Cloudberry Clean Energy-Expands scale through Orron deal-06/26/2026

Research evidence excerpt

Cloudberry Clean Energy-Expands scale through Orron deal-06/26/2026

Cloudberry Clean Energy

NEWSFLASH | 26 JUN 2026

Expands scale through Orron deal

Cloudberry has agreed to acquire majority of Orron's onshore wind portfolio in a deal which will see Orron own ~27% of the

company. The transaction signi$cantly expands its production base, allowing cost optimization and a larger opportunity set

of developments. The transaction is done on a value-value basis based on assets in production, i.e. NAV neutral (before cost

synergies) while accretive on near term multiples. Delta positive in our view. BUY, TP NOK 14

Cloudberry agrees to acquire signi$cant portfolio from Orron

• Cloudberry has agreed to acquire Nordic onshore wind assets from Orron totalling 758GWh, including the remaining 50% of the MLK

wind farm in Sweden and multiple smaller wind farms (Slitevind). Orron retains its Karskurv wind farm

• The acquisition signi cantly expands Cloudberry’s production base to ~2.1TWh, nearly doubling since YE’25 (having also acquired 50%

of MLK earlier this year

• Upon closing, Orrön Energy will receive 124.4m shares in Cloudberry and become largest shareowner (~27%) + 4.2m to settle cash and

working capital balances in the target.

• Closing is expected in 2H’26, subject to customary conditions and approvals, including an EGM in in Cloudberry where shareholders

representing >47% have provided irrevocable undertakings to vote in favor

NAV neutral, extracting value through cost synergies

• The deal is done on a value-value basis based on the value of the production portfolio – with cost synergies the immediate uplift.

• The deal values the assets at an EV of EUR ~235m, with the Cloudberry shares issued at a NOK 13.5 share price or the VWAP (if higher