Cloudberry Clean Energy has entered into a binding term-sheet for the sale of 50% of the shares in Cloudberry Offshore Wind in order to pursue development of a shallow water project in Sweden
The company will form a 50/50 joint venture with Hafslund in Norway to develop the project. Cloudberry Offshore Wind indirectly owns a 100-MW shallow-water wind project, Stenkalles Grund, in Vänern, the largest lake in Sweden. The transaction is expected to close in September 2022.
The parties will work together towards a final investment decision for Stenkalles Grund later this year. Ventolines will remain active in the execution of the project and is currently working on final negotiations with the main suppliers.
Hafslund is Norway’s second largest power generator and is owned by the City of Oslo. The company only operates renewable energy.
Cloudberry chief executive Anders Lenborg said, “Partnership with Hafslund brings together two local parties which share the ambition to realize the first non-subsidized offshore wind project in Sweden.
“Hafslund has an experienced organization, strong balance sheet and operational know-how that will help improve the project’s economics and reduce project risk.”
Hafslund deputy chief executive Martin Lundby said, “Stenkalles Grund is an exciting project that allows Hafslund to rapidly establish a presence in the Swedish power market. It will bring new renewable power to the market by 2025.”
