Norway’s Cloudberry Clean Energy has offered to acquire 100% of the shares in Scanvind2 AS, the company behind the development of the Rewind Vänern offshore wind project in Sweden
The project is in shallow water on the largest lake in Sweden in the vicinity of Cloudberry’s Karlstad offices.
The current development plan includes 16-17 turbines with an estimated annual power production around 350 GWh, which would significantly strengthen access to clean and renewable energy in the region.
Cloudberry has been developing the project together with local partners since 2010. The project was later sold to the Scanvind2 consortium for more detailed planning.
More recently, Cloudberry has established dialogue with the project partners and undertaken operational, financial and legal due diligence on the project.
Cloudberry chief executive Anders Lenborg said, “Our offer reflects Cloudberry’s long-term strategy of being a developer of onshore and offshore wind projects in the Nordic region.
“We know the Rewind Vänern-project well from our participation in the project team since inception and will leverage our experience as a project owner. We have already established dialogue with operational and financial partners that are as motivated as we are to delivering efficient project development and value creation for stakeholders.
“Over the last decade, Cloudberry’s development team has gained significant knowledge and competence in wind power development projects, in Sweden and Norway. As previously announced, we are further strengthening the development team with the acquisition of the wind power development company Skogvind AS.”
Cloudberry managing partner Roger Grøndahl will take on development responsibilities in onshore and offshore wind power projects with the team in Karlstad and Oslo.
The settlement offered for Scanvind2 AS is a combination of a reversal of ScanVind2’s existing sales credit to Cloudberry, an issuance of about 2.2M Cloudberry shares at Nkr12.5 (US$1.4) per share and a cash payment, to be limited to Nkr7M.
On 31 August 2020, the Board of Scanvind2 recommended that their the shareholders accept the offer. Board members and the chief executive of ScanVind2 have accepted a transaction fully settled in shares.
Cloudberry owns, develops and operates hydropower plants and windfarms in Norway and Sweden.