Cloudberry Clean Energy has secured a majority stake in a portfolio of Danish and Swedish wind assets.
The company took the share through a sale and purchase agreement signed with Danish renewable energy developer Skovgaard Energy.
The deal covers up to 51 wind turbines in production, with 47 located in Denmark and four in southern Sweden.
Cloudberry will acquire 80% ownership in the newly established company Odin Energy while Skovgaard will keep a 20% ownership.
This adds a total capacity of 106MW (around 311GWh) net to Cloudberry.
The turbines are high-quality Vestas and Siemens units with an average expected remaining lifetime of about 23 years.
The agreed enterprise value for 80% of Odin Energy is 1.488bn krone ($213.2m). The transaction is subject to approval from Danish authorities with closing estimated in the latter part of the second quarter of 2023.
“We are proud to have established a scalable partnership with Jorgen Skovgaard and his team,” said Cloudberry CEO Anders Lenborg.
“Denmark in general, and Skovgaard Energy in particular, have industry-leading experience. Add the size of the portfolio, immediate cash-flow and further growth opportunities, and the acquisition represents a gamechanger for Cloudberry and our long-term strategy. This puts us in a favourable position of becoming the leading Nordic Independent Power Producer, that can act locally and be a long-term responsible developer and owner of Danish wind and possibly solar assets.”
Jorgen Skovgaard, Chairman Skovgaard Energy A/S, added: “We in Skovgaard are excited to start our journey with Cloudberry as a leading Nordic Independent Power Producer. The transaction will make it possible for Skovgaard to accelerate our Power to-X initiatives and put Jylland on the energy-map for integrated energy solutions.
“We are currently scaling our local development team to grow and assist Cloudberry with new and local opportunities, including wind/solar solutions and re-powering.”