rate relevant to each region
•
Market risk premium applicable to the investment environment
•
Equity beta specific to Cloudberry’s business
The equity beta is determined by using peer group data from publicly
listed renewable energy companies. Initially, the unlevered beta is
obtained from the peer group and subsequently re-levered to reflect
the financial leverage ratio applicable to the specific investment.
Periodic updates and application
To maintain accuracy, WACC is updated periodically to align with
market conditions at the time it is used as an input in financial
reporting.
Significant judgements
The preparation of the consolidated financial statements requires
management to exercise significant judgment in selecting and
applying accounting policies in various key areas. For certain transac-
tions, the application of these policies may have a material impact on
the financial statements.
Key areas where significant judgment is applied include:
•
Assessment of business combination or
asset acquisition note 5, 6 and 14
•
Assessment of control over investments note 5
•
Asset useful life and annual production volumes note 5 and 15
•
Classification of developing projects note 14 and 17
•
Assessment of impairment indicators note 15
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
101101 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 4 Operating segments
Accounting principles
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 (previ-
ously 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.
•
Corporate is a cost-efficient segment that performs management
tasks for the Group like financing, marketing, reporting and other
corporate activities.
The Board of Directors is the Group’s chief operating decision-maker.
The segments are determined based on the differences in the nature
of their operations. The main performance indicator for segment
reporting is EBITDA.
The Group’s segment financials are reported on a proportionate
1
basis, a standard practice in the renewable energy market where
assets are often partially owned. This approach helps manage risks,
diversify investments, and address the industry’s capital-intensive
nature. As such the chief operating decision maker utilises this
reporting basis to understand the Group’s investment exposure by
considering its proportionate share in different assets or companies.
The key differences between the proportionate and the consolidated
IFRS financials are that all entities are included with the respective
ownership share in each accounting line by the Group. Associated
companies and joint ventures are included in the financial accounting
lines, the profit or loss statement and share of assets and net debt,
with the respective proportionate ownership share. While in the
consolidated financials associated companies and joint ventures are
consolidated with the equity method. Subsidiaries that have non-con-
trolling interests are in the proportionate reporting presented with
only the Group’s ownership share, while in the consolidated financials
they are included with the share of the unowned result allocated to
minority interest.
Projects
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. Cloudberry manages
projects from the early stages of planning until they receive construc-
tion permits, ensuring a seamless transition from development to
execution. A key priority for Cloudberry is maintaining close dialogue
with local communities, and public and private landowners to secure
land access, streamline permitting processes, and mitigate environ-
mental impacts.
Commercial
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 bilat-
eral agreements or on the spot market via Nordpool. The segment
is responsible for optimizing the performance of Cloudberry’s oper-
ational assets while also driving strategic growth through mergers,
acquisitions, and partnerships. The Commercial segment is also the
local manager and service provider for Forte Energy Norway AS,
delivering management services to its portfolio of power plants (see
Note 19 Investments in associated companies and joint ventures).
In 2024, Cloudberry strengthened this proportionate segment by
increasing its ownership to 49.99% stake in Forte Energy Norway AS.
Additionally, the integration of newly completed assets from the
Projects segment, the Munkhyttan and Sundby wind farms, further
expanded production capacity and enhanced revenue streams.
Asset Management (Captiva)
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. Captiva is an asset manager and
operator of renewable power assets in the Nordics, with a history
spanning over 15 years. Since its acquisition by Cloudberry, Captiva
has added significant value to Cloudberry’s hydro and wind develop-
ment, procurement, and construction, while also establishing itself as
a high-quality asset manager for power plants in the Nordic region.
The segment reporting for 2024 includes a 100% ownership of the
Captiva Group.
1
See APM section for proportionate segment reporting
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
102102 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Corporate
The Corporate segment consists of corporate services, group
management, and finance, ensuring efficient capital allocation and
strategic oversight across Group. It is responsible for managing the
Group’s balance sheet, capital needs, and investment decisions,
including overseeing M&A activities with input from relevant segments.
The segment also handles all financial reporting and communication
with external stakeholders, ensuring transparency and compliance
with regulatory requirements. The corporate management aims
to remain a cost-effective, agile and dynamic team that supports
Cloudberry’s growth. By year end, there were seven employees in the
corporate segment.
Proportionate financials
The table shows the segment reporting for 2024 (with reconciliation
to reported Group consolidated IFRS) and with comparable figures for
2023 in lower table.
Please refer to Note 9 Sales revenues and other income for infor-
mation about external sales revenue per product and services and
information about geographical area.
Please refer to the section “Alternative performance measure” for
definitions and further details regarding reconciliations between the
Group IFRS reported figures and proportionate segment reporting.
FY2024 Elimination Residual
of equity ownership
Asset Total Group accounted consolidated Total
NOK million
Projects
Commercial
Management
Corporate
proportionate eliminations entities entities consolidated
Total revenue
141
569
65
1
776
(120)
(192)
84
548
Operating expenses
(41)
(173)
(68)
(63)
(345)
8
77
(30)
(290)
Net income/(loss) from
associated companies and JV's
-
-
-
-
-
-
51
-
51
EBITDA
100
396
(3)
(62)
431
(112)
(63)
54
309
Depreciation and amortisation
(22)
(172)
(6)
(1)
(200)
3
63
(31)
(166)
Operating profit (EBIT)
78
224
(9)
(63)
231
(110)
-
23
144
Net financial items
3
(43)
1
22
(16)
(33)
16
24
(10)
Profit/(loss) before tax
81
182
(8)
(40)
214
(143)
16
47
134
Total assets
259
7 011
121
678
8 068
(374)
(366)
(300)
7 028
Interest bearing debt
-
2 645
-
-
2 645
-
1 953
(2 647)
1 951
Cash
75
184
7
662
927
-
(68)
14
874
Net interest-bearing debt (NIBD)
(75)
2 461
(7)
(662)
1 718
-
2 021
(2 661)
1 077
FY2023 Elimination Residual
of equity ownership
Asset Total Group accounted consolidated Total
NOK million
Projects
Commercial
Management
Corporate
porportionate eliminations entities entities consolidated
Total revenue
15
655
38
2
711
(22)
(159)
80
610
Operating expenses
(31)
(168)
(44)
(67)
(310)
20
75
(61)
(276)
Net income/(loss) from
associated companies and JV's
-
-
-
-
-
-
(72)
-
(72)
EBITDA
(16)
487
(6)
(64)
401
(1)
(156)
19
263
Depreciation and amortisation
(72)
(134)
(63)
(3)
(272)
-
116
(69)
(225)
Operating profit (EBIT)
(88)
353
(69)
(67)
129
(1)
(40)
(50)
37
Net financial items
21
(51)
(1)
192
162
-
25
(2)
185
Profit/(loss) before tax
(66)
303
(70)
124
291
(1)
(15)
(52)
222
Total assets
924
5 720
184
536
7 363
(264)
(723)
315
6 691
Interest bearing debt
-
2 088
10
-
2 098
-
(626)
112
1 585
Cash
(67)
277
45
543
797
-
(80)
62
779
Net interest-bearing debt (NIBD)
67
1 812
(35)
(543)
1 302
-
(546)
50
806
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
103103 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 5 Business combinations
Accounting principle
Business combinations are accounted for using the acquisition
method in accordance with IFRS 3. Upon acquisition, a purchase price
allocation (PPA) is performed, valuing assets and liabilities at their fair
value. Any excess of the acquisition cost (including non-controlling
interests) over the fair value of identifiable net assets is recognized as
goodwill.
Adjustments to fair value and goodwill may be made within 12 months
if new information arises about conditions existing at the acquisition
date. Acquisition-related costs, except those related to debt or equity
issuance, are expensed as incurred.
Significant estimates
The purchase price allocation relies on estimates of fair value, for
renewable power projects (development or producing) this is primarily
based on discounted cash flow (DCF) models.
Key assumptions include:
•
Future cash flow projections, which depend on long-term power
price curves
•
Weighted average cost of capital (WACC)
These estimates influence the allocation of fair value between
property, plant, and equipment (PPE), investments in associates, and
joint ventures (JVs). Further details on estimation methodologies are
provided in Note 3 Key accounting estimates and judgements
Significant judgements
Management exercises significant judgment in determining whether
an acquisition qualifies as a business combination (under IFRS 3) or an
asset acquisition (IAS 2, IAS 16, or IAS 38).
•
Business combinations typically involve acquisitions of operating
assets, organizations with key personnel, business processes, and
clearly defined inputs and outputs.
•
Asset acquisitions generally involve single development projects, a
ready-to-construct power plant, or assets without structured busi-
ness operations.
In cases of partial ownership, judgment is used to assess whether
Cloudberry:
•
Holds control (subsidiary classification)
•
Shares joint control or significant influence (JV or associate classifi-
cation)
The purchase price allocation is by nature judgemental as it includes
allocation of the purchase price to the underlying assets and liabilities
on their underlying estimated fair value. Significant management
judgement is applied in valuation methods, the useful life of assets
and other estimates.
Business combinations in 2024
There have not been any transactions completed in 2024 that have
been assessed as a business combination. Please refer to Note 6 for
information about other acquisitions during 2024.
Acquisition agreement with Skovgaard
On 5 December 2024 Cloudberry Clean Energy ASA entered into
a share purchase agreement to acquire selected assets from
Skovgaard for an estimated total equity consideration of DKK 662m.
The transaction includes full ownership of the Odin portfolio (acquired
in May 2023, see below information about business combinations in
2023), 80% ownership in the Svåheia wind farm in NO-2. Additionally,
the deal includes development projects and a experienced local
asset management team and development team, strengthening
our operational capabilities in the region. The transaction adds 160
GWh of annual production capacity net to Cloudberry. Cloudberry
will finance the transaction by utilizing approximately DKK 82m of
the existing cash balance and DKK 253m of the existing debt facility.
The remaining part of the purchase price, estimated to DKK 319m, will
be settled through the issue of approximately 29.5 million shares in
Cloudberry. The consideration shares will be issued to Skovgaard at
an agreed subscription price of NOK 17.0 per share. The transaction
and subscription price have been determined based on funda-
mental third-party assessments prepared by reputable audit firms.
NOK 17.0 per share represents a ~52% premium to the share price
when the transaction was announced. Further information about the
transaction scope can be found in the press release.
The transaction is expected to close by the end of the first quarter of
2025, but after the reporting date of the annual report for 2024, see
also Note 25. Upon completion, the associated assets and liabilities
will be incorporated into the Group’s financial reporting. The prepa-
ration of the purchase price allocation will start when the closing
accounts are ready.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
104104 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
In connection with the signing of the agreement with Skovgaard,
management has exercised significant judgment in assessing the
transfer of control and determining the transaction date.
Management has concluded that Cloudberry will gain control only
upon closing due to:
•
Regulatory and contractual conditions required for completion
•
Ongoing independence of the target entities until restructuring is
finalized
•
Share transfer and payment settlement occurring at closing
As a result, although the acquisition was signed in December 2024,
the financial consolidation will commence after closing once control is
formally transferred, expected by the end of the first quarter of 2025.
Business combinations in 2023
Acquisition of 80% of the Odin Portfolio / Odin Group
On 31 May 2023, Cloudberry Clean Energy ASA completed the acquisi-
tion of an 80% stake in Odin Energy Holding P/S, a portfolio company
primarily comprising producing wind power assets located in Denmark
(DK1 price area) and Sweden. The transaction was structured as a
business combination under IFRS 3 and has been fully consolidated in
Cloudberry’s financial statements from the acquisition date
The Odin portfolio represents a high-quality asset base of 51 opera-
tional wind turbines with an estimated annual production of 311 GWh
net to Cloudberry. Additionally, Cloudberry secured strategic partner-
ships for asset management and future development opportunities.
Purchase price allocation (PPA)
The total consideration for the acquisition was DKK 1 278 million
(~NOK 2 061 million), settled through:
•
DKK 1 265 million in cash
•
DKK 13 million assumed as debt takeover
The final purchase price allocation included the following key
elements:
•
Property, plant, and equipment (PPE): NOK 1 546 million
•
Investment in associates and JVs: NOK 234 million
•
Intangible assets: NOK 7 million
•
Other short-term assets & liabilities: NOK 68 million and NOK -60
million, respectively
•
Goodwill: NOK 95 million (attributable to the control premium, syner-
gies, and market positioning)
In the case of the Odin acquisition, Cloudberry has exercised signifi-
cant judgment in assessing control over the Odin portfolio. Cloudberry
holds a majority shareholding (80% voting rights), appoints the
majority of the Board of Directors, including the chair position, and
comprises the executive management and key decision-making roles.
This structure provides Cloudberry with the ability to direct the rele-
vant activities of Odin, thereby establishing control. Additionally, the
reserved matters in the shareholder agreement have been assessed
and found to align with the transaction’s intent, without granting
Skovgaard control.
Please refer to Note 5 Business combinations in the annual report for
2023 for further details.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
105105 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 6 Acquisitions and disposal of assets and operations
Acquisition of Forte
On 28 June, Cloudberry entered into a share sale and purchase
agreement to acquire an additional 15.99% of the shares in Forte
Energy Norway AS (Forte). This acquisition increased Cloudberry’s
ownership in Forte to 49.99%, enhancing its proportionate hydropower
production from the portfolio by 41 GWh to a total of 127 GWh. The
total purchase price for the shares was NOK 165m and was settled
with cash.
As part of this year’s assessment in terms of increase of ownership,
management has evaluated the Forte investment and confirmed
that there is no joint control. Consequently, it remains classified as an
investment in an associated company and is equity accounted for in
the Group’s consolidated accounts.
Please see Note 16 for further information about the investment and
accounting.
Acquisition of Øvre Kvemma Kraftverk AS
On 5 July, Cloudberry acquired 100% of the shares in Øvre Kvemma
Kraftverk AS (Øvre Kvemma) from NGK Utbygging AS. Øvre Kvemma
is a hydropower plant with an estimated total annual production
capacity of 20 GWh and the share purchase agreement was signed
in February 2022 prior to construction. The purchase price for the
power plant was approximately NOK 124 million, of which NOK 9m was
settlement for the shares and NOK 115m was settlement for debt.
Of the total purchase price NOK 13m had already been paid into an
escrow account included under other current assets.
The transaction was assessed and accounted as an asset acquisition
and the entity was consolidated in the Group accounts from the time
om the transaction.
Sale of three hydropower plants: Usma,
Bjørgelva and Finnesetbekken
On 28 June, Cloudberry sold 100% of the shares in Usma Kraft AS,
Bjørgelva Kraft AS, and Finnesetbekken Kraftverk AS to Cadre AS for
NOK 320.5m on a debt- and cash-free basis. The three hydropower
plants, located in NO-3 and NO-4, have a combined annual production
of just under 36 GWh.
The total settlement for the sale of shares was NOK 191m, and the
settlement of internal long-term debt was NOK 138m. Total cash
received was NOK 329m and the total cash in the disposed compa-
nies was NOK 7m. At the time of the sale, Cloudberry settled the
related bank debt to SR bank with a total of NOK 110m. The net cash
to Cloudberry from the transaction was NOK 210m, with a recognized
gain of NOK 109m, recorded as other income.
All related assets and liabilities were deconsolidated as of 28 June,
and the assets were reported under the Commercial segment.
Deconsolidation of Kraftanmelding AS
and disposal of intangible assets
On 30 August, Captiva transferred the Captiva portal and it’s 33.33%
stake in Proxima Hydrotech AS to Kraftanmelding AS as part of its
digital business restructuring. The transactions included:
•
A NOK 10m consideration for business transfer, including three
employees and intangible assets, settled with a four-year seller
credit.
•
The sale of Proxima Hydrotech shares to Kraftanmelding AS for
NOK 5m, also settled with a seller credit.
•
A NOK 22m capital increase in Kraftanmelding AS, reducing
Captiva’s ownership from 50.05% to 31.57%, based on a pre-money
valuation of NOK 40m (NOK 20m representing Captiva’s shares).
Cloudberry recorded a NOK 8.3m gain, presented as other income.
Following the transaction, ownership in Kraftanmelding was allocated
to Elmera (34%), Cloudberry (32%), Småkraft (8%), and employees/
founders (27%). With Cloudberry’s ownership reduced, Kraftanmelding
was deconsolidated as of 30 August, and its 31.57% stake is now
equity accounted under the Asset Management segment.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
106106 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Financial risk management
Note 7 Risk management and financial instruments
The Group is exposed to various risks arising from its business activi-
ties and utilizes financial instruments to manage these exposures. This
note, together with Note 8 Hedge activities and derivatives, outlines
key risk categories and the Group’s risk management strategies.
The primary risk categories include:
•
Market risk
•
Operational risk
•
ESG risk
•
Financial risk
The Board of Directors has approved guidelines for risk management
and the strategic use of financial instruments to mitigate these risks.
The Group’s risk management framework aims to reduce potential
adverse impacts on financial performance. Derivative financial instru-
ments are used to hedge specific risk exposures.
For a detailed overview of ESG risk management, refer to the
Sustainability statements in this report.
7.1 Market risks
Electricity price risk
The profitability of the Group’s power plants depends on production
volume and electricity prices. A significant portion of electricity sales
is subject to price risk, as sales are made at spot market rates. Unless
secured through fixed-term contracts, the Group’s production is
exposed to market price volatility.
Electricity prices are influenced by various factors, including substitute
commodity prices (e.g., oil, gas, and coal), meteorological conditions,
CO
2
pricing, and broader supply and demand dynamics. Additionally,
large-scale climate-related subsidy schemes may exert downward
pressure on electricity prices, particularly affecting non-subsidized
assets. The Group identifies subsidized offshore wind power as a key
competitive challenge.
Given that electricity sales represent a material portion of revenue,
fluctuations in electricity prices may adversely impact revenue, profit-
ability, and asset valuations. To mitigate price risk, the Group employs
hedging strategies, including exchange-traded electricity derivatives
(Nord Pool/Nasdaq OMX Commodities) and bilateral contracts
with industry counterparties. Hedging strategies are continuously
assessed in response to market conditions, hydrological balance, and
other relevant factors.
For further details on hedging activities and outstanding derivative
contracts, refer to Note 8 Hedge activeties and derivatives.
Sensitivity analysis
The table below presents a sensitivity analysis based on the Group’s
electricity derivatives position as of 31 December 2024, illustrating the
potential impact on the income statement and equity. The analysis
considers only market risks related to derivatives, excluding the
effects of underlying physical electricity sales and purchases.
The sensitivity analysis assumes a ±10% change in forward electricity
prices, applied uniformly over the period covered by the Group’s
power purchase agreements (PPAs), with all other variables held
constant. Forward price quotations are classified as a significant
estimate; for further details, refer to Note 3 Key accounting estimates
and judgements. The selected sensitivity range reflects manage-
ment’s assessment of a reasonably possible change in market prices.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
107107 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
+10% change in electricity forward price quotations
2024
2023
Effect on profit before income tax
-
(1)
Effect on equity
(1)
(2)
-10% change in electricity forward price quotations
2024
2023
Effect on profit before income tax
-
1
Effect on equity
1
2
The basis for the sensitivity analysis is the price curves published
closest to year end closing date.
Inflation risk
While inflation does not directly impact the Group’s financial posi-
tion, it may adversely affect projects under development, which
are accounted for as inventory. The Group’s development projects
are capital-intensive, and rising commodity prices increase capital
expenditures, particularly for construction and turbine costs.
High inflation may erode the present value of expected cash flows
from development projects relative to initial investment costs.
Additionally, inflation typically leads to higher short- and long-term
interest rates, increasing financing costs for these projects. These
factors and associated uncertainties may reduce expected profit-
ability, potentially leading to project postponements, abandonment,
and impairment losses.
However, inflationary pressures are often driven by higher energy
and power prices, which may partially offset these risks by supporting
electricity price levels.
Political and regulatory risk
The power industry is highly regulated and subject to political and tax
risks. Regulatory frameworks evolve over time, creating uncertainty
for investments in the renewable energy and infrastructure sectors in
the Nordic region.
Changes in tax laws in any jurisdiction where the Group operates may
have a material adverse effect on the Group. The Group is subject to
prevailing tax laws, treaties, and regulations, as well as their interpre-
tation and enforcement by relevant authorities. Income tax expenses
are determined based on the Group’s interpretation of prevailing tax
laws at the time of recognition. Any changes in legislation or discrep-
ancies between the Group’s interpretation and that of tax authorities
could materially impact the Group’s business, financial performance,
and financial position.
Guarantee of Origin scheme - political risk
The Guarantee of Origin (GO) scheme is subject to political and
regulatory risk. Under EU legislation, power plants in the European
Economic Area (EEA) may receive approval for GOs for five-year
periods. Energy suppliers can purchase these certificates from
producers to verify that the supplied electricity originates from renew-
able sources.
However, the long-term continuity and regulatory framework
governing the scheme remain uncertain, posing potential risks to
market dynamics and the valuation of renewable energy assets.
Renewable energy sector developement risk
The renewable energy sector remains in a dynamic development
phase. Breakthroughs in other renewable energy technologies may
reduce governmental support for onshore wind and hydropower
expansion, potentially affecting the Group’s future investment oppor-
tunities and the residual value of its power plants.
Similarly, advancements in non-renewable or currently unknown
energy technologies could alter the competitive landscape. These
uncertainties in renewable sector development and emerging energy
technologies pose risks that may adversely impact the Group’s busi-
ness strategy and growth prospects.
Regulatory risk - changes in laws and regulations
Changes in laws and regulations may impact the Group’s operations
by increasing operating and compliance costs, reducing demand for
its services, or requiring costly modifications to its business model.
In some cases, regulatory changes could limit the Group’s ability to
operate in certain markets.
For certain power plants, regulatory requirements mandate the
payment of license fees or the transfer of concessionary power to
municipalities, counties, or the state. These power plants are often
required to deliver 10–15% of their electricity production as conces-
sionary power, which must be sold at an expected “cost price.” Such
regulatory changes could negatively affect the Group’s profitability .
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
108108 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
7.2 Operational risks
Technical complexity of power plants
Investments in power generation and energy infrastructure involve
inherent technical and operational risks. To mitigate these risks, the
Group prioritizes power plants with high technical standards and
proven technologies supplied by reputable manufacturers. This
approach aims to minimize technical failures, facilitate timely and
cost-effective repairs, and secure favorable insurance terms.
Despite these measures, unforeseen technical issues may still arise,
potentially leading to production disruptions or costly reinvestments,
which could negatively impact the Group’s profitability and financial
position.
Transmission and distribution costs
Increases in charges for connecting to and utilizing electricity
transmission and distribution networks, as well as costs related
to balancing electricity supply and demand, may lead to higher
operating expenses. Additionally, restrictions on available network
capacity for the Group’s power plants could limit revenue potential
and constrain growth opportunities.
Development projects
Development projects are subject to various risks, particularly in
achieving a final investment decision. The Group must successfully
negotiate and finalize agreements for construction, maintenance,
and operations, secure financing, obtain necessary permits, and
ensure adequate grid capacity.
Failure to advance a project to completion may result in the write-off
of capitalized development costs, potentially impacting the Group’s
financial position.
Construction projects
Projects under construction are subject to risks of cost overruns and
delays. Each construction project presents unique challenges, and
various factors may impact project timelines and budgets.
In renewable energy projects—such as wind, hydro, solar, and
storage—issues related to foundations or access roads can cause
delays. Adverse weather conditions, such as heavy winds or rainfall,
may disrupt installations. Additionally, disruptions in the global supply
chain can delay critical components, increase costs, and lead to
project overruns.
7.3 ESG risks
For a more detailed description of the financial risks and opportunities
related to each of our material sustainability topics, please refer to
the sustainability statements in this report.
Risks related to new sustainability regulations
Industries worldwide are facing increasingly stringent sustainability
regulations, with further developments expected in the coming years.
These regulatory changes reflect the growing demand from financial
markets, creditors, and investors for consistent, comparable, and
high-quality information on the environmental and climate-related
impacts of businesses. The Corporate Sustainability Reporting
Directive (CSRD) came into effect in 2023, with its requirements
applying to the first group of companies starting from the 2024 finan-
cial year. Cloudberry has been preparing to comply with the CSRD
reporting obligations for the 2025 financial year.
Additionally, the Task Force on Climate-related Financial Disclosures
(TCFD) has developed recommendations to enhance and standardize
climate-related financial reporting, improving market transparency and
stability. Similarly, the Taskforce on Nature-related Financial Disclosures
(TNFD) has introduced a framework to assess nature-related risks.
Furthermore, compliance with the EU Taxonomy, a classification
system designed to direct and scale up investments in sustainable
activities, is becoming increasingly essential for companies seeking to
align with evolving sustainability standards
Climate change related risks
Climate change presents both risks and opportunities for the Group.
While mitigation efforts create business prospects in renewable
energy, changing climate patterns also introduce significant opera-
tional challenges.
Shifts in precipitation patterns may affect the reliability of hydropower
generation, making it less predictable than in the past. Additionally,
the increasing frequency and severity of extreme weather events
pose physical risks to infrastructure and assets.
The Group integrates climate risk assessment into its broader risk
management framework, ensuring that climate-related risks and
opportunities are evaluated through a double materiality assessment.
This assessment considers impacts from short-, medium-, and long-
term strategic and financial perspectives.
To quantify potential exposures, threshold values have been estab-
lished for financial impacts, assessing both cost implications and
frequency. The financial impact is determined by analyzing direct
costs and projected recurrence, using structured intervals to classify
risk levels.
Financial impact
Low
Medium
High
MNOK
<25
25–100
>100
Frequency
<0-1 years
1-5 years
>5 years
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
109109 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
7.4 Financial risks
The Group’s financial risk management aims to maintain a balanced
risk profile that ensures flexibility while optimizing returns on assets.
Risk management is centrally coordinated at the Group level, with
policies and strategies for financial instruments and risk mitigation
approved by the Board of Directors.
To manage exposure to specific financial risks, the Group utilizes
derivatives, including interest rate swaps, power purchase agree-
ments, and currency forward contracts. To reduce profit or loss
volatility, the Group applies hedge accounting where applicable. For
further details, refer to Note 8 Hedge activities and derivatives.
Interest rate risk
The Group is exposed to interest rate risk through its funding and
cash management activities. The Group’s assets are primarily
financed with long-term debt at floating interest rates, making the
Group susceptible to market rate fluctuations. An increase in interest
rates would result in higher financing costs and interest payments,
reducing profitability. Additionally, interest rate changes affect the
fair value of interest rate derivatives (fair value risk).
To mitigate interest rate risk while optimizing borrowing costs, the
Group employs long-term fixed-rate financing or floating-to-fixed
interest rate swaps. Debt denominated in EUR, NOK, and partially in
DKK has been hedged to fixed rates for periods exceeding 10 years.
Consequently, the Group’s profit or loss and future cash flows related
to existing debt have limited sensitivity to interest rate fluctuations.
Interest rate sensitivity analysis
The table below illustrates the potential impact of a reasonably
possible change in interest rates on financial assets and liabilities,
after the application of hedge accounting. With all other variables
held constant, the effect on the Group’s profit before income tax and
equity is primarily driven by changes in floating rate borrowings:
1%-point increase in floating interest rate
NOK million
2024
2023
Effect on profit before income tax
4
1
Effect on equity
100
86
1%-point decrease in floating interest rate
NOK million
2024
2023
Effect on profit before income tax
(4)
(1)
Effect on equity
(92)
(79)
Currency risk
The Group presents its financial statements in NOK but is exposed
to currency risk due to its international operations and transactions.
Norwegian power companies sell electricity through Nord Pool, where
EUR is the official trading currency. The Group’s Danish and Swedish
investment portfolios report in DKK/EUR/SEK. The Group’s invest-
ments in Odal Vind AS and Forte Energy Norway AS are fully exposed
to EUR. As a result, fluctuations in exchange rates between NOK, SEK,
DKK, and EUR could materially impact the Group’s business, financial
results, cash flows, and financial position.
Significant contractual cash flow obligations, particularly for invest-
ments and capital expenditures on power plants under construction,
are primarily in EUR (e.g., for turbine suppliers) or in the local currency
of the investment/project. To mitigate currency risk, the Group uses
currency forward contracts to match contractual cash outflows or
engages in currency purchases/swaps to minimize FX rate fluctua-
tions’ impact on project profitability.
Additionally, the Group maintains deposits in local currencies (NOK,
SEK, DKK, and EUR) to align with future obligations and may enter
future currency swap contracts for larger commitments to further
limit exposure to exchange rate fluctuations.
Currency sensitivity analysis
The Group has conducted a sensitivity analysis to assess the impact
of reasonably possible exchange rate fluctuations on its financial
instruments. The analysis focuses on the Group’s main currency
exposures: SEK, DKK, and EUR.
The table below presents the potential impact of exchange rate
changes on the Group’s consolidated financial assets and liabilities.
Currency gains and losses on monetary items denominated in foreign
currencies are recognized in the income statement.
NOK million
2024
2023
Change in SEK
(5%)
(5%)
Effect on cash and cash equivalents
1
(2)
Effect on long-term debt
-
-
Effect on group receivables and liabilities
-
(28)
Change in DKK
(5%)
(5%)
Effect on cash and cash equivalents
(4)
1
Effect on long-term debt
40
39
Effect on group receivables and liabilities
(40)
(44)
Change in EUR
(5%)
(5%)
Effect on cash and cash equivalents
(8)
(3)
Effect on long-term debt
25
10
Effect on group receivables and liabilities
(25)
(10)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
110110 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Liquidity risk
The Group manages liquidity risk by continuously monitoring future
commitments and liquidity reserves, which consist of cash (refer to
Note 18 Cash, cash equivalents, and corporate funding and available
borrowing facilities (refer to Note 20 Interest-bearing debt and debt
facilities). Management prepares quarterly cash flow forecasts
covering at least 24 months to ensure sufficient liquidity. Before
entering into business agreements and contracts, liquidity require-
ments are assessed to ensure adequate funding is in place.
As of 31 December 2024, the Group has total contractual commit-
ments related to the construction of Munkhyttan and Sundby of
approximately EUR 3.5 million, in addition to current payables recog-
nized in the balance sheet. This amount excludes regular employee
expenses and other day-to-day operating costs. For further details,
refer to Note 14 Property, plant and equipment and Note 21 Provisions,
guarantees and other contractual obligations.
Credit risk
The Group is exposed to credit risk from various counterparties,
including off-take partners purchasing electricity, suppliers requiring
prepayments, banks providing financing and guarantees, insurance
companies covering asset-related risks, and other third parties with
contractual obligations, such as warranties under share purchase
agreements.
The Group’s primary credit risks arise from deposits with financial
institutions and other short-term receivables. To mitigate this risk,
counterparties for derivative contracts and financial deposits are
limited to institutions with high creditworthiness.
The Group’s trade receivables have historically had low credit risk,
with all receivables over recent years collected in full and on time.
As of year-end, management has assessed the credit risk on trade
receivables as insignificant, and they are therefore recognized at
face value in the financial statements.
The table below presents the maturity profile of nominal cash outflows for contractual obligations:
FY2024
Carrying Less than
NOK million amount
a year 2026
2027
2028
2029+
Total
Bank loan (incl. interest payments)
1 876
223
352
1 461
49
104
2 189
Lease liabilities
40
16
7
6
6
10
45
Accounts payable
27
27
-
-
-
-
27
Total non-derivatives
1 943
266
359
1 467
55
114
2 261
Net-settled derivatives
75
7
10
10
11
37
75
Total financial liabilities and derivatives
2 017
273
368
1 477
66
151
2 336
FY2023
Carrying Less than
NOK million amount
a year 2025
2026
2027
2028+
Total
Bank loan (incl. interest payments)
1 547
185
180
174
1 205
131
1 876
Lease liabilities
36
7
8
7
6
16
44
Accounts payable
147
147
-
-
-
-
147
Total non-derivatives
1 729
339
187
181
1 211
147
2 066
Net-settled derivatives
44
17
10
10
5
2
44
Total financial liabilities and derivatives
1 774
356
198
190
1 216
149
2 110
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
111111 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
7.5 Financial instruments
Accounting principle
Financial assets
The Group classifies its financial assets in the following measurement
categories:
•
Financial assets measured at amortised cost, and
•
Financial assets measured at fair value (either through profit or loss,
or through other comprehensive income (OCI))
Classification is determined based on the Group’s business model for
managing financial assets and the contractual cash flow character-
istics.
The Group’s cash and cash equivalents, trade receivables, and other
financial receivables are measured at amortized cost. Interest income
from these assets is recognized in financial income using the effective
interest method.
For trade receivables, the Group applies the simplified approach
under IFRS 9 for impairment assessment, recognizing expected credit
losses as a separate line item in the statement of profit or loss.
Derivative financial instruments with a positive fair value are recog-
nized as financial assets and initially measured at fair value, with
transaction costs expensed in profit or loss. The recognition of subse-
quent fair value changes depends on whether the derivatives are
designated as hedging instruments:
•
Derivatives not designated as hedging instruments – Fair value
gains or losses are recognized in financial income or financial
expenses through profit or loss.
•
Derivatives designated as hedging instruments in an effective
hedge relationship – Fair value gains or losses are recognized
through OCI as net movements in cash flow hedges. Refer to
Note 8 Hedge activities and derivatives for further details on the
Group’s hedging activities.
Financial assets are derecognized on the trade date when the Group
commits to sell the asset. Any resulting gains or losses are recognized
directly in profit or loss under other gains/(losses), alongside foreign
exchange gains and losses.
Financial liabilities
The Group classifies its financial liabilities into the following measure-
ment categories:
•
Financial liabilities measured at amortized cost
•
Financial liabilities measured at fair value (either through profit or
loss or through other comprehensive income (OCI))
All financial liabilities, except for derivative liabilities, are initially recog-
nized at fair value and subsequently measured at amortized cost
using the effective interest method. Interest expenses on these liabil-
ities are recognized in financial expenses in the income statement,
except for borrowing costs directly attributable to project develop-
ment, which are capitalized as part of the project asset cost.
Derivative financial liabilities are initially measured at fair value, with
subsequent changes in fair value recognized as follows:
•
Derivatives not designated as hedging instruments – Fair value
changes are recognized through profit or loss.
•
Derivatives designated as hedging instruments in an effective
hedge relationship – Fair value changes are recorded through OCI.
For further details on hedging activities, refer to Note 8 Hedge
activities and derivatives.
Financial liabilities are derecognized when the obligation is
discharged, canceled, or expires.
The carrying amounts of financial assets and liabilities measured at
amortized cost are considered to approximate their fair values .
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
112112 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Financial instruments
The table below shows the Group’s financial instruments with their carrying amounts recognised in the consolidated financial position on
31 December 2024:
Fianancial Financial
assets at liabilities at Financial Financial
amortised amortised assets liabilities
NOK million
Note
cost cost - fair value
- fair value
Total
Financial investments
13
-
-
-
13
Derivative financial instrument
-
-
48
-
48
Other non-current assets
43
-
-
-
43
Total non-current financial assets
57
-
48
-
105
Accounts receivables
59
-
-
-
59
Other assets
30
-
-
-
30
Cash and cash equivalents
18
874
-
-
-
874
Total current financial assets
963
-
-
-
963
Lease liability
-
(16)
-
-
(16)
Interest-bearing loans and borrowings
20
-
(100)
-
-
(100)
Derivative financial instrument (included in current provisions)
-
-
-
-
-
Accounts payables and other liabilities
-
(27)
-
-
(27)
Total current financial liabilities
-
(143)
-
-
(143)
Lease liability
-
(24)
-
-
(24)
Interest-bearing loans and borrowings
20
-
(1 778)
-
-
(1 778)
Derivative financial instrument (included in non-current provisions)
20
-
-
-
(75)
(75)
Total non-current financial liabilities
-
(1 802)
-
(75)
(1 877)
Net financial assets (liabilities)
963
(1 945)
48
(75)
(1 009)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
113113 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Table per 31 December 2023:
Fianancial Financial
assets at liabilities at Financial Financial
amortised amortised assets liabilities
NOK million
Note
cost cost - fair value
- fair value
Total
Financial investments
13
-
-
-
13
Derivative financial instrument
-
-
45
-
45
Other non-current assets
33
-
-
-
33
Total non-current financial assets
45
-
45
-
91
Accounts receivables
61
-
-
-
61
Other assets
260
-
-
-
260
Cash and cash equivalents
18
779
-
-
-
779
Total current financial assets
1 100
-
-
-
1 100
Lease liability
-
(7)
-
-
(7)
Interest-bearing loans and borrowings
20
-
(78)
-
-
(78)
Derivative financial instrument (included in current provisions)
-
-
-
(6)
(6)
Accounts payables and other liabilities
-
(147)
-
-
(147)
Total current financial liabilities
-
(231)
-
(6)
(237)
Lease liability
-
(30)
-
-
(30)
Interest-bearing loans and borrowings
20
-
(1 469)
-
-
(1 469)
Derivative financial instrument (included in non-current provisions)
20
-
-
-
(39)
(39)
Total non-current financial liabilities
-
(1 498)
-
(39)
(1 537)
Net financial assets (liabilities)
1 146
(1 729)
45
(44)
(583)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
114114 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Fair value measurement
The Group’s derivative financial instruments are measured at fair
value in the statement of financial position and classified within the
IFRS 13 fair value hierarchy:
•
Level 1 – Quoted prices in active markets for identical instruments
•
Level 2 – Inputs other than quoted prices that are observable, either
directly or indirectly
•
Level 3 – Unobservable inputs requiring significant management
judgment
The classification reflects the significance of the lowest-level input
used in the valuation. The Group primarily utilizes interest rate swaps,
power purchase agreements (PPAs), and currency forward contracts
as derivative financial instruments.
Valuation techniques, inputs, and processes
All derivative financial instruments held at the reporting date derive
their fair value primarily from market-related inputs and are therefore
classified as Level 2 within the IFRS 13 fair value hierarchy. The valua-
tion methodologies applied include:
•
Interest rate swaps – Fair value is determined by discounting esti-
mated future cash flows using observable yield curves, as provided
by external financial institutions.
•
Power purchase agreements (PPAs) – Fair value is measured as the
present value of the net difference between forward energy prices
at contract inception and market prices at the valuation date,
multiplied by the contracted megawatt-hour volumes. Changes in
fair value reflect daily fluctuations in market prices and contract
volumes.
Certain PPAs entered into by the Group are designated for delivering
electricity in line with Cloudberry’s expected sales commitments
under fixed-price and fixed-volume contracts. These agreements
qualify for the own use exemption and are accounted for under IFRS
15 Revenue from contracts with customers, rather than as financial
instruments under IFRS 9 Financial Instruments.
The fair value hierarchy for assets and liabilities measured at fair
value is presented below. The Group does not have any assets or
liabilities measured at level 1 or 3.
The fair value hierarchy
Level 2
NOK million
31.12.2024
31.12.2023
Derivative assets
– Interest rate derivatives
36
35
– Commodity derivatives (PPAs)
11
10
Derivative liabilities
– Interest rate derivatives
(75)
(39)
– FX derivatives
-
-
– Commodity derivatives (PPAs)
-
(6)
Fair value
(28)
1
The fair value change of the interest rate derivative held by an associ-
ated company- Forte is included in the carrying amount of the equity
accounted company. The fair value movement per 31 December 2024
is NOK -9m and is measured within level 2 of the fair-value hierarchy.
There were no transfers between fair-value hierarchy levels as of
31 December 2024 (or the prior year).
The Group’s interest rate derivatives and a PPA agreement are held
for hedging purposes, see Note 8 Hedge activities and derivatives for
further detail.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
115115 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 8 Hedge activities and derivatives
Accounting principle
The Group uses derivative financial instruments to hedge market and
financial risks, primarily related to interest rate fluctuations, electricity
price movements, and foreign currency exchange rates.
•
Interest rate exposure – Managed through interest rate swaps
•
Electricity price risk – Mitigated using power purchase agreements
(PPAs)
•
Foreign currency risk – Hedged with foreign currency forward
swaps
•
Hedging instruments held by the Group are classified as either:
•
Designated hedging instruments in a hedge accounting rela-
tionship
•
Hedging instruments not designated in a hedge accounting rela-
tionship
At the inception of a hedge, the Group formally designates and
documents the hedge relationship, including the risk management
objective and strategy.
Hedging instruments that qualify for hedge accounting are
accounted for under the Group’s cash flow hedges policy, as
described below.
Cash flow hedge accounting
When a derivative financial instrument is designated as a cash flow
hedge, the effective portion of changes in its fair value is recognized
in other comprehensive income (OCI) and accumulated in the cash
flow hedge reserve within equity. Any ineffective portion of the fair
value change is recognized immediately in profit or loss.
Upon realization of the underlying hedged transaction, the cumulative
amount in the cash flow hedge reserve is reclassified to the income
statement. Hedge accounting is discontinued when the hedging
instrument expires, is terminated, exercised, or no longer qualifies for
hedge accounting.
Interest rate swaps
The Group utilizes interest rate swaps to reduce cash flow volatility
arising from interest rate fluctuations by converting floating-rate
debt related to power plants into fixed-rate debt (see Note 20
Interest-bearing debt and debt facilities). These swaps hedge cash
flow variability linked to movements in three-month benchmark rates
(e.g., NIBOR, EURIBOR, CIBOR), ensuring alignment between derivative
results and hedged interest payments.
Cash flow hedge accounting is applied as the swaps cover interest
rate payments associated with existing debt facilities with a high
degree of probability. The derivatives are recorded on the balance
sheet, and their effectiveness is monitored quarterly. Hedge ineffec-
tiveness may arise due to changes in counterparty credit risk.
Power purchase agreements (PPAs)
To mitigate electricity price fluctuations, the Group enters into long-
term, fixed-price PPAs, securing future power sales at predetermined
prices per megawatt-hour. The contracted volumes typically repre-
sent a small percentage of total production, minimizing shortfall risk
while providing revenue stability.
Cash flow hedge accounting is applied as the PPAs hedge are highly
probable future sales transactions. The derivatives are carried on the
balance sheet, with their effectiveness monitored quarterly in relation
to production volume fluctuations
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
116116 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
As of 31 December 2024, the Group had the below interest rate swaps and PPAs which it accounts for as
hedging instruments designated in a hedge accounting relationship:
Risk and hedging instruments
Weighted
Carrying amount of the
Maturity
average
Nominal
hedging instruments
3
(months)
rate/price
1
amount
2
Assets
Liabilities
Cash flow hedges
Interest rate risk – borrowings
Interest rate swap (IRS) – NOK³
65-149
1.83%
220
23
(75)
Interest rate swap (IRS) – EUR
79-322
2.65%
53
Interest rate swap (IRS) – DKK
47-104
3.14%
437
Commodity price risk – Forecast transactions
Fixed price PPA³
36
133
15
11
-
1
The weighted average prices for commodity hedges are presented as the price per megawatt hour for electricity (EUR/MWh)
2
Nominal amount is the nominal value in currency mNOK.
3
Carrying amount of all hedging instruments, assets and liabilities, is converted and presented in mNOK using the exchange rate at year end.
Changes in the fair value of one interest rate derivatives with hedge ineffectiveness have been accounted for through profit and loss.
As of 31 December 2024, the movement in the cash flow hedge reserve related to the interest rate swap for
the equity-accounted entity Forte amounted to NOK -9m, with a related tax effect of NOK 2m recognized in
other comprehensive income (OCI).
Cash flow hedge accounting impact to reserves in other comprehensive income:
Cash flow hedge reserve
NOK million
2024
2023
Opening balance
40
74
Net change in value of effective derivative hedging instruments
(54)
(44)
Interest rate swap (IRS) – NOK
(46)
(41)
Fixed price PPA
1
8
Interest rate swap (IRS) – NOK Forte
(9)
(11)
Deferred tax/tax credit
12
10
Total movement
(42)
(35)
Closing balance
(2)
40
Hedge ineffectiveness
In connection with the sale of hydropower plants on 30 June 2024 (see Note 6 Acquisitions and disposal of
assets and operations) and the settlement of related bank debt, one interest rate derivative previously desig-
nated as a cash flow hedge no longer qualified for hedge accounting. Consequently, the Group decided to
close the hedge, and the cumulative fair value change previously recognized in other comprehensive income
(OCI) was reclassified to profit or loss.
Upon closing the hedge, the Group realized a fair value gain of NOK 12m, which was recognized as financial
income in the income statement as of 31 December 2024.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
117117 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Statement of profit and loss or comprehensive income
Note 9 Sales revenues and other income
Accounting principle
The Group accounts for revenue in accordance with IFRS 15 Revenue
from contracts with customers and applies the five-step method to all
revenue streams.
Revenue
The Group generates revenue from three of its four segments
that develop (Projects), own (Commercial) and operate (Asset
Management) hydropower plants and wind farms in Norway,
Denmark, and Sweden.
Revenue streams from the three revenue-generating segments are
categorized as follows:
1. Power related products - Sale of electricity in the spot market and
power purchase contracts (PPA’s) including electricity certificates
and guarantees of origin.
2. Asset management - Commercial and technical management
services for hydro- and wind-power plants.
3. Project development services - Management services for the devel-
opment of hydro and wind assets.
4. Consultancy - Consultancy with accounting and IT management
services.
5. Digital services
6. Agency fees power sale
Revenue from power-related products is recognized at the spot price,
regulated price, or fixed contract price upon delivery or as the power
and related products are delivered. The Group applies the available
practical expedient, recognizing revenue to the extent that it has a
right to invoice.
Revenue from management, project development, consultancy and
digital services is recognized at the fixed contract price when the
services are rendered and the Group has an unconditional right to the
consideration settlement.
Agency fees from power sales are recognized at the fixed fee
amount, based on agreed frequency with power producers
depending on when the power is delivered to customers on their
behalf.
The Group applies the available practical expedient, not adjusting for
the financing component when the period between the transfer of
goods or services and payment is less than one year.
Other income
Sale of development projects and producing assets (PPE)
The Projects segment is an in-house developer for renewable power
projects, held with the intention to develop and operate projects as
power-producing assets. When the segment identifies investment
opportunities that offer a more advantageous strategic outcome,
projects may be divested to other Group entities or external parties.
The Group enters into sale agreements for ready-to-build develop-
ment projects and, at times, operational assets (PPE), considering
these transactions as opportunistic decisions outside its ordinary
course of business. Therefore, revenue from such sales is recognized
as net gains or losses in accordance with IFRS 10 rather than IFRS 15.
Government grants
Government grants are received conditional to generating power
using certain technologies, including electricity certificates and guar-
antees of origin (GOs). The right to receive the grants is obtained at
the time of generation of power, at the value of 1 GO per megawatt
hour of electricity produced. At grant time, electricity certificates and
GOs are measured at nil and income recognized when the sale takes
place. Denmark offers several subsidy schemes and public grants
for wind power production, including support mechanisms for periods
of low power prices or when turbines are shut down due to overpro-
duction. Some turbines in the Odin portfolio fall under these subsidy
schemes. The subsidies are recognized based on actual power
production or the duration of the shutdown. Additionally, public grants
are included in other income as part of total revenues.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
118118 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Total revenue
The total sales revenue and other operating income are presented in the table below:
NOK million
2024
2023
Power related products
317
273
Asset Management
31
27
Consultancy services
21
17
Other revenue
14
16
Sales revenues
382
333
Net gain sale of PPE and project inventory
118
271
Public grants
47
6
Other
1
-
Other income
166
277
Total revenue
548
610
Other income for the year is primarily made up of the gain (NOK 109m) recognized on the sale of three hydro-
power plants, which was concluded on 28 June 2024. Please see Note 6 Acquisitions and disposal of assets
and operations for further details on the sale.
Sales revenue and other operating income per country
In presenting information based on geographical areas, external revenues and other income from customers
will be attributed to the country of the underlying legal entity recognising the sale.
For information about the revenue split between business segments, see Note 4 Operating segments.
The total sales revenue and other operating income per country are presented in the table below:
NOK million
2024
2023
Norway
252
468
Denmark
265
138
Switzerland
2
1
Sweden
29
3
Total revenue
548
610
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
119119 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 10 Employee benefits and share-based payments
Employee benefits
The table below shows the employee benefits accrued in the period and the capitalized costs related to
development projects.
NOK million
2024
2023
Salaries
89
90
Social security tax
13
16
Pension benefits
5
4
Share based payments
19
23
Other benefits
2
3
Gross personnel expenses
127
136
Capitalized development costs (project inventory)
(6)
(17)
Total personnel expenses
122
119
Average number of full-time equivalents (FTEs)
57
65
Number of full-time equivalents as 31.12 (FTEs)
50
67
Remuneration to Board members is included in salaries, see Note 23 Transactions with related parties.
Pension
The Group has an established pension scheme that is classified as a defined contribution plan. The pension
scheme is in line with the requirements of the law. Contributions to the defined contribution scheme are
recognised in the consolidated statement of profit or loss in the period in which the contribution amounts are
earned by the employees. The defined contribution plan does not commit the Group beyond the amounts
contributed.
Remuneration of executive management
The remuneration of the executive management is based on a fixed salary, including personal benefits such
as free telephone and health insurance, a variable group performance bonus scheme, pension benefits, and
a long-term share-based incentive plan.
The tables below show the total remuneration:
FY 2024
Erik W.
Anders Ingrid Ole-Kristofer Charlotte Christian Welle-
Lenborg Bjørdal Bragnes Bergqvist Helland Strand
NOK million (CEO) (CSO)
(CFO)
1
(CPO) (CCO)
(COO)
1
Total
Salary
4.2
2.2
1.6
1.5
3.2
1.7
14.2
Bonus
2.1
0.8
0.6
0.5
1.1
0.5
5.6
Pension costs
0.1
0.1
0.1
0.3
0.1
0.1
0.7
Share-based payments
5.5
0.8
0.9
1.8
4.1
0.2
13.4
Total reportable benefits
11.9
3.8
3.2
4.1
8.5
2.5
33.9
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024
FY 2023
Anders Ingrid Christian Charlotte Jon Stig J.
Lenborg Bjørdal Helland Bergqvist Gunnar Solli Østebrøt
NOK million (CEO) (CSO) (CCO) (CPO) (COO)
(CTO)
Total
Salary
4.0
2.1
3.0
1.3
2.0
2.8
15.1
Bonus
1.9
0.6
0.9
0.4
0.6
-
4.4
Pension benefits
0.1
0.1
0.1
0.3
0.1
0.1
0.8
Share-based payments
7.3
0.6
5.4
2.1
2.3
-
17.6
Total reportable benefits
13.2
3.3
9.4
4.1
5.0
2.9
38.0
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
120120 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Total shares, remuneration and warrants for executive management per year end
FY 2024
Warrants
Total Warrants granted
Holding Shares pr remun- granted Warrants pr total pr Warrants
NOK million company 31.12.24 aration 2024 01.01.2024 31.12.24 exercised
Anders Lenborg (CEO)
Lenco AS
1 403 546
12
350 000
7 095 000
7 445 000
-
Ingrid Bjørdal (CSO)
110 000
4
325 000
600 000
925 000
-
Ole-Kristofer Bragnes (CFO)
-
3
300 000
700 000
1 000 000
-
Charlotte Bergqvist (CPO)
-
4
300 000
1 700 000
2 000 000
-
Christian Helland (CCO)
Amandus
301 758
8
350 000
5 250 000
5 600 000
-
Invest AS
Erik W. Welle Strand (COO)
Belisarius
181 702
3
300 000
-
300 000
-
Invest AS
34
1 925 000
15 345 000
17 270 000
-
FY 2023
Warrants
Total Warrants granted
Holding Shares pr remun- granted Warrants pr total pr Warrants
NOK million company 31.12.23 aration 2023 01.01.2023 31.12.23 exercised
Anders Lenborg (CEO)
Lenco AS
1 403 546
13
3 700 000
3 395 000
7 095 000
-
Ingrid Bjørdal (CSO)
80 000
3
600 000
-
600 000
-
Christian Helland (CCO)
Amandus
301 758
9
2 700 000
2 550 000
5 250 000
-
Invest AS
Charlotte Bergqvist (CPO)
-
4
1 100 000
600 000
1 700 000
-
Jon Gunnar Solli (COO)
Lotmar
626 323
5
1 100 000
1 150 000
2 250 000
-
Invest AS
Stig J. Østebrøt (CTO)
45 000
3
-
-
-
-
38
9 200 000
7 695 000
16 895 000
-
Share based payments and long-term incentive plan (LTIP)
In accordance with the terms adopted by the General Meeting of the Company on 21 March 2020, and
updated by the General Meeting on 4 April 2024, the Board of Directors has established a share incentive
scheme for the executive managers and key employees of the Group. The key conditions are as follows:
The LTIP may cover up to 10% of the issued shares in the Company from time to time. Allocations are
proposed by the Board and subject to shareholder approval. The exercise price for the warrants is deter-
mined by the Board at its reasonable discretion, considering the fair market value of the shares on the date
of the Board of Director’s proposed allocation of warrants under the plan. The determined exercise price
is subject to approval by the General Meeting in relation with issuance of warrants. The duration of the
warrants from grant date is 5 years. The vesting period is 3 years from the grant date.
The value of the warrants in the accounts is calculated at the grant date given a fair value using the Black
and Scholes model. The grant date is determined by the Board of Directors. The key assumptions applied for
the grants in 2024 is a 40% volatility (based on historic volatility for the Company from listing on the Main List
Oslo Børs to the grant date in April 2024), 3.95% interest rate and 0% dividend yield. Other inputs to the model
are current stock price, exercise price and expected life of option (vesting period + one year).
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
121121 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
The table shows the outstanding warrants as of 1 January and
31 December 2024 and movements in the year:
FY 2024
NOK million
Outstanding warrants 01.01.
22 899 999
Granted in 2024
3 750 000
Exercised in 2024
(825 000)
Expired in 2024
(1 166 667)
Outstanding warrants 31.12.
24 658 332
Vested 31.12.2024
12 274 990
Charged to profit and loss during year (NOK million)
19
Charged to equity during year (NOK million)
17
FY 2023
NOK million
Outstanding warrants 01.01.
10 500 000
Granted in 2023
12 700 000
Exercised in 2023
-
Expired in 2023
(300 001)
Outstanding warrants 31.12.
22 899 999
Vested 31.12.2023
6 766 662
Charged to profit and loss during year (NOK million)
24
Charged to equity during year (NOK million)
24
As of the date of the annual report the following warrants are outstanding:
FY 2024
Weighted
average Weighted Vested
# Warrants Grant Expiry remaining average instruments Share price
outstanding date date contractual life strice price 31.12.2024 (grant date)
Warrant package #1
500 000
20.03.2020
20.03.2025
0.2
11.1
500 000
11.1
Warrant package #2
1 175 000
25.09.2020
25.09.2025
0.7
12.2
1 175 000
13.1
Warrant package #3
4 866 666
17.06.2021
17.06.2026
1.5
12.5
4 866 666
14.7
Warrant package #4
2 766 666
15.06.2022
28.04.2027
2.3
17.4
1 866 662
16.0
Warrant package #5
11 600 000
27.04.2023
26.04.2028
3.3
12.6
3 866 662
10.4
Warrant package #6
3 750 000
16.04.2024
16.04.2029
4.3
11.1
-
8.8
24 658 332
12 274 990
Per 31 December 2024, LTIP covers 8.5% of the issued shares in the Company.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
122122 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 11 Other operating expenses
The table shows the breakdown of other operating expenses in FY 2024 and FY 2023.
NOK million
2024
2023
Lease short-term, low value and variable
16
23
External accounting and auditing fees
12
10
Legal and other fees
32
30
Operating and maintenance power plants
52
38
Other
24
27
Total other operating expenses
136
130
Expenses related to statutory audit and other auditor services is presented below:
NOK million
2024
2023
Statutory audit
8
7
Tax counselling
-
-
Other assurance services
-
-
Total auditor costs
8
7
Note 12 Financial items
The table shows the breakdown of financial income and financial expense in FY 2024 and FY 2023.
Financial income
NOK million
2024
2023
Interest income
33
28
Other financial income
28
148
Exchange differences
173
130
Total financial income
234
306
Financial expense
NOK million
2024
2023
Interest expense
(89)
(61)
Other financial expense
(1)
(1)
Exchange differences
(155)
(62)
Capitalized interest
2
3
Total financial expense
(244)
(121)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
123123 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Financial income
Other financial income of NOK 28m relates to gain on power price agreement swaps (PPA derivatives) of
NOK 5m, gain on interest rate derivatives of NOK 11m and gain from interest rate swap agreement that is no
longer in an effective hedge relationship of NOK 12m.
Exchange difference gains in financial income for the year amount to NOK 173m, of which NOK 126m relates
to internal debt and receivables, and NOK 47m relates to bank deposits and foreign currency.
The cash effect of interest received amounts to NOK 33m.
Financial expenses
Exchange losses in financial expenses for the year amount to NOK -155m, of which NOK -54m relates to
translation differences of internal debt and receivables, and NOK -101m relates to bank deposits and debt in
foreign currency.
The cash effect of interest payments and commitment fees relating to interest-bearing debt and debt facili-
ties was NOK -88m.
Foreign currency exposure
The Group finances investments denominated in foreign currencies with external debt in the same currency.
As a result, quarterly foreign exchange gains and losses arise due to FX rate fluctuations, impacting the profit
and loss statement. However, this external debt is offset by internal receivables in the same currency, effec-
tively reducing currency exposure at the Group level.
Note 13 Tax
Accounting principle
Deferred income tax is recognised, using the liability method, on temporary differences arising between the
tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
Deferred income tax assets are recognised only to the extent that it is probable that future taxable profit will
be available against which the temporary differences can be utilised.
Tax expense and deferred tax
The table below show the tax expense in the income statement
NOK million
2024
2023
Tax expense in the income statement
Income tax payable
(1)
-
Resource rent tax payable
-
-
Change in deferred tax related to recource tax
-
(3)
Change in deferred income tax
(9)
14
Tax expense in the income statement
(10)
11
Reconciliation of nominal tax rate and effective tax rate
Profit before income tax
134
222
Nominal tax rate
22%
22%
Expected tax expense
(29)
(49)
Effect on taxes of:
Permanent differences
37
39
Change in unrecognized tax asset related to tax losses carried forward
(10)
25
Changes related to other deferred tax
(7)
-
Change deferred tax on resource rent
-
(3)
Tax expense in the income statement
(10)
11
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
124124 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
The appropriate tax rate in Norway/Denmark and Sweden is 22% and 20.6% respectively.
Resource rent tax rate on Norwegian wind is 25%. Røyrmyra is the only consolidated asset subject to this tax.
The table shows the deferred tax asset and liability in the balance sheet.
NOK million
2024
2023
Temporary differences deferred tax asset
Property, plant and equipment
-
2
Derivatives
106
78
Other receivables
11
31
Tax loss carried forward
441
456
Subtotal
558
566
Of which not recognised as tax asset (basis for)
(154)
(156)
Basis for deferred tax asset
404
410
Deferred tax asset
89
90
Temporary differences deferred tax liability
Inventory valuation
(8)
(69)
Property, plant and equipment
(520)
(592)
Intangible assets
-
(7)
Derivative assets
(48)
(45)
Other
(2)
14
Resource rent tax calculations
(12)
(12)
Subtotal
(590)
(711)
Of which not recognised
-
99
Basis for deferred tax liability
(590)
(612)
Deferred tax liability
(130)
(135)
of which deferred tax asset presented in the statement of financial position
14
15
of which deferred tax liabilities presented in the statement of financial position
(55)
(59)
As per 31 December 2024 the Group has recorded a valuation allowance of net NOK 154m (NOK 57m) related
to tax losses carried forward, which is not included as a recognised deferred tax asset.
The table below shows the movement in net deferred tax in the statement of financial position from
1 January 2024 to 31 December 2024.
NOK million
2024
2023
Net deferred tax at 01.01
(44)
(127)
Recognised in profit or loss statement
(9)
14
Recognised in other comprehensive income
10
-
Acquisitions and disposals of subsidiaries
3
56
Other and currency translation differences
-
16
Change in deferred tax realted to resource tax
-
(3)
Net deferred tax at 31.12
(41)
(44)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
125125 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Statement of financial position
Note 14 Property, plant and equipment
Accounting principle
Property, plant and equipment (PPE) are measured using the cost
method of IAS 16 and capitalisation of borrowing costs is accounted
for in accordance with IAS 23.
Estimated useful life of power plants
The estimated useful life of power plants is based on assumptions
on expected usage, expected wear and tear, potential technical
or commercial obsolescence, legal or other regulatory limitations,
and lease expiry. The power plants currently in operation have an
expected useful life between 20-60 years.
Significant estimates and judgement
Assessment of asset acquisition or business combination
Material management judgement is necessary to determine whether
an acquired project or power plant constitutes a business combina-
tion or an asset acquisition. This assessment is conducted individually
for each acquisition. If the acquisition is identified as a business
combination, IFRS 3 Business combinations will be applied, while for
asset acquisitions, either IAS 2 inventory or IAS 16 Property plant and
equipment will be applied.
Acquisitions that consist of a single power plant ready to construct
are typically considered asset transactions. Conversely, acquisitions
comprising operational (producing) assets are typically accounted for
as business combinations. Nevertheless, each acquisition undergoes
a distinct assessment to determine the appropriate accounting
treatment.
Impairment
Producing power plants and power plants under construction
undergo impairment testing whenever events or changes in circum-
stances indicate a potential impairment, see Note 15 Goodwill and
impairment for further details.
Property, plant and equipment
During the year, the Group disposed of three hydropower plants—
Usma, Bjørgelva, and Finnesetbekken—reducing PPE by NOK 213m. In
July, Cloudberry acquired Øvre Kvemma Kraftverk AS, a hydropower
plant for NOK 124m. The transaction is presented as acquisitions of
producing power plants during the year. See further information about
these transactions in Note 6 Acquisitions and disposal of assets and
operations.
Increase in PPE from additions stems mainly from the completion of
the Sundby and Munkhyttan wind farms which both have transitioned
from “under construction” to “producing power plants” during 2024.
At year-end, both projects were internally sold from the Projects
to the Commercial segment. Internal gains were eliminated in the
consolidated accounts, and the wind farms are recorded at cost.
Producing power plants are pledged as security for long term debt,
see Note 20 Interest-bearing debt and debt facilities.
Contractual obligations for Munkhyttan totalled slightly above
EUR 30m approximately EUR 2.5m outstanding. For Sundby, obliga-
tions approximately EUR 50m, with approximately EUR 1m outstanding.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
126126 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
The table below shows the split of PPE into producing power plants, power plants under construction, equipment and right-to-use lease assets.
FY 2024 Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2024
3 372
684
5
209
4 271
Additions from bus.comb. and
acquisitions during the year
123
1
-
-
124
Additions during the year
375
(100)
(2)
-
274
Transfer between groups
596
(596)
-
-
-
Transfer from inventory
-
-
-
-
-
Cost of disposed assets
(280)
-
-
-
(280)
Effects of movements in foreign
exchange
167
20
-
9
196
Accumulated cost at 31.12.2024
4 354
9
4
219
4 585
Accumulated depreciations and
impairment losses at 1.1.2024
243
-
3
28
274
Accumulated depreciations acquired
assets during the year
-
-
-
-
-
Depreciations for the year
160
-
1
14
175
Impairment losses
-
-
-
-
-
Accumulated depreciations and
impairment losses disposed assets
(67)
-
-
-
(67)
Effects of movements in foreign
exchange
30
-
(1)
2
31
Accumulated depreciations and
impairment losses at 31.12.2024
366
-
3
45
413
Carrying amount at 31.12.2024
3 988
9
1
174
4 172
Carrying amount beginning of period
3 129
684
2
182
3 997
Estimated useful life (years)
25-60
5-10
5-10
FY 2023 Power
Producing plant under Right to use
NOK million power plants
construction
Equipment
- lease asset
Total
Accumulated cost 1.1.2023
1 542
118
4
46
1 710
Additions from bus.comb. and
acquisitions during the year
2 453
-
-
163
2 616
Additions during the year
-
522
-
2
524
Transfer between groups
-
-
-
-
-
Transfer from inventory
-
26
-
-
26
Cost of disposed assets
(485)
-
-
(1)
(487)
Effects of movements in foreign
exchange
(138)
19
1
-
(118)
Accumulated cost at 31.12.2023
3 372
684
5
209
4 271
Accumulated depreciations and
impairment losses at 1.1.2023
106
-
2
5
113
Accumulated depreciations acquired
assets during the year
37
-
7
44
Depreciations for the year
94
-
1
13
109
Impairment losses
-
-
-
-
-
Accumulated depreciations and
impairment losses disposed assets
(4)
-
-
-
(4)
Effects of movements in foreign
exchange
10
-
-
3
13
Accumulated depreciations and
impairment losses at 31.12.2023
243
-
3
28
274
Carrying amount at 31.12.2023
3 129
684
2
182
3 997
Carrying amount beginning of period
1 437
118
2
40
1 597
Estimated useful life (years)
25-60
5-10
5-10
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
127127 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 15 Goodwill and impairment
Accounting principle
Goodwill is recognized as an intangible asset upon initial recognition
in a business combination, measured as the excess of the acquisition
cost over the fair value of identifiable net assets at the acquisition
date. Goodwill is not amortized but is tested for impairment annually
or more frequently if indicators of impairment exist.
For other non-financial assets such as property, plant, and equipment
(PPE), intangible assets, and investments in associates and joint
ventures (JVs), impairment testing is performed whenever circum-
stances indicate a potential impairment. The recoverable amount is
determined as the higher of fair value less costs to sell or value in use,
with impairment losses recognized in profit or loss when applicable.
Impairment testing is conducted using a discounted cash flow model
(DCF), with future cash flows discounted using the weighted average
cost of capital (WACC), adjusted for specific risks attributable to each
cash-generating unit (CGU).
Key estimates and judgements
The Group uses a discounted cash flow (DCF) model for impairment
testing. For producing power plant assets, it is built on an internal
investment model as basis for impairment testing, both at cash
generating unit level and as an indicator of need for impairment
assessment on individual PPE level.
The estimates in DCF models are consistent with those used in the
Group’s budgets and long-term outlook approved by management.
DCF model for power plants
The DCF model evaluates expected cash flows from individual power
plants. Cash flows are estimated based on future cash inflows from
power sales and future cash outflows from related expenses. The
forecast period covers the expected remaining lifetime of the respec-
tive assets.
The DCF model relies on estimates such as the weighted average
cost of capital (WACC), the long-term power price curve, production
volumes, regulatory conditions and judgments regarding useful life
and other technical assumptions. The key estimates that the model
is most sensitive to is the WACC and the long-tern power price curve.
For more information on how management applies these estimates,
please refer to Note 3 Key accounting estimates and judgements.
Significant estimates
The executive management has applied significant estimates in the
impairment assessment, related to:
•
Determining the WACC, based on market conditions and updated
regularly.
•
Estimating future power prices, derived from independent third-
party providers.
Significant judgments
The executive management has exercised significant judgement in
the impairment assessment, related to:
•
Assessing production volumes and asset longevity, reflecting tech-
nical, operational, and regulatory conditions.
•
Identifying impairment indicators, including changes in market
conditions, regulatory uncertainties, and macroeconomic factors.
Changes in these variables may significantly impact impairment
assessments.
Annual impairment test of goodwill
Goodwill is allocated to the following CGUs for impairment testing:
NOK million
2024
2023
Goodwill Projects
37
37
Goodwill Commercial
93
89
Goodwill Asset Managment
78
80
Total
208
206
For the purpose of impairment testing of goodwill, the recoverable
amount for these assets has been determined estimating the value
in use of the assets and comparing against the carrying value of the
CGU’s.
The below table summarizes the method for valuation/goodwill testing
per segment and the key assumptions and estimates in the calculations:
Recovarable amout
Segment
based on
Key assumptions
Projects
Discounted CF model
Price pr MW, expected
- Value in use future development cost
and discount rate
Commercial
Discounted CF model
Long term power
- Value in use
price curve
1,
change in
discount rate, estimated
production volumes
Asset Discounted CF model Management business
Management - Value in use plan, discount rate and
growth in terminal
1
Average of Volue and Thema base case
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
128128 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
For valuation of producing power plant assets in the commercial
segment the forecast period exceeds five years and covers the
remaining lifetime of the respective assets.
Goodwill Projects
Goodwill of NOK 37m is allocated to the Projects segment.
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. Estimated devel-
opment costs incurred until permit approval are deducted from this
value.
The impairment test is sensitive to the following assumptions:
•
Future cash flows, based on market price per MW/GWh.
•
Project timelines, including development progress and permit
approval.
•
Discount rate of 15%, applied to projects awaiting permits.
The Group concludes that no reasonable change in these assump-
tions would result in a carrying value exceeding the recoverable
amount.
Accordingly, no impairment loss has been recognized, as the recover-
able amount exceeds the carrying value.
Goodwill Commercial
Goodwill of DKK 59m (NOK 93m as of year-end 2024) was recognized
in the Commercial segment following the acquisition of the Odin
portfolio in May 2024. This portfolio represents Cloudberry’s Danish
Commercial segment and future Danish projects segment, consti-
tuting the smallest identifiable cash-generating unit (CGU). Goodwill
remains unimpaired as long as the recoverable amount exceeds the
carrying value of the Danish portfolio.
Goodwill arises from the following factors:
•
Portfolio acquisition: Acquiring a portfolio rather than individual
assets involves a premium, reflecting control benefits and lower
transaction costs.
•
Market entry: Expansion into the Danish market enhances portfolio
diversification across market regions, currencies, and balancing
technologies, reducing overall Group risk.
•
Strategic partnership: Collaboration with Skovgaard as a co-owner
and asset manager strengthens local expertise and enhances
development opportunities.
•
Repowering potential: While the option to repower is not explicitly
valued, it is included in goodwill, as certain assets in the portfolio
are expected to benefit from repowering.
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.
Sensitivity. Management has tested the following scenario adjust-
ments separately, as these are considered reasonably possible
changes with the corresponding effect on the goodwill:
•
WACC fluctuation (+/- 0.5% and +/- 1%)
–
WACC fluctuation +0.5% - no impairment
–
WACC fluctuation of + 1% - impairment of NOK 62m
•
Power price curve variation (+/- 5% and +/- 7.5%)
–
Power price curve -5% - impairment of 13m
–
Power price curve -7.5% - impairment of the corresponding good-
will (NOK 93m)
The power price curve is the most sensitive assumption.
As of 31 December 2024, no impairment loss has been recognized for
goodwill related to the Odin portfolio.
Goodwill Asset Management
As of 31 December 2024, goodwill of NOK 78m (net of previous impair-
ments) is recognized in relation to the acquisition of Captiva, initially
60% acquired in 2022 and increased to 100% in December 2023.
This acquisition established the Asset Management segment within
Cloudberry.
Goodwill is attributable to the following factors:
•
Established track record and expertise in hydropower project
development, asset management advisory, and financial services.
•
Strong reputation and operational history in the renewable energy
industry.
•
Integration of IT systems and operational intelligence for enhanced
management efficiency.
•
Skilled workforce, providing specialized consulting services in
renewable energy.
The Asset Management segment consists of the following revenue
streams:
•
Asset management including financial services
•
Project development and inventory of projects
•
Consultancy services, including investments in Enestor AS
Goodwill is allocated to Captiva as a standalone CGU, as segment-
wide costs cannot be directly attributed to individual revenue
streams.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
129129 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Impairment is assessed using the value-in-use method, based on a
discounted cash flow (DCF) model over a five-year projection period,
including terminal cash flow. The model is approved by the Board of
Directors and incorporates:
•
Discount rate (WACC): 8.1%
•
Terminal growth rate: 3% (1% above annual inflation estimates)
•
Management’s revenue growth forecasts
The calculated recoverable amount exceeds the carrying value,
indicating no impairment.
Sensitivity. Management has tested scenario adjustments for:
•
A WACC fluctuation of ±2% or a terminal growth rate adjustment of
±2% would not cause the carrying value to exceed the recoverable
amount.
As of 31 December 2024, no impairment loss has been recognized for
goodwill in the Asset Management segment.
Impairment test of other assets
For impairment assessment, assets are categorized into cash-gen-
erating units (CGUs), representing the lowest level of separately
identifiable cash flows. The Group’s CGUs are as follows:
Property, plant and equipment (PPE, producing and under construction)
•
Hydropower: Power plants sharing the same water flow or infra-
structure constraints are assessed as a single CGU.
•
Wind farms: Each wind farm is considered an individual CGU.
The Group applies a discounted cash flow (DCF) model to determine
impairment indicators. If the model estimates a net investment
value below book value, an impairment indicator is identified.
However, in 2024, no impairment indicators were observed across
producing power plants; therefore, no further impairment testing was
conducted.
Investments in associated companies and joint ventures
The Group applies the equity method for assessing its investments
in associates and JVs. At each reporting date, the Group evaluates
whether impairment indicators exist. If present, the recoverable
amount is compared to the carrying value, and any impairment loss is
recognized in the statement of profit or loss as “net income/loss from
associated companies and joint ventures.”
For 2024, no impairment indicators were identified in investments
related to producing power plants, and further impairment testing
was not required.
Inventory (development projects)
The Group evaluates impairment for development projects when
their net realizable value (NRV) is lower than the carrying amount. A
quarterly review is conducted to assess project progress. If a project
is deprioritized, put on hold, or discontinued, its estimated sales value
(less disposal costs) is evaluated against book value, and any shortfall
is recognized as an impairment loss.
•
Projects with construction permits are measured at an estimated
market price per MW or GWh, benchmarked against recent trans-
actions.
•
Projects in concession processes are grouped for assessment
based on development stage and progress.
As of 31 December 2024, all projects retained sufficient value, and no
impairment losses were recognized.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
130130 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 16 Investments in associated companies and joint ventures
Accounting principle
Investments in associated companies and joint arrangements are
accounted for using the equity method in accordance with IAS 28.
Accounting policies of equity accounted investees have been
changed were necessary to ensure consistency with the policies
adopted by the Group.
Associates and joint ventures
The table shows the summarized investments classified as associ-
ated companies and joint ventures as of 31 December 2024:
Place of Consolidated economic
Name of entity business
interest per 31.12.24
Segment
Principal activities
Forte Energy Norway AS with SPV's.
Associated company
Norway
49.99%
Production
Hydro power
Odal Vind AS
Odin portfolio (80% ownership):
Associated company
Norway
33.40%
Production
Wind power
Fåre Vindmøllelaug I/S
Associated company
Denmark
37.98%
Production
Wind power
Fløvej 33 I/S
Joint Venture
Denmark
40.00%
Production
Wind power
Nørgaard Vind I/S
Joint Venture
Denmark
40.00%
Production
Wind power
Østergaard Vindkraft I/S
Associated company
Denmark
16.00%
Production
Wind power
P/S Tændpibe Vind
Associated company
Denmark
12.00%
Production
Wind power
Stakroge Vindkraft I/S
Associated company
Denmark
20.75%
Production
Wind power
Stakroge VM4 I/S
Joint Venture
Denmark
40.00%
Production
Wind power
Vindtved Vindkraft I/S
Associated company
Denmark
30.05%
Production
Wind power
Volder Mark Vindkraft I/S
Associated company
Denmark
12.64%
Production
Wind power
Orreholmen Vindkraft AB
Joint Venture
Sweden
40.00%
Production
Wind power
Vetteberget Vindkraft AB
Joint Venture
Sweden
40.00%
Production
Wind power
Fossum Sol AS
Associated company
Norway
33.30%
Development
Solar power in
construction permit
process
Dingelsundet Energy AS
1
Joint Venture
Sweden
50.00%
Development
Development project
Simpevarp Havsvindpark AB
Joint Venture
Sweden
50.00%
Development
Development project
Kraftanmelding AS
Associated company
Norway
31.57%
Operations
Balancing services for
power companies
1
Formerly Stenkalles Holding AS
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
131131 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Forte Energy Norway AS (Forte)
Forte was acquired by the Group in November 2020 and in 2024 Cloudberry has increased its ownership
to 49.99%. Forte owns 14 producing hydro power assets and one power offtake agreement in Norway, with
a combined normalized annual production of 87 GWh net to Cloudberry. The hydro power assets have an
average license life of minimum 50 years. Cloudberry Production AS is the local manager of the Forte portfolio
and delivers management services, which for 2024 amounted to NOK 3m.
Odal Vind AS (Odal)
Odal was first acquired in December 2020 with 15% ownership, and Cloudberry further increased its owner-
ship to 33.4% in July 2021. The other owners of Odal Vind AS are Akershus Energi Vind AS and KLP, owning
33.4% and 33.2% respectively. Odal windfarm was constructed during 2021 and 2022, and all turbines were
taken over by Odal in 2023. In 2024, Odal Wind faced operational challenges, including a serious blade failure
incident in the first quarter, leading to a temporary full-farm shutdown by Siemens Gamesa. Corrective
actions were implemented under warranty agreements, minimizing the financial impact. The wind farm
resumed almost full production over the course of the second half of 2024, ensuring continued renewable
energy output. The windfarm has a normalized annual production of 176 GWh net to Cloudberry and the
remaining concession is 27 years.
Odin portfolio of JV and associated companies (Odin portfolio)
The Odin portfolio of joint ventures and associated entities includes producing power plants that represent
only the entities within the larger acquired Odin portfolio that we do not own a controlling share in. We there-
fore account for their results using the equity accounting method in the consolidated Group accounts. Of the
311 GWh proportionate share from the total Odin portfolio net to Cloudberry, these entities represent approxi-
mately 49 GWh proportionate to Cloudberry.
Dingelsundet Energy AS
Following the decision in 2023 to halt the offshore wind development at Stenkalles, Cloudberry and Hafslund
pivoted their focus toward alternative energy applications at the site in 2024. As part of this transition, the
project was renamed Dingelsundet Energy AS. The strategic grid connection at Vänern continues to present
opportunities for alternative energy investments. During the year, Cloudberry advanced plans for a battery
and solar hybrid project at the site, evaluating its potential contribution to grid flexibility and integration of
intermittent renewable energy production. The associated project costs have been reduced, making it a
competitive and attractive energy infrastructure venture.
The remaining book values in the project are related primarily to a transformer under construction, which
may be repurposed for future grid-related developments. Dingelsundet Energy AS remains classified under
“Other” in in the reported figures in this note.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
132132 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
The table shows the summarised financial information in the Group accounts for equity accounted companies.
FY2024
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other¹
Total
Book value beginning of year
316
511
313
35
1 175
Additions of invested capital
165
-
-
24
189
Share of profit/loss for the year
3
45
15
3
65
Depreciation of excess value
(4)
(1)
(9)
-
(14)
Dividend paid to the owners
(14)
-
(18)
-
(32)
Divestments
-
-
-
(2)
(2)
Currency translation differences
9
25
16
-
50
Items charged to equity
(7)
-
-
-
(7)
Book value at reporting date
468
581
315
59
1 424
Excess value beginning of year
131
18
217
-
366
Excess value 31 December 2024
207
18
214
9
448
Book value of equity at 31 December
associated company/JV
261
563
101
50
976
1
Other includes investment in Dingelsundet Energy AS, Kraftanmelding AS and Fossum Sol AS.
FY2023
Forte Energy
NOK million
Norway AS
Odal Vind AS
Odin Portfolio
Other
Total
Book value beginning of year
317
555
-
18
890
Conversion of debt to equity
-
-
-
84
84
Additions from business combinations
-
-
339
-
339
Share of profit/loss for the year
2
(10)
13
(67)
(62)
Depreciation of excess value
(3)
(1)
(5)
(1)
(10)
Dividend paid to the owners
-
(73)
(12)
-
(85)
Currency translation differences
8
40
(22)
-
26
Items charged to equity
(9)
-
-
-
(9)
Book value at reporting date
316
511
313
35
1 175
Excess value beginning of year
134
19
-
1
154
Excess value 31 December 2023
131
18
217
-
366
Book value of equity at 31 December
associated company/JV
185
494
96
35
809
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
133133 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
The tables below show the summarized financial information for Forte, Odal and the Odin portfolio of associates and joint ventures respectively. The figures represent 100% of the companies’ reporting in the first two columns
(FY2024 and FY2023 respectively) and the two columns to the right (FY 2024 and FY 2023 respectively) show Cloudberry’s share of the summarized financial information (excluding excess values and related depreciation) on a
line-by-line basis:
Forte
Based on 100%
Cloudberry share
NOK million
2024
2023
2024
2023
Revenue
87
117
37
40
EBITDA
40
62
17
21
Profit for the period
8
5
2
2
Total assets
1 290
1 329
645
452
Total cash and cash equivalents
94
134
47
45
Non-current Interest-bearing loans and borrowings
716
704
358
239
Total equity
519
543
260
185
Odal
Based on 100%
Cloudberry share
NOK million
2024
2023
2024
2023
Revenue
357
270
119
90
EBITDA
225
129
75
43
Profit for the period
137
(26)
46
(9)
Total assets
2 867
2 615
957
873
Total cash and cash equivalents
53
66
18
22
Non-current Interest-bearing loans and borrowings
971
952
324
318
Total equity
1 687
1 476
564
493
Odin portfolio – Associates and joint ventures
Based on 100%
Cloudberry share
NOK million
2024
2023
2024
2023
Revenue
115
105
29
25
EBITDA
87
88
21
20
Profit for the period
43
59
9
11
Total assets
528
552
138
144
Total cash and cash equivalents
7
3
2
1
Non-current Interest-bearing loans and borrowings
133
170
53
57
Total equity
360
352
75
78
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
134134 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 17 Inventory
Accounting principle
Inventories consist of development projects and government grants of el-certificates and guarantees of
origin (GoOs). Inventories are accounted for in accordance with IAS 2 Inventories.
Significant estimates and judgements
Development projects
Development costs for work the Group has technical capability, commercial viability, and resources to
complete are accounted for in accordance with IAS 2.
Capitalized development costs consist of external development costs, capitalized salaries for internal
employees and capitalized interest costs related to project funding.
The development projects are part of the Projects operating segment and are primarily held as project
opportunities and where investment opportunities arise for projects to be retained as a long-term asset; they
are reclassified as held for own use. Once a project is ready for construction, and the Group makes the final
investment decision (FID), the project will be reclassified from inventory to property, plant, and equipment,
and accounted for in accordance with IAS 16.
Inventory per year end
NOK million
31.12.2024
31.12.2023
Projects
152
99
Government grants
-
-
Total
152
99
The table below shows the split of project inventory in projects with construction permit and project backlog.
FY2024 Projects – with Projects –
NOK million construction permit
backlog
Total
Project inventory 01.01.
51
48
99
Acqusitions during the year
23
-
23
Capitalized right of lease asset
9
-
9
Capitalization (salary, borrowing cost, other expenses)
11
9
19
Effects of movements in foreign exchange
2
-
2
Project inventory 31.12.
95
57
152
FY2023 Projects – with Projects –
NOK million construction permit
backlog
Total
Project inventory 01.01
65
40
106
Acqusitions during the year
4
3
7
Capitalization (salary, borrowing cost, other expenses)
5
4
9
Transfer to PPE
(26)
-
(26)
Effects of movements in foreign exchange
2
1
3
Project inventory 31.12.
51
48
99
Projects with construction permit include Nees Hede, a solar project in the Danish DK-1 price area acquired in
first quarter 2024, and the wind project Duvhällen, which is located in the Swedish SE-3 price area.
Project backlog includes the projects Björntjernsberget, Östergötland, Ulricehamn, Re Energi, and other wind,
solar and hydro projects in Norway, Sweden and Denmark.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
135135 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 18 Cash, cash equivalents and corporate funding
Accounting principle
Cash and cash equivalents consist of bank deposits and money market funds. The Group considers all highly
liquid investments such as deposits with an original or remaining maturity of three months or less to be cash
equivalents.
Restricted cash is not considered as cash and cash equivalents but is classified as other current assets.
The Group has a corporate account agreement with SpareBank 1 SR-Bank for the Norwegian companies.
This agreement includes a credit facility, however, a larger facility has been established with SpareBank 1
SR-Bank, see Note 20 Interest-bearing debt and debt facilities.
NOK million
2024
2023
Bank deposits
724
468
Money market funds
150
311
Total cash and cash equivalents
874
779
Investments in money market funds consist of investments in KLP and Fondsforvaltning. These are short term
placements and readily convertible to cash.
Restricted cash is not included in cash and cash equivalents; if cash is restricted, it is classified as other
current assets. Some cash is held in subsidiaries, requiring dividends or group contribution to be transferred
to the parent company.
Note 19 Share capital and shareholder information
Share capital
The table below shows the share capital, share premium and number of shares as of 31 December 2024:
NOK million
2024
2023
Share capital
72
73
Share premium
3 497
3 496
Share capital and premium at 31 December
3 569
3 569
The shares have a par value of NOK 0.25. The change in share capital is due to the cancellation of own
shares and a capital increase.
Cloudberry has one share class and each share in the Company carries one vote at the Company’s general
meeting. All shares carry equal rights, including the right to participate in general meetings.
The following capital changes has taken place in 2024:
Number
NOK million
Date
of shares
Share capital
Number of shares 1 January 2024
291 370 104
72 842 526
Capital reduction
17.04.2024
(2 807 500)
(701 875)
Capital increase
11.06.2024
83 833
20 958
Number of shares and share capital 31 December 2024
288 646 437
72 161 609
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
136136 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
In 2023 the Group initiated a share buy-back program to repurchase up to 3 000 000 of its shares in order
to enhance shareholder value by returning capital to shareholders. The buy-back program was authorized
by the board of directors at the general meeting held on 28 September 2023 for the purchase of shares at a
price up to NOK 14.60 per share.
In January 2024, Cloudberry successfully completed its share buyback program. As resolved by the Annual
General Meeting on April 16, 2024, the Company subsequently reduced its share capital through the cancella-
tion of 2 807 500 treasury shares.
Additionally, the Annual General Meeting approved a share purchase program for the Board of Directors,
under which 83 833 new shares were issued. These shares are subject to a three-year lock-up period.
The table below shows the 20 largest shareholders of Cloudberry as of 31 December 2024:
Number of Share of Share of
20 largest shareholders as of 31 December shares ownership voting rights
Ferd AS
35 454 343
12.3%
12.3%
Joh Johannson Eiendom AS
29 512 098
10.2%
10.2%
Havfonn AS (Bergesen family)
24 761 554
8.6%
8.6%
Snefonn AS (Bergesen family)
16 203 725
5.6%
5.6%
The Northern Trust Comp, London Br
15 980 677
5.5%
5.5%
Morgan Stanley & Co. Int. Plc.
15 315 910
5.3%
5.3%
Skandinaviska Enskilda Banken AB
11 739 566
4.1%
4.1%
Farvatn Capital As
10 007 145
3.5%
3.5%
Skandinaviska Enskilda Banken AB
9 600 299
3.3%
3.3%
Clearstream Banking S.A.
7 238 122
2.5%
2.5%
HSBC Continental Europe
6 657 425
2.3%
2.3%
Citibank Europe plc
6 102 209
2.1%
2.1%
UBS AG
4 857 999
1.7%
1.7%
State Street Bank and Trust Comp
4 524 050
1.6%
1.6%
Danske Invest Norge Vekst
4 469 031
1.5%
1.5%
Gjensidige Forsikring ASA
4 023 469
1.4%
1.4%
MP Pensjon PK
3 496 230
1.2%
1.2%
Caceis Bank
3 461 534
1.2%
1.2%
Ccpartner AS
3 400 000
1.2%
1.2%
Verdipapirfondet Storebrand Norge
3 196 558
1.1%
1.1%
Other
68 644 493
23.8%
23.8%
Total number of shares
288 646 437
100.0%
100.0%
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
137137 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 20 Interest-bearing debt and debt facilities
The Group has the following interest-bearing loans and borrowings as per 31 December 2024:
NOK million
31.12.2024
31.12.2023
Non-current interest-bearing debt and borrowings
1 778
1 469
Non-current derivative liability related to hedge accounting
75
39
Total non-current interest-bearing loans and borrowings
1 853
1 507
Current interest-bearing loans and borrowings
98
78
Total interest-bearing loand and borrowings to banks
1 951
1 585
The table below shows a reconciliation of opening balance, movements and closing balance of the
interest-bearing loans and borrowings for the year 2024:
NOK million
In cash flow statement
31.12.2024
Opening balance interest-bearing loans and borrowings 01.01.24
1 585
Repayment of term loan
cash outflow
(129)
Drawn from bank facility
cash inflow
471
Downpayments
cash outflow
(86)
Change in interest swap derivatives
non cash
36
Effects of movements in foreign exchange
non cash
73
Closing balance interest-bearing debt and borrowings 31.12.24
1 951
Of which:
Drawn from bank facility
471
Proceeds from new term loans 2024
471
Repayment of term loan
(129)
Downpayments
(86)
Total repayment of term loan 2024
(215)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
138138 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
In 2024, the Group maintained its credit facility with a bank syndicate comprising Sparebank 1 Sør-Norge,
Sparebank 1 Nord-Norge and Sparebank 1 Østlandet. As of the reporting date, the total facility is at NOK
2 200m, with a possibility to increase it by an additional NOK 300m through an accordion. At year end approx-
imately NOK 1.60 bn was utilized. The facility can be utilized for both construction and producing assets in
Norway, Sweden and Denmark. The total interest bearing debt in the group increased to NOK 1 951m as of
year-end 2024, up from NOK 1 585m in 2023.The remaining consolidated debt is primarily associated with the
Danish subsidiaries under the Odin portfolio, financed through local Danish banks.
The interest rate on the term loans has a margin of less than 2% plus the benchmark rate (NIBOR/STIBOR/
CIBOR). The Group has a strategy to enter into interest swap agreements, swapping floating rates to fixed.
The Group applies hedge accounting to account for its interest rate derivatives, see Note 9 Hedge activities
and derivatives. As of the reporting date, over 80% of the total proportionate interest-bearing debt is hedged,
with an all-in cost below 4% per annum with an average duration of slightly above 10 years.
The term loan with the bank syndicate in Cloudberry Production AS is subject to the following financial cove-
nants and collateral (numbers in bracket represent actual reported numbers per 31.12.24):
1. Group consolidated equity ratio: minimum 30% (68% per 31.12.24)
Cloudberry Production AS equity ratio: minimum 30% (54% per 31.12.24)
Minimum Group equity: NOK 1 800m (NOK 4 776m per 31.12.24)
Minimum equity Cloudberry Production AS: NOK 900m (NOK 2 669m per 31.12.24)
2. Liquidity reserves Group level: minimum NOK 80m consolidated, of which NOK 70m will have to be in the SR
Bank cash pool (NOK 874m per 31.12.24, majority in cash pool).
3. Minimum secured 75% share of principal per loan of 5 years.
4. Main securities granted under the credit facility:
Pledge related to Cloudberry Production AS:
Pledge in shares in all subsidiaries with producing assets (SPV’s).
Pledge in shares in associated companies.
Pledge in cash, inventory and receivables.
Main pledges applied for subsidiaries with producing assets:
Pledge in cash and bank accounts.
Pledge in property plant and equipment.
Pledge in inventory and receivables.
Pledge in lease agreements for land and water/fall rights.
Pledge in shares in Cloudberry Development AS
The Group was not in any breach of any covenants as per 31 December 2024.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
139139 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 21 Provisions, guarantees and other contractual obligations
Accounting principle
The Group recognises an obligation to dismantle and remove hydro and wind power plants and to restore
the site after the concession period is over (asset retirement obligation).
Long term provisions
The Group has NOK 114m in long term provisions, of which NOK 76m relates to asset retirement obligations,
and the remainder NOK 40m to other long-term provisions.
Asset retirement obligation relates to Hån Vindpark, Sundby Vindpark, Røymyra Vindpark, and entities within
the Odin portfolio, the obligations are all payable between 15-30 years.
Current liabilities and provisions
Short term debt and provisions
NOK million
2024
2023
Accounts payables
22
142
Advance tax withholdings and taxes payable
5
5
Total account payables and other liabilities
27
147
Accrued salary and bonus
16
15
Provision for project costs
6
6
Public duties payable
4
6
PPA contract termination
5
5
Accrued fall lease
11
24
Derivative financial instrument- current liability
-
6
Other
21
14
Total provisions
62
76
Guarantees and other contractual obligations
The Group has the following guarantees and restricted bank deposits:
Guarantees
Maturity
NOK million
Balance sheet item
date
2024
2023
Guarantee Hån wind farm
Bank deposit restricted
other current asset
FY 2051
3
3
Guarantee Munkhyttan
Bank deposit restricted
other current asset
FY 2053
3
3
wind farm
Guarantees for office rent
Escrow account
non-current
Q1 2029
2
2
financial asset
Munkhyttan wind farm
Parent guarantee
off-balance
Q1 2025
11
191
to supplier
Sundby wind farm
Parent guarantee
off-balance
Q1 2024
N/A
11
to supplier
Stenkalles Vind AB
Parent guarantee
off-balance
Q2 2024
N/A
5
Skovgaard transaction
1
Equity commitment
off-balance
Q1 2025
662
-
Total guarantees and
restricted deposits
681
215
1
The guarantee is related to the signing of the share purchase agreements with Skovgaard, the amount represent the equity consideration.
The transaction is expected to close at the end of the first quarter of 2025. Please refer to Note 5 for further information about the transaction.
The Sundby and Munkhyttan guarantees pertain to Vesta’s, securing the contractual obligations for the
respective wind turbines.
Cloudberry Clean Energy ASA has no significant contingencies as of the reporting date.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
140140 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Other information
Note 22 Earnings per share
Earnings per share is calculated as profit/(loss) attributable to the equity holders of the parent company divided by the number of shares
outstanding.
Diluted earnings per share is affected by the warrant program for equity settled share-based payments transactions, see Note 10 Employee
benefits and share based payments.
NOK million
2024
2023
Profit/(loss) attributable to the equity holders of the company
95
272
Weighted average number of shares outstanding for the purpose of basic earnings per share
289 713 921
291 342 409
Earnings per share for income attributable to the equity holders of the company – basic NOK
0.33
0.93
Effect of potential dilutive shares
Weighted average number of shares outstanding for the purpose of diluted earnings per share
291 388 921
291 917 409
Earnings per share for income attributable to the equity holders of the company – diluted NOK
0.33
0.93
For information about share capital on 31 December see Note 19 Share capital and shareholder information.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
141141 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 23 Transactions with related parties
The Group’s related parties include the Company and its subsid-
iaries, as well as members of the Board of Directors, executive
management, and their close associates. Related parties also include
companies in which these individuals have a significant influence.
All transactions with related parties are conducted on an arm’s length
basis and in the ordinary course of business. In 2024, no related party
agreements were entered into.
The Board of Directors ensures that any material transaction between
the Company and its shareholders, a shareholder’s parent company,
members of the Board of Directors, executive personnel, or their close
associates is executed on arm’s length terms. The Board has adopted
rules of procedure that include guidelines requiring Board members
and executive management to notify the Company of any material
direct or indirect interest in transactions involving the Company.
Transactions and balances between the Company and its subsidi-
aries are fully eliminated in the consolidated financial statements.
NOK million
Related party
Relation for Cloudberry
Nature of transaction
2024
2023
Bergehus Holding AS
Subsidiary of related company
Office lease
5
4
Forte Energy Norway AS
Associated company
Management fee revenue
3
3
See Note 10 Employee benefits and share-based payment for information about management remuneration.
See Note 16 Investments in associated companies and joint ventures for information about management fee to Forte.
As of 31 December 2024 there were no employee or shareholder loans.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
142142 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Remuneration to the Board of Directors
FY 2024 Remuneration
Served Term paid in 2024 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.24 pr 31.12.24 associated company
Tove Feld
Chair of the Board
2023
2024
702 000
-
43 141
Petter W. Borg
Board member
2019
2024
373 000
-
1 273 576
Caddie Invest AS
Benedicte H. Fossum
Board member
2020
2024
350 000
-
197 320
Mittas AS/ Jeshol AS
Nicolai Nordstrand
Board member
2022
2024
379 000
-
41 031 299
Havfonn AS/ Snefonn AS
Henrik Joelsson
Board member
2022
2024
352 000
-
61 020
HJ Business Development AB
Alexandra Koefoed
Board member
2023
2024
339 000
-
21 570
Mads Andersen
Board member
2024
2025
-
-
-
Stefanie Witte
No longer BoD member
2020
2023
339 000
-
9 044
2 834 000
-
42 636 970
FY 2023 Remuneration
Served Term paid in 2023 Warrants Shares Holding company/
Function since expires (NOK) pr 31.12.23 pr 31.12.23 associated company
Tove Feld
Chair of the Board
2023
2024
-
-
19 188
Petter W. Borg
Board member
2019
2024
361 500
-
1 261 600
Caddie Invest AS
Benedicte H. Fossum
Board member
2020
2024
329 500
-
145 344
Mittas AS/ Jeshol AS
Stefanie Witte
Board member
2022
2024
319 500
-
9 044
Henrik Joelsson
Board member
2022
2024
332 500
-
49 044
HJ Business Development AB
Nicolai Nordstrand
Board member
2022
2024
332 500
-
41 019 323
Havfonn AS/ Snefonn AS
Alexandra Koefoed
Board member
2023
2024
-
-
9 594
Frank J Berg
No longer BoD member
2020
2023
645 000
-
4 212 412
CCPartner AS
Liv E. Lønnum
No longer BoD member
2020
2023
319 500
-
7 765
2 640 000
-
46 733 314
The remuneration to the Board is proposed by the nomination
committee to the Annual General Meeting (AGM). The remuneration is
paid after the next AGM when the remuneration is earned.
The remuneration for the period 2023/2024 was paid in April 2024 and
the remuneration for the period 2024/2025 will be paid after the AGM
in April 2025.
The Group has a share purchase program for Board members imple-
mented by the AGM in 2021. The Board members shall use 30% of the
fixed gross remuneration (prior to tax) per year to acquire shares in
the Company, until the value of the shares of each individual member
reaches a threshold of two years of board remuneration. The Board
members shall after the threshold of two years board remuneration
has been achieved, be offered to use up to 30% of the gross board
remuneration (prior to tax) to acquire shares.
For further information please refer to the Remuneration report for
2024 that will be presented at the AGM and published on the compa-
ny’s website.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
143143 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Note 24 List of subsidiaries and equity accounted companies
The following companies are fully consolidated (subsidiaries) or accounted for using the equity method
(associated companies or joint ventures) as per 31 December 2024.
Consolidated
economic Part of
Place of interest per Group
Name of entity
Accounted as
business 31.12.24
from date
Segment
Cloudberry Clean Energy ASA
Parent company
Norway
100.00%
24.11.2017
Corporate
Cloudberry Production AS
Subsidiary
Norway
100.00%
15.02.2020
Commercial
CB Production AB
Subsidiary
Sweden
100.00%
01.07.2022
Commercial
Røyrmyra Vindpark AS
Subsidiary
Norway
100.00%
15.02.2020
Commercial
Øvre Kvemma Kraftverk AS
Subsidiary
Norway
100.00%
05.07.2024
Commercial
Hån Vindpark AB
Subsidiary
Sweden
100.00%
15.02.2020
Commercial
Hån 22kV AS
Subsidiary
Norway
100.00%
15.02.2020
Commercial
Sundby Vindpark AB
Subsidiary
Sweden
100.00%
21.12.2021
Commercial
Munkhyttan Vindkraft AB
Subsidiary
Sweden
100.00%
03.02.2022
Commercial
Forte Energy Norway AS
Associated Company
Norway
49.99%
15.11.2020
Commercial
Odal Vind AS
Associated Company
Norway
33.40%
23.12.2020
Commercial
Skåråna Kraft AS
Subsidiary
Norway
100.00%
24.02.2021
Commercial
Tinnkraft AS
Subsidiary
Norway
100.00%
01.02.2022
Commercial
Ramsliåna Kraftverk AS
Subsidiary
Norway
100.00%
31.03.2022
Commercial
Re Energi AS
Subsidiary
Norway
100.00%
31.03.2022
Commercial
Bøen Kraft AS
Subsidiary
Norway
100.00%
10.06.2022
Commercial
Cloudberry Production
Subsidiary
Denmark
100.00%
31.05.2023
Commercial
Holding ApS
Cloudberry Production Aps
Subsidiary
Denmark
100.00%
31.05.2023
Commercial
Odin Energy Holding P/S
Subsidiary
Denmark
80.00%
31.05.2023
Commercial
Odin Energy General
Subsidiary
Denmark
80.00%
31.05.2023
Commercial
Partner ApS
Consolidated
economic Part of
Place of interest per Group
Name of entity
Accounted as
business 31.12.24
from date
Segment
Odin Energy Invest I P/S
Subsidiary
Denmark
80.00%
31.05.2023
Commercial
Odin Energy Invest II P/S
Subsidiary
Denmark
80.00%
31.05.2023
Commercial
Odin Energy Invest III P/S
Subsidiary
Denmark
80.00%
31.05.2023
Commercial
Lem Kær Vindkraft I/S
Subsidiary
Denmark
60.98%
31.05.2023
Commercial
Nørh-Hjortmose Vind 11 I/S
Subsidiary
Denmark
71.80%
31.05.2023
Commercial
Skræddergaard Vindkraft I/S
Subsidiary
Denmark
48.00%
31.05.2023
Commercial
Tornbygård Vindkraft I/S
Subsidiary
Denmark
64.58%
31.05.2023
Commercial
Trikelshøj Vindkraft I/S
Subsidiary
Denmark
48.11%
31.05.2023
Commercial
Vemb Vindkraft I/S
Subsidiary
Denmark
43.43%
31.05.2023
Commercial
Volder Mark M5 Erhverv I/S
Subsidiary
Denmark
67.69%
31.05.2023
Commercial
Fåre Vindmøllelaug I/S
Associated Company
Denmark
37.98%
31.05.2023
Commercial
Fløvej 33 I/S
Joint Venture
Denmark
40.00%
31.05.2023
Commercial
Nørgaard Vind I/S
Joint Venture
Denmark
40.00%
31.05.2023
Commercial
Stakroge Vindkraft I/S
Associated Company
Denmark
20.75%
31.05.2023
Commercial
Stakroge VM4 I/S
Joint Venture
Denmark
40.00%
31.05.2023
Commercial
Østergaard Vindkraft I/S
Associated Company
Denmark
16.00%
31.05.2023
Commercial
Vindtved Vindkraft I/S
Associated Company
Denmark
30.05%
31.05.2023
Commercial
P/S Tændpibe Vind
Associated Company
Denmark
12.00%
31.05.2023
Commercial
Volder Mark Vindkraft I/S
Associated Company
Denmark
12.65%
31.05.2023
Commercial
Orreholmen Vindkraft AB
Joint Venture
Sweden
40.00%
31.05.2023
Commercial
Vetteberget Vindkraft AB
Joint Venture
Sweden
40.00%
31.05.2023
Commercial
Komplementar Klimapark
Subsidiary
Denmark
80.00%
01.02.2024
Commercial
Nees Hede ApS
KlimaparkNees Hede K/S
Subsidiary
Denmark
80.00%
01.02.2024
Commercial
Cloudberry Develop AS
Subsidiary
Norway
100.00%
15.02.2020
Projects
Cloudberry Utveckling AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Cloudberry Utveckling II AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Cloudberry Utveckling III AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Cloudberry Wind AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
144144 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Consolidated
economic Part of
Place of interest per Group
Name of entity
Accounted as
business 31.12.24
from date
Segment
Cloudberry Clean Energy AB
1
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Rewind Offshore AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Cloudberry Projekt AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Kånna Vindpark AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Ljunga Vindpark AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Duvhällen Vindpark AB
Subsidiary
Sweden
100.00%
15.02.2020
Projects
Skogvind AS
Subsidiary
Norway
100.00%
31.08.2020
Projects
Dingelsundet Energy AS
2
Joint Venture
Norway/
50.00%
19.09.2022
Projects
Sweden
Fossum Sol AS
Associated Company
Norway
33.30%
15.03.2023
Projects
Bjornejarnsberget
Subsidiary
Sweden
100.00%
01.04.2023
Projects
Vindpark AB
Simpevarp Havsvindpark AB
Joint Venture
Sweden
50.00%
03.10.2023
Projects
Captiva Asset
Subsidiary
Norway
100.00%
07.01.2022
Asset
Management AS Management
Captiva Financial Services AS
Subsidiary
Norway
100.00%
07.01.2022
Asset
Management
Captiva Digital Services
Subsidiary
Switzerland
100.00%
07.01.2022
Asset
GmbH Management
Kraftanmelding AS
Associated company
Norway
31.57%
07.01.2022
Asset
Management
Captiva Energi AS
Subsidiary
Norway
100.00%
07.01.2022
Asset
Management
Captiva Digital Services AB
Subsidiary
Sweden
100.00%
01.04.2023
Asset
Management
Enestor AS
Subsidiary
Norway
51.00%
01.06.2022
Asset
Management
1
Formerly Cloudberry Offshore Wind AB
2
Formerly Stenkalles Holding AS
Note 25 Subsequent events
Following the balance sheet date, the transaction with Skovgaard remains on track for completion. The
closing is expected to take place after the reporting of the financial statements and is planned to be closed
within the first quarter of 2025.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
145145 FinancialsFinancials | Consolidated financial statementsFinancials | Consolidated financial statements
Parent company financial statements
Statement of profit or loss
147
Statement of financial position
148
Statement of cash flows
149
Notes to the Parent company financial statements
150
Note 1 General information
150
Note 2 General accounting policies and principles
150
Note 3 Sales revenues and other operating income
152
Note 4 Employee benefits and share-based payments
152
Note 5 Other operating expenses
156
Note 6 Financial items
156
Note 7 Income tax expense
157
Note 8 Subsidiaries
158
Note 9 Cash, cash equivalents and corporate funding
158
Note 10 Equity capital, share capital and shareholder
information
159
Note 11 Intercompany items between companies in the
same group
160
Note 12 Subsequent events
161
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
146146 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of profit or loss
1 January–31 December
NOK 1 000 Note FY2024 FY2023
Revenue 306 -
Other income 3 2 510 2 401
Total revenue 2 817 2 401
Salary and personnel expenses 4 (55 235) (53 248)
Other operating expenses 5 (24 687) (18 884)
Operating expenses (79 922) (72 132)
EBITDA (77 105) (69 732)
Depreciation and amortizations (273) (279)
Operating profit (EBIT) (77 378) (70 010)
Financial income 6 38 501 236 774
Financial expenses 6 (15 539) (72 121)
Profit/(loss) before tax (54 416) 94 642
Income tax expense 7 - -
Profit/(loss) after tax (54 416) 94 642
Allocation of profit/(loss) for the period
Transfer to/(from) other equity (54 416) 94 642
Total allocation of profit/(loss) for the period (54 416) 94 642
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
147147 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of financial position
NOK 1 000 Note 31.12.2024 31.12.2023
ASSETS
Non-current assets
Property, plant and equipment 496 769
Investment in subsidiaries 8 2 878 300 2 445 602
Other non-current receivables 2 528 2 496
Loan to group companies 11 610 496 609 715
Total non-current assets 3 491 820 3 058 581
Accounts receivables 2 127 2 999
Other current assets 688 132
Receivables group companies 11 - 189 611
Cash and cash equivalents 9 731 608 403 587
Total current assets 734 424 596 329
TOTAL ASSETS 4 226 243 3 654 910
NOK 1 000 Note 31.12.2024 31.12.2023
EQUITY AND LIABILITIES
Equity
Share capital 10 72 162 72 843
Other paid-in capital 10 3 496 541 3 495 220
Total paid-in capital 3 568 703 3 568 063
Other equity 10 32 738 70 009
Total equity 3 601 441 3 638 071
Current liabilities
Accounts payable 7 075 2 286
Public duties payable 1 976 1 695
Liabilities to group companies 11 603 350 -
Other current liabilities 12 402 12 858
Total current liabilities 624 802 16 839
Total liabilities 624 802 16 839
TOTAL EQUITY AND LIABILITIES 4 226 243 3 654 910
Oslo, 24 March 2025
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
148148 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Statement of cash flows
NOK 1 000 Note FY2024 FY2023
Cash flow from operating activities
Profit/(loss) before tax (54 416) 94 642
Depreciation 273 279
Write-down of long-term investments - 66 708
Net interest paid/received (29 879) (69 014)
Share-based payment 14 447 19 483
Receivables group companies 11 127 498 -
Change in accounts payable 4 788 (11 750)
Change in accounts receivabe 872 (2 999)
Change in other accruals 1 894 4 564
Net cash flow from operating activities 65 477 101 913
Cash flow from investing activities
Interest received 6 35 150 73 749
Investments in property, plant and equipment - (25)
Acquisition of shares in subsidiaries, net liquidity outflow 8 (432 698) (1 148 869)
Net increase loans to subsidiaries 11 664 682 62 210
Net cash flow from (used in) investing activities 267 134 (1 012 935)
NOK 1 000 Note FY2024 FY2023
Cash flow from financing activities
Net cash from change in short-term interest-bearing debt - (56 932)
Interest paid 6 (5 271) (4 735)
Share capital increase 10 681 670
Payment for shares bought back - (29 031)
Net cash flow from financing activities (4 590) (90 028)
Total change in cash and cash equivalents 328 021 (1 001 050)
Cash and cash equivalents at start of period 9 403 587 1 404 638
Cash and cash equivalents at end of period 9 731 608 403 587
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
149149 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Notes to the Parent company financial statements
Note 1 General information
Corporate information
These financial statements have been prepared for Cloudberry
Clean Energy ASA (“the Company”) which is the parent entity of the
Cloudberry Group (“the Group”) The shares of the Company are listed
on Oslo Børs under the ticker ‘CLOUD’.
The Company is incorporated and domiciled in Norway. Cloudberry
Clean Energy ASA was established on 10 November 2017 and its
registered office is located at Frøyas gate 15, NO-0273 Oslo, Norway.
Cloudberry is an independent power producer, developing, owning
and operating renewable assets in the Nordics. The Company has
an integrated business model across the life cycle of renewable
power plants including project development, financing, construction
(normally outsourced), ownership, management, and operations.
The financial statement of the Company and the consolidated state-
ments of the Group, presented earlier in this report, was approved by
the Board of Directors on 24 March 2025. The statements have been
prepared under the assumption that the Company is a going concern,
and that this assumption was appropriate at the date of approval of
the financial statements.
Note 2 General accounting policies and principles
Statement of compliance
The financial statements of Cloudberry Clean Energy ASA are
prepared in accordance with the Norwegian Accounting Act and
Norwegian Generally Accepted Accounting Principles (NGAAP).
Basis for preparation
The financial statements have been prepared on a historical cost
basis.
Accounting estimates and judgements
In preparing the financial statements, assumptions and estimates
that have an effect on the amounts and presentation of assets and
liabilities, income and expenses and contingent liabilities must be
made. Actual results could differ from these assumptions and esti-
mates.
Functional currency and foreign currency translation
The functional currency and presentation currency of the Company
is Norwegian kroner (NOK). Foreign currency transactions follow the
same translation method as applied to the consolidated figures
described in Note 2 of the consolidated statement.
Employee benefits
Wages, salaries, bonuses, pension and social security contributions,
paid annual leave and sick leave are accrued in the period in which
the associated services are rendered by employees of the Company.
The Company has pension plans for employees that are classified
as defined contribution plans. Contributions to defined contribution
schemes are recognized in the statement of profit or loss in the period
in which the contribution amounts are earned by the employees.
Cloudberry has a long term incentive equity plan for executive
management and key employees. The plan includes the issue of
warrants for shares in the Company.
Interest income and expenses
Interest income and expenses are recognized in the income state-
ment as they are accrued, based on the effective interest method.
Income tax expense
The tax charge in the profit or loss account consists of tax payable for
the period and the change in deferred tax. Deferred tax is calculated
at the tax rate of 22% based on tax-reducing and tax- increasing
temporary differences that exist between accounting and tax values,
and the tax loss carried forward at the end of the accounting year.
Tax-increasing and tax-reducing temporary differences that reverse
or may reverse in the same period are offset and entered net. The net
deferred tax receivable is entered on the balance sheet to the extent
that it is likely that it can be utilised.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
150150 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Classification and valuation of current assets and liabilities
Current assets and short-term liabilities consist normally of items that
fall due for payment within one year of the balance sheet date, as
well as items related to the stock cycle. Current assets are valued at
the lower of acquisition cost and fair value. Short-term liabilities are
entered on the balance sheet at the nominal amount at the time of
the transaction.
Subsidiaries and investments in associated companies
Subsidiaries and associated companies are valued using the cost
method in the company accounts. The investment is valued at acqui-
sition cost for the shares unless a write-down has been necessary. A
write-down to fair value is made when a fall in value is due to reasons
that cannot be expected to be temporary and such write-down must
be considered as necessary in accordance with good accounting
practice. Write-downs are reversed when the basis for the write-
down is no longer present.
Dividends, group contributions and other distributions from subsid-
iaries are posted to income in the same year as provided for in the
distributor’s accounts. To the extent that dividends/ group contribu-
tions exceed the share of profits earned after the date of acquisition,
the excess amounts represent a repayment of invested capital, and
distributions are deducted from the investment’s value in the balance
sheet of the parent company.
Receivables
Receivables from customers and other receivables are entered at par
value after deducting a provision for expected losses. The provision
for losses is made based on an individual assessment of the respec-
tive receivables.
Short-term investments
Short-term investments (shares and interests valued as current
assets) are valued at the lower of acquisition cost and fair value on
the balance sheet date. Dividends and other distributions received
from the companies are posted to income under other financial
income.
Statement of cash flow
The cash flow statement has been prepared using the indirect
method. Cash and cash equivalents consist of cash, bank deposits
and other short-term, liquid investments.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
151151 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 3 Sales revenues and other operating income
NOK 1 000 2024 2023
Income from sub lease of offices 2 510 2 401
Total revenue 2 510 2 401
Note 4 Employee benefits and share-based payments
Employee benefits are accrued in the period in which the associated services are rendered by the employees
of the Company. The table below shows the employee benefits accrued in the period
NOK 1 000 2024 2023
Salaries 32 551 25 432
Social security tax 4 446 5 893
Pension benefits 988 827
Share based payment 15 933 19 483
Other benefits 1 317 1 612
Total personell expenses 55 235 53 248
Average number of full-time equivalents (FTEs) 11 8
Number of full-time equivalents as 31.12 (FTEs) 12 8
Included in salaries are fees to board members.
Pension
The Company has an established pension scheme that is classified as a defined contribution plan, the
pension scheme is in line with the requirements of the law. Contributions to the defined contribution schemes
are recognised in the consolidated statement of profit or loss in the period in which the contribution amounts
are earned by the employees. The defined contribution plan does not commit the Company beyond the
amounts contributed.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
152152 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Remuneration of executive management
Remuneration to the executive management of Cloudberry Clean Energy ASA is disclosed in Note 10 of the
consolidated financial statements.
The table below shows the remuneration in 2024
FY2024
NOK 1 000
Anders
Lenborg
(CEO)
Ingrid Bjørdal
(CSO)
Ole-Kristofer
Bragnes
(CFO)
1
Christian
Helland
(CCO) Total
Salary 4 200 2 150 1 604 3 150 11 104
Bonus 2 058 773 577 1 133 4 541
Pension benefits 81 81 81 81 325
Other 4 4 4 4 16
Share based payment 5 547 820 883 4 121 11 371
Total reportable benefits 2024 11 890 3 828 3 149 8 489 27 357
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024
The table below shows the remuneration in 2023
FY2023
NOK 1 000
Anders
Lenborg
(CEO)
Ingrid Bjørdal
(CSO)
Jon Gunnar
Solli (COO)
Christian
Helland
(CCO) Total
Salary 4 000 2 050 2 000 3 000 11 050
Bonus 1 860 615 600 900 3 975
Pension benefits 105 103 97 98 403
Other 4 4 4 4 16
Share based payment 7 276 551 2 326 5 431 15 584
Total reportable benefits 2023 13 245 3 322 5 027 9 433 31 027
The Board of Directors have set the target KPI for the group performance bonus scheme that was applicable
for achievements in 2024. The Group has a compensation committee which will set the targets for 2025.
Total remuneration, warrants and shares for executive management and Board of Directors
Executive management
FY2024
NOK 1 000
Holding
company
Shares pr
31.12.24
Total remu-
naration
2024
Warrants
granted 2024
Warrants pr
01.01.2024
Warrants
granted total
pr 31.12.24
Warrants
exercised
Anders Lenborg
(CEO)
Lenco AS 1 403 546 11 854 350 000 7 095 000 7 445 000 -
Ingrid Bjørdal
(CSO)
110 000 3 877 325 000 600 000 925 000 -
Ole-Kristofer
Bragnes (CFO)
1
- 3 181 300 000 700 000 1 000 000 -
Christian Helland
(CCO)
Amandus
Invest AS
301 758 9 337 350 000 5 250 000 5 600 000 -
28 249 1 325 000 13 645 000 14 970 000 -
1
Salary and other benefits represent the full year, considering that the individual entered a management position from 1 July 2024
FY2023
NOK 1 000
Holding
company
Shares pr
31.12.23
Total remu-
naration
2023
Warrants
granted 2023
Warrants pr
01.01.2023
Warrants
granted total
pr 31.12.23
Warrants
exercised
Anders Lenborg
(CEO)
Lenco AS 1 403 546 13 245 3 395 000 3 700 000 7 095 000 -
Ingrid Bjørdal
(CSO)
80 000 3 322 - 1 100 000 1 100 000 -
Jon Gunnar Solli
(COO)
Lotmar
Invest AS
626 323 5 027 1 150 000 1 100 000 2 250 000 -
Christian Helland
(CCO)
Amandus
Invest AS
301 758 9 433 2 550 000 2 700 000 5 250 000 -
31 027 7 095 000 8 600 000 15 695 000 -
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
153153 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Board of Directors
FY2024
NOK 1 000 Function
Served
since
Term
expires
Remune-
ration in
2024
Warrants
pr 31.12.24
Shares pr
31.12.24
Holding
Company/
Associated
Company
Tove Feld Chair of the
Board
2023 2024 702 000 - 43 141
Petter W. Borg Board member 2019 2024 373 000 - 1 273 576 Caddie Invest
AS
Benedicte H. Fossum Board member 2020 2024 350 000 - 197 320 Mittas AS/
Jeshol AS
Nicolai Nordstrand Board member 2022 2024 379 000 - 41 031 299 Havfonn AS/
Snefonn AS
Henrik Joelsson Board member 2022 2024 352 000 - 61 020 HJ Business
Development
AB
Alexandra Koefoed Board member 2023 2024 339 000 - 21 570
Mads Andersen Board member 2024 2025 - - -
Stefanie Witte No longer BoD
member
2020 2023 339 000 - 9 044
2 834 000 - 42 636 970
FY2023
NOK 1 000 Function
Served
since
Term
expires
Remune-
ration in
2023
Warrants
pr 31.12.23
Shares pr
31.12.23
Holding
Company/
Associated
Company
Tove Feld Chair of the
Board
2023 2024 - - 19 188
Petter W. Borg Board member 2019 2024 361 500 - 1 261 600 Caddie Invest
AS
Benedicte H. Fossum Board member 2020 2024 329 500 - 145 344 Mittas AS/
Jeshol AS
Stefanie Witte Board member 2022 2024 319 500 - 9 044
Henrik Joelsson Board member 2022 2024 332 500 - 49 044 HJ Business
Development
AB
Nicolai Nordstrand Board member 2022 2024 332 500 - 41 019 323 Havfonn AS/
Snefonn AS
Alexandra Koefoed Board member 2023 2024 - - 9 594
Frank J Berg No longer BoD
member
2020 2023 645 000 - 4 212 412 CCPartner AS
Liv E. Lønnum No longer BoD
member
2020 2023 319 500 - 7 765
2 640 000 - 46 704 861
In 2024 the remuneration to the Board of Directors was paid amounting to a total of NOK 2.8m (2023: NOK 2.6m).
The nomination committee will propose the remuneration for the board members for 2024 at the Annual
General Meeting in April 2025.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
154154 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Share based payments and long-term incentive plan (LTIP)
The Company’s share-based payment remuneration and the LTIP of the executive management is disclosed
in Note 10 of the consolidated financial statements.
The table shows the outstanding warrants as of 1 January 2024 and 31 December and movements in the year:
FY2024
NOK 1 000
Outstanding warrants 01.01. 22 899 999
Granted in 2024 3 750 000
Exercised in 2024 (825 000)
Expired in 2024 (1 166 667)
Outstanding warrants 31.12. 24 658 332
Exircisable 31.12. 12 274 990
Charged to profit and loss statement 2024 (NOK thousand ) 15 932
Charged to equity 2024 (NOK thousand ) 17 146
The table shows the outstanding warrants as of 1 January 2023 and 31 December 2023 and movements in
the year:
FY2023
NOK 1 000
Outstanding warrants 01.01. 10 500 000
Granted in 2023 12 700 000
Exercised in 2023 -
Expired in 2023 (300 001)
Outstanding warrants 31.12. 22 899 999
Exircisable 31.12. 6 766 662
Charged to profit and loss statement 2023 (NOK thousand ) 19 483
Charged to equity 2023 (NOK thousand ) 23 616
As of the date of the annual report the following warrants are outstanding:
# Warrants
outstanding Grant date Expiry date
Weighted
average
remaining
contractual
life
Weighted
average
strike
price
Vested
instruments
31.12.2024
Share
price
(grant
date)
Warrant package #1 500 000 20.03.2020 20.03.2025 0.2 11.1 500 000 11.1
Warrant package #2 1 175 000 25.09.2020 25.09.2025 0.7 12.2 1 175 000 13.1
Warrant package #3 4 866 666 17.06.2021 17.06.2026 1.5 12.5 4 866 666 14.7
Warrant package #4 2 766 666 15.06.2022 28.04.2027 2.3 17.4 1 866 662 16.0
Warrant package #5 11 600 000 27.04.2023 26.04.2028 3.3 12.6 3 866 662 10.4
Warrant package #6 3 750 000 16.04.2024 16.04.2029 4.3 11.1 - 8.8
24 658 332 12 274 990
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
155155 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 5 Other operating expenses
The table shows the breakdown on other operating expenses in 2024 and 2023.
NOK 1 000 2024 2023
Rental of office and equipment 6 114 5 171
External accounting and auditing fees 3 840 3 192
Legal and other fees 11 198 6 198
Other 3 535 4 323
Total other operating expenses 24 687 18 884
Expenses related to statutory audit and other auditor services is presented below:
NOK 1 000 2024 2023
Statutory audit 2 481 2 724
Other assuranse services - -
Total auditor costs 2 481 2 724
Note 6 Financial items
Financial income
NOK 1 000 2024 2023
Income from subsidiaries - 39 235
Interest income from subsidiaries 7 501 34 988
Interest income 27 836 38 761
Other financial income and exchange differences 3 163 123 790
Total financial income 38 501 236 774
Financial expense
NOK 1 000 2024 2023
Write-down of long-term investments - 66 708
Interest expense 2 738 786
Interest expense – group companies 7 619 3 949
Other financial expense and exchange differences 5 182 678
Total financial expense 15 539 72 121
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
156156 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 7 Income tax expense
NOK 1 000 2024 2023
Tax expense in the income statement
Changes in deferred tax assets - -
Tax expense on ordinary profit/loss - -
Taxable income
Ordinary result before tax (54 416) 94 642
Permanent differences 16 592 (43 447)
Changes in temporary differences (4) 7
Received group contribution - 39 235
Use of tax losses - (90 436)
Taxable income (37 828) -
Payable tax in the balance
Payable tax on this year's result - -
Payable tax on received group contribution - -
Total payable tax in the balance - -
The tax effect of temporary differences and loss to be carried forward that has formed the basis for
deferred tax and deferred tax advantages, specified on type of temporary difference.
NOK 1 000 2024 2023 Difference
Tangible assets 4 - (4)
Total 4 - (4)
Deferred tax asset
Shares and other securities 133 583 450
Accumulated tax loss carried forward (83 401) (45 573) 37 828
Not included in the deferred tax calculation 83 264 44 990 (83 274)
Basis for deferred tax asset in the balance sheet - - -
Basis for calculation of deferred tax asset - - -
Deferred tax - - -
Deferred tax asset is not recognised in the balance sheet.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
157157 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 8 Subsidiaries
The following subsidiaries are fully consolidated in the financial statement as of 31 December 2024
Name of Entity
Place of
business
Owner
share
Share of
votes
Purchase cost
(NOK 1 000)
Equity
(NOK 1 000)
Profit
(NOK 1 000)
Cloudberry
Production AS Subsidiary Oslo, Norway 100% 100% 2 182 922 2 668 666 128 450
Cloudberry
Develop AS Subsidiary Oslo, Norway 100% 100% 560 846 610 917 37 408
Captiva Asset
Management AS
1
Subsidiary Oslo, Norway 100% 100% 134 533 1 532 (32 470)
Total 2 878 300 3 281 115 133 388
1
Captiva Digital Services AS merged in Captiva Asset Management AS in 2024.
Note 9 Cash, cash equivalents and corporate funding
NOK 1 000 2024 2023
Bank deposits 581 467 92 787
Money market funds 150 142 310 801
Total cash 731 608 403 587
Placement in money market fund is a short-term placement. The placement is made to receive interest and
is cash equivalent.
Cash deposits for tax deduction account (restricted funds) and deposit for rent are not included as cash.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
158158 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 10 Equity capital, share capital and shareholder information
The table below show the changes in equity in 2024 and 2023:
NOK 1 000
Share
capital
Share
premium
Total paid in
capital
Other
equity
Retained
earnings
Total
other
equity
Total equity
capital
Equity as at 01.01 2023: 72 825 3 495 270 3 568 095 31 412 (51 333) (19 921) 3 548 174
Sharecapital increase 18 653 671 - - - 671
Profit/(loss) for the period - - - - 94 642 94 642 94 642
Share based payment - - - 23 616 - 23 616 23 616
Repurchase own shares - (703) (703) (28 329) - (28 329) (29 032)
Equity as at 31.12 2023 72 843 3 495 220 3 568 062 26 700 43 309 70 009 3 638 071
Equity as at 01.01 2024: 72 843 3 495 220 3 568 062 26 700 43 309 70 009 3 638 071
Sharecapital increase 21 620 640 - 640
Profit/(loss) for the period - (54 416) (54 416) (54 416)
Share based payment - 17 146 17 146 17 146
Repurchase own shares (702) 702 - - -
Equity as at 31.12 2024 72 162 3 496 541 3 568 703 43 845 (11 107) 32 738 3 601 441
The table below show the share capital, share premium and number of shares as of 31 December 2024 and
31 December 2023.
NOK 1 000 2024 2023
Share capital 72 162 72 843
Share premium 3 496 541 3 495 220
Share capital and premium at 31 December 3 568 703 3 568 062
Number of shares at 31 December 288 646 436 291 370 044
The shares are at par value NOK 0.25.
The following changes to the share capital has taken place in 2024:
NOK Date
Number of
shares
Share
capital
Number of shares 1 January 2024 291 370 104 72 842 526
Capital reduction 17.04.2024 (2 807 500) (701 875)
Capital increase 11.06.2024 83 833 20 958
Number of shares and share capital 31 December 2024 288 646 437 72 161 609
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
159159 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
The table below show the largest shareholders of Cloudberry as of 31 December 2024
20 largest shareholders as of 31 December
Number of
shares
Share of
ownership
Share of
voting rights
Ferd AS 35 454 343 12.3% 12.3%
Joh Johannson Eiendom AS 29 512 098 10.2% 10.2%
Havfonn AS (Bergesen family) 24 761 554 8.6% 8.6%
Snefonn AS (Bergesen family) 16 203 725 5.6% 5.6%
The Northern Trust Comp, London Br 15 980 677 5.5% 5.5%
Morgan Stanley & Co. Int. Plc. 15 315 910 5.3% 5.3%
Skandinaviska Enskilda Banken AB 11 739 566 4.1% 4.1%
Farvatn Capital As 10 007 145 3.5% 3.5%
Skandinaviska Enskilda Banken AB 9 600 299 3.3% 3.3%
Clearstream Banking S.A. 7 238 122 2.5% 2.5%
HSBC Continental Europe 6 657 425 2.3% 2.3%
Citibank Europe plc 6 102 209 2.1% 2.1%
UBS AG 4 857 999 1.7% 1.7%
State Street Bank and Trust Comp 4 524 050 1.6% 1.6%
Danske Invest Norge Vekst 4 469 031 1.5% 1.5%
Gjensidige Forsikring ASA 4 023 469 1.4% 1.4%
MP Pensjon PK 3 496 230 1.2% 1.2%
Caceis Bank 3 461 534 1.2% 1.2%
Ccpartner AS 3 400 000 1.2% 1.2%
Verdipapirfondet Storebrand Norge 3 196 558 1.1% 1.1%
Other 68 644 492 23.8% 23.8%
Total number of shares 288 646 436 100.0% 100.0%
Note 11 Intercompany items between companies in the same group
The Company has the following balance sheet item related to group companies
NOK 1 000 2024 2023
Receivables
Loans to companies in the same group 610 496 609 715
Other short-term receivables within the group - 189 611
Total 610 496 799 326
Liabilities
Other short-term liabilities within the group 603 350 -
Total 603 350 -
As of 31 December there were no loans issued to employees or shareholders.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
160160 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Note 12 Subsequent events
The Board of Directors is not aware of any other events that occurred after the balance sheet date, or any
new information regarding existing matters, that can have a material effect on the 2024 financial statements
for the Company.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
161161 FinancialsFinancials | Parent company financial statementsFinancials | Parent company financial statements
Responsibility statement
We declare to the best of our knowledge that
• the Cloudberry Clean Energy ASA consolidated financial statements for the period 1 January 2024 to
31 December 2024 have been prepared in accordance with IFRS and IFRICs as adopted by the European
Union, and additional Norwegian disclosure requirements in the Norwegian Accounting Act, and that
• the financial statements for the parent company, Cloudberry Clean Energy ASA, for the period 1 January
2024 to 31 December 2024 have been prepared in accordance with the Norwegian Accounting Act and
generally accepted accounting practice in Norway, and that
• the information presented in the financial statements gives a true and fair view of the assets, liabilities,
financial position and result for Cloudberry Clean Energy ASA and the Cloudberry Group for the period as a
whole, and that
• the Board of Directors’ Report includes a true and fair view of the development, performance and financial
position of Cloudberry Clean Energy ASA and the Cloudberry Group, together with a description of the
principal risks and uncertainties that they face
Oslo, 24 March 2025
The Board of Directors of Cloudberry Clean Energy ASA
Tove Feld
Chair of the Board
Petter W. Borg
Board member
Benedicte Fossum
Board member
Henrik Joelsson
Board member
Nicolai Nordstrand
Board member
Mads Andersen
Board member
Alexandra Koefoed
Board member
Anders J. Lenborg
CEO
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
162162 FinancialsFinancials | Responsibility statementFinancials | Responsibility statement
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
163163 FinancialsFinancials | Auditor’s reportFinancials | Auditor’s report
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
164164 FinancialsFinancials | Auditor’s reportFinancials | Auditor’s report
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
165165 FinancialsFinancials | Auditor’s reportFinancials | Auditor’s report
Alternative performance measure
The alternative performance measures (abbreviated APMs) that
hereby are provided by Cloudberry are a supplement to the financial
statements that are prepared in accordance with IFRS. This is based
on the Group’s experience that APMs are frequently used by analysts,
investors, and other parties for supplement information.
The purpose of the APMs, both financial and non- financial, is to provide an enhanced insight to the oper-
ations, financing, and future prospect for the Group. Management also uses these measures internally for
key performance measures (KPIs). They represent the most important measures to support the strategy.
Financial APMs should not be considered as a substitute for measures of performance in accordance with
IFRS. APMs are calculated consistently over time and are based on financial data presented in accordance
with IFRS and other operational data as described below.
The Group uses the following financial APMs:
Financial APMs
Measure Description Reason for including
EBITDA EBITDA is net earnings before
interest, tax, depreciation,
amortisation and impairments.
Shows performance regardless of capital
structure, tax situation or effects arising from
different depreciation methods. Management
believes the measurement enables an
evaluation of operating performance.
EBIT EBIT is net earnings before interest
and tax.
Shows performance regardless of capital
structure and tax situation. Management
believes the measurement enables an
evaluation of operating performance.
Net interest-
bearing debt
(NIBD)
Net interest-bearing debt is
interest-bearing debt, less cash
and cash equivalents. IFRS 16
leasing liabilities are not included in
the net interest-bearing debt.
Shows the interest-bearing debt position of
the company adjusted for the cash position.
Management believes the measure provides an
indicator of net indebtedness and risk.
Equity ratio Equity ratio equals total equity
divided by total assets
Shows the equity relative to the assets.
Management believes the measurement
enables an evaluation the financial strength and
an indicator of risk.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
166166 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
Reconcilliation of financial APMs (consolidated figures)
NOK million FY 2024 FY 2023
EBITDA 309 263
EBIT 144 37
Equity ratio 68% 69%
Net interest bearing debt (NIBD) 1 077 806
NOK million FY 2024 FY 2023
Non-current interest bearing debt 1 853 1 507
Current interest bearing debt 98 78
Cash and cash equivalent (874) (779)
Net interest bearing debt (NIBD) 1 077 806
NOK million FY 2024 FY 2023
Operating profit (EBIT) 144 37
Depreciations and amortizations 166 225
EBITDA 309 263
Reconcilliation of financial APMs (proportionate figures)
NOK million FY 2024 FY 2023
Interest bearing debt 2 645 2 098
Cash and cash equivalent (927) (797)
Net interest bearing debt (NIBD) 1 718 1 302
NOK million FY 2024 FY 2023
Total revenue 776 711
Operating expenses (345) (310)
EBITDA 431 401
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
167167 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
Proportionate financials
The Group’s segment financials are reported on a proportionate basis.
The Group introduces proportionate financials, as the Group is of the opinion that this method improves
transparency and earnings visibility, and also aligns with internal management reporting.
The key differences between the proportionate and the consolidated IFRS financials are that all entities are
included with the Group respective ownership share:
• Associated companies (ownership between 20%-49%) or joint ventures (ownership 50%) are included in
the financial accounting lines, the profit or loss statement and share of assets and net debt, with the
respective proportionate ownership share. In the consolidated financials associated companies and joint
ventures are consolidated with the equity method.
• Subsidiaries that have non-controlling interests (ownership between 50%-99%) are presented with only the
Group controlled ownership share, while in the consolidated financials they are included with 100%.
• Group internal revenues, expenses and profits are eliminated in the consolidated financial statements,
while in the proportionate financials, internal revenue and expenses, are retained.
• Proportionate interest-bearing debt and NIBD does not include shareholder loans
From the consolidated IFRS reported figures, to arrive at the proportionate figures for the respective periods
the Group has:
“Other eliminations group”:
• Added back eliminated internal profit or loss items and internal debt and assets.
“Elimination of equity accounted entities”:
• Excluded the equity accounted net profit from associated companies in the period. Included the propor-
tionate share of the line in the profit or loss statement items (respectively: revenues, operating expenses,
depreciations and amortizations and net finance items)
• Replaced the investment in shares in associated companies including historical share of profit or loss
(asset value) with the share of balance sheet items (total assets, interest bearing debt and cash) for the
respective associated company.
• Reclassified excess value items included in the equity method to the respective line in the Profit or loss
statement, and in the balance sheet.
“Residual ownership”:
• Excluded residual ownership share related to non-controlling interest in the respective accounting lines.
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
168168 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
The tables below reconcile the consolidated Group figures with the proportionate financials for the periods FY 2024 and FY 2023:
FY 2024
NOK million
Total
consolidated
Other
eliminations group
Proportionate
share of line
items ass.comp.
Residual
ownership fully
consolidated
entitied
Total
proportionate
Total revenue 548 120 192 (84) 776
Operating expenses ex depreciations and amortisations (290) (8) (77) 30 (345)
Net income/(loss) from associated companies 51 - (51) - -
EBITDA 309 112 63 (54) 431
Depreciation and amortisation (166) (3) (63) 31 (200)
Operating profit (EBIT) 144 110 - (23) 231
Net financial items (10) 33 (16) (24) (16)
Profit/(loss) before tax 134 143 (16) (47) 214
Total assets 7 028 374 366 300 8 068
Interest bearing debt 1 951 - (1 953) 2 647 2 645
Cash 874 - 68 (14) 927
Net interest bearing debt (NIBD) 1 077 - 646 (38) 1 718
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
169169 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
FY 2023
NOK million
Total
consolidated
Other
eliminations group
Proportionate
share of line
items ass.comp.
Residual
ownership fully
consolidated
entitied
Total
proportionate
Total revenue 610 22 159 (80) 711
Operating expenses ex depreciations and amortisations (276) (20) (75) 61 (310)
Net income/(loss) from associated companies (72) - 72 - -
EBITDA 263 1 156 (19) 401
Depreciation and amortisation (225) - (116) 69 (272)
Operating profit (EBIT) 37 1 40 50 128
Net financial items 185 - (25) 2 162
Profit/(loss) before tax 222 1 15 52 291
Total assets 6 691 264 723 (315) 7 363
Interest bearing debt 1 585 - 626 (112) 2 098
Cash 779 - 80 (62) 797
Net interest bearing debt (NIBD) 806 - 546 (50) 1 302
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
170170 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
Non-financial APMs
Measure Description Reason for including
Power
production
Power delivered to the grid over the
defined time period (one year). Units are
measured in GWh.
Example
A typical 4 MW turbine produces 3 000
full-load hours during a year. 4 MW x
3 000 hours = 12 000 MWh or 12 GWh.
For illustration, according to the
International Energy Agency
1
(“IEA”) the
electrical power consumption per capita
in Europe is approximately 6 MWh per
year.
For power production estimates a
normalized annual level of power
production (GWh) is used. This may
deviate from actual production within
a single 12-month period but is the best
estimate for annual production over
a period of several years. Defined as
“Normalized production”.
Shows Cloudberry’s total production
in GWh for the full year including the
proportionate share of the production
from Cloudberry’s associated companies.
Production &
under
construction,
secured
At the time of measure, the estimated
power output of the secured production
and under construction portfolio. The
measure is at year-end. Units are
measured in MW.
Shows Cloudberry’s total portfolio
of secured projects that are either
producing or under construction.
Construction
permits
At the time of measure, the estimated
total power output to be installed in
projects with construction permit.
Construction Permit is at the stage when
concession has been granted, but before
a final investment decision has been
made. The measure is at year-end. Units
are measured in MW.
Shows Cloudberry’s total portfolio of
projects with construction permit.
Measure Description Reason for including
Backlog At the time of measure, the estimated
total effect to be installed related to
projects that are exclusive to the Group
and in a concession application process.
The measure is at year-end. Units are
measured in MW
Shows Cloudberry’s portfolio of project
where Cloudberry has an exclusive right
to the projects. The projects are still
under development.
Direct
emissions
Measure in tons of CO
2
equivalents. The
use of fossil fuels for transportation or
combustion in owned, leased or rented
assets. It also includes emission from
industrial processes.
Shows Cloudberry’s direct emissions
(Scope 1, GHG emissions) for the full year.
Indirect
emissions
Measure in tons of CO
2
equivalents.
Related to purchased energy; electricity
and heating/cooling where the
organisation has operational control.
The electricity emission factors used are
based on electricity production mixes
from statistics made public by the IEA.
Emissions from value chain activities
are a result of the Group’s upstream
and downstream activities, which are
not controlled by the Group. Examples
are consumption of products, business
travel, goods transportation and waste
handling.
Shows Cloudberry’s indirect emissions
(Scope 2 and Scope 3, GHG emissions) for
the full year.
CO
2
reduction Refers to the reduction of greenhouse
gas emissions relative to baseline
emissions from the European electricity
mix (EU-27 electricity mix, IEA 2020).
Shows Cloudberry’s reduction of
greenhouse gases for the full year
relative to the European Electricity mix
after the direct and indirect emissions
from Cloudberry’s operation is subtracted
1
https://www.iea.org/data-and-statistics/?country=WEOEUR&fuel=Energy%20consumption&indicator=ElecConsPerCapita (accessed 14 June 2021)
Cloudberry Clean Energy • Annual report 2024Cloudberry Clean Energy • Annual report 2024
171171 FinancialsFinancials | Alternative performance measureFinancials | Alternative performance measure
artbox.no
Cloudberry Clean Energy ASA
Frøyas gate 15
0273 Oslo, Norway
contact@cloudberry.no
www.cloudberry.no