Cloudberry Clean Energy Asa · OSL:CLOUD
Cloudberry Clean Energy Asa — Investor Presentation (June 2021)
41 slides from Cloudberry Clean Energy Asa's investor presentation, Jun 1, 2021
Slide 1: Cloudberry Company Presentation
Q Cloudberry Company Presentation 1 June 2021
Slide 2: Important information (1/2)
Important information (1/2) + This company presentation (the "Presentation") has been prepared by Cloudberry Clean Energy ASA (the "Company") and its subsidiaries (together the "Group") and is made solely for information purposes. This Presentation does not constitute any recommendation to buy, sell
Slide 3: Important information (2/2)
Important information (2/2) + No representation or warranty, express or implied, is made as to, and no reliance should be placed on, any information, including but not limited to projections, estimates, targets and opinions, contained herein, and no responsibility or liability whatsoever is accepted
Slide 4: Introduction to Cloudberry
Introduction 4 to Cloudberry |
Slide 5: Cloudberry owns, operates and develops Nordic renewables
Cloudberry owns, operates and develops Nordic renewables Local owner, developer and operator of renewable power assets in the Nordics Large production portfolio, with both hydro and wind assets Large and growing development backlog and pipeline Solid development track record — 11 projects developed
Slide 6: Diversified and growing portfolio of Nordic hydro and wind power assets
Diversified and growing portfolio of Nordic hydro and wind power assets rrocucton ® (incl. under construction) Construction permit Backlog Hydro assets: 22 + Wind assets: 3 Projects: 13 Wind assets: 2 * Capacity: 101MW?) Capacity: 380 MW Capacity: 109 MW + Production: 309 GWhi2) Flexible development
Slide 7: The value creation happens in both of our two business segments
The value creation happens in both of our two business segments Acquire selected assets Q Cloudberry Divest selected assets Target: Equity IRR of 6-9% | Production Portfolio equity IRRs (after tax): Target: 12% Equity IRR of >15% Develop 50 MW p.a. with targeted realization price of NOK 1.5-3m per M
Slide 8: Capability to develop & own - Target to transact at maximum value
Capability to develop & own - Target to transact at maximum value Cloudberry’s development portfolio: > 2500 MW | 380 MW 101 MW) Construction permit Q Identification of opportunity OQU Negotiations and concessions FE] conetrction permit Decision point: Keep vs. divest or farm down? — eee ~ Keep and
Slide 9: Constructing Odal windfarm alongside tier partners
Constructing Odal windfarm alongside tier 1 partners Ownership structure!” Net production Net capacity 176 GWh” 54 Mw) ’ : Q Cloudberry Equity IRR Estimated COD 12% H1-2022 * Option to increase ownership from current 15% to 33.4% during Q2-2021 © Option exercisable until 30 June 2021 * Equity invest
Slide 10: Value of first shallow-water wind project crystallised
Value of first shallow-water wind project crystallised The Vanern Project Wind development in Sweden’s largest lake Net capacity Turbines Partner 8 4 Oo 20 MW 16 Downing LLP Rewind Divestment price Project capex Cloudberry ownership NOK ~3m/MW NOK ~1.7bn®) 20% * Signed share purchase agreement and s
Slide 11: Becoming a substantial developer of shallow-water wind
Becoming a substantial developer of shallow-water wind » Ambition to develop 2.5 GW offshore wind power in the Baltic Sea area by 2030 Focus on shallow-water wind . . . . . licensing in the Baltic Sea * Currently working on consultation papers and conducting meetings with local » %, we stakeholders
Slide 12: Positive Nordic power market outlook
Positive Nordic power market outlook Power price forecasts 2030-2040 (NOK (are)/kWh) Very positive price development; average monthly Nordic system price of EUR 41.2/MWh (Jan-Apr 2021) Statnett expecting ~40% increase in Nordic power consumption by 2040, largely due to electrification of power inten
Slide 13: Integrating sustainability into our business strategy and operations
Integrating sustainability into our business strategy and operations * Strengthened our sustainability management Initiated assessment of our climate related financial risks and opportunities (TCFD) Reporting on carbon emissions following the guidelines in the Greenhouse Gas Protocol (GHG) Sustainab
Slide 14: Our strategies for growth and value creation in the Nordics
Our strategies for growth and value creation in the Nordics y > ae IONS Organic development ‘t In-house development of projects for production portfolio or sale/farm-down (construction permit, backlog and pipeline) \. y Source: Cloudberry 4 (@ >) Vat Asset / project acquisitions ‘it Acquire assets a
Slide 15: Contemplated private placement
Contemplated private placement
Slide 16: Use of net proceeds from contemplated private placement
Use of net proceeds from contemplated private placement 16 Construction of in-house windfarm project Han: o Civil works targeted to commence in H2-2021, with estimated equity financing requirement of NOK ~160 million. Final ratification of power export agreement expected shortly Construction of in-h
Slide 17: Progressing our near-term, highly attractive in-house developments
Progressing our near-term, high y attractive in-house developments Production capacity (Mw) Han Duvhdllen sum In-house ‘ In-house ! In-house aN aN aN 81 60 2 940 Capital 620 requirement / 320 structure (NOKm) Equity Debt Project capex/EV Equity Debt Project capex/EV Equity Debt Project capex/EV Est.
Slide 18: Han windfarm planned to be constructed for production portfolio
Han windfarm planned to be constructed for production portfolio ae = Production Capacity Marker windfarm 54 MW 74GWh 21MW Estimated equity IRR Estimated COD 12% 2022 * Civil works targeted to commence H2-2021 © Following final ratification of power export agreement which will allow produced power to
Slide 19: Duvhallen windfarm planned to be constructed for production portfolio
Duvhéllen windfarm planned to be constructed for production portfolio 9 Civil works targeted to commence in 2022 © Following expected approval of increased grid capacity to match construction permit of 10 turbines (60 MW) Project capex estimated to NOK 620m Estimated equity IRR well above company ta
Slide 20: Han and Duvhallen will increase the net secured production portfolio capacity by 63%
HG&n and Duvhiallen will increase the net secured production portfolio capacity by 63% +81MW/+63% 210 MW 129 MW (109 MW in production and under construction + 20% of Vdnern project) Net secured production” Net secured production incl. organic opportunities?) Note: All figures presented as net figure
Slide 21: Delivering on our growth strategy
Delivering on our growth strategy Unique Nordic renewables platform Substance - production portfolio increased ~7x from 2020 to 2021 Project portfolio progressing well — Han and Duvhallen projects offering double digit equity returns and 63% increase in net secured production capacity Several action
Slide 22: Risk Factors
Risk Factors
Slide 23: Risk factors (1/13)
Risk factors (1/13) Investing in Cloudberry Clean Energy ASA (the "Company'") involves inherent risks. Before making an investment decision, investors should carefully consider the risk factors and all information contained in this Company Presentation, as well as all currently available public info
Slide 24: Risk factors (2/13)
Risk factors (2/13) 24 The revenues from sale of electricity, electricity certificates and guarantees of origin are subject to price risk Sale of electricity, Electricity Certificates and Guarantees of Origin constitutes a material share of the Group's revenues. The profitability of the Group's prod
Slide 25: Risk factors (3/13)
Risk factors (3/13) + The renewable sector is still under development Unexpected success in other areas of renewable energy may reduce the pressure on the authorities to allow for development of wind parks and hydro power plants. This may affect the Group's future investment opportunities and reduce
Slide 26: Risk factors (4/13)
Risk factors (4/13) 26 The Group may make acquisitions that prove unsuccessful or strain or divert management resources The Group was created in 2020 through a business combination of three separate businesses. During 2020 and 2021 the Group has had an active mergers and acquisition strategy. Making
Slide 27: Risk factors (5/13)
Risk factors (5/13) * Specific risks related to completion of acquisition of Amotsfoss Kraft AS In September 2020, the Group signed the share purchase agreement to buy 100% of the shares of Amotsfoss Kraft AS, a hydropower plant under construction in Norway with expected annual production of 22.5 GW
Slide 28: Risk factors (6/13)
Risk factors (6/13) * Specific risks related to the Odal project The Group is a minority owner, currently owning 15% of the shares in Odal Vind AS (with an option to increase the ownership to 33.4%), which is the owner of the Odal wind farm project. The Odal wind farm project is currently under cons
Slide 29: Risk factors (7/13)
Risk factors (7/13) + Specific risks related to the Han project Han wind farm is a 21 MW wind project located in Sweden, close to the constructed Marker wind farm (developed by Cloudberry and sold to BKW) which is located on the Norwegian side of the border. Hain 22 KV AS holds a grid concession to
Slide 30: Risk factors (8/13)
Risk factors (8/13) 30 Changes in tax laws of any jurisdiction in which the Group operates, or any failure to comply with applicable tax legislation, may have a material adverse effect for the Group The Group is subject to prevailing tax legislation, treaties and regulations in the jurisdictions in
Slide 31: Risk factors (9/13)
Risk factors (9/13) 31 The Group is reliant on key personnel The Group currently has a limited number of employees. All such employees are considered important for the Group’s success and ability to implement its business model. Consequently, any loss of current key employees may be detrimental to t
Slide 32: Risk factors (10/13)
Risk factors (10/13) Financial risks + Required return by investors may lower the equity value of the Company There is uncertainty with respect to the future risk premium an investor will demand when investing in renewable energy and energy related infrastructure. If the required return is increased
Slide 33: Risk factors (11/13)
Risk factors (11/13) Risks related to the shares + Future issuances of shares in the Company or other securities, including by use of board authorizations, may dilute the holdings of shareholders and could materially affect the trading price of the Company's share The Company's general meeting ("Gen
Slide 34: Risk factors (12/13)
Risk factors (12/13) 34 The value of the shares could for foreign investors be adversely affected by exchange rate fluctuations The Company’s shares are priced in NOK on Euronext Growth, and any future payments of dividends on the shares will be made in NOK. Investors registered in the VPS who have
Slide 35: Risk factors (13/13)
Risk factors (13/13) + The Company will incur increased costs as a result of being listed on Oslo Stock Exchange The Company has resolved to initiate the process of applying for admission to trading on Oslo Stock Exchange. As a company with its shares listed on Oslo Stock Exchange, the Company will
Slide 36: Appendix
Appendix
Slide 37: Management and project development team
ft Anders J. Lenborg Christian A. Helland Suna F. Alkan Jon Gunnar Solli Tor Arne Pedersen Marie N. Gulsvik Chief Executive Officer Chief Value Officer (CFO) Chief Sustainability Officer Chief Operating Officer Chief Development Officer Group Accounting Manager © “ oI 12 A r Sebastian Prause Elisabe
Slide 38: Years of track-record from development
10 years track-record from development 11) projects developed and divested over the last decade * Attractive development portfolio of mainly Swedish Pro Production C ity Year t ‘ ject (wind) cation wind projects (GWh) (MW) realised , . T Vindpark AS Rogaland, N 101 39 201 * Development of projects t
Slide 39: Net secured production portfolio and construction permit projects
Net secured production portfolio and construction permit projects 20 210 MW — 24 32 2 5 8 = 8 3 € g F g 2 3 5 5 Ee 3 g E 3% 3 3 2 3 y 2 z 3 3 a s 2 E 2 2 Fe 3 > 3 3 5 3 2 iS e 8 & @ 3 8 a 5 & 8 et 3 5 € E « 5 a 3 ao 3 E 2 a a o = 2 2 8 < 9 Ss g > =r Production Under construction Construction permit
Slide 40: Shareholder overview (10 May 2021)
Shareholder overview (10 May 2021) Shareholders # Shares % Shares JOH JOHANNSON EIENDOM AS. 16 145 780 18.37% HAVFONN AS (Bergesen family) 9168 596 8.73% SNEFONN AS (Bergesen family) 8558 472 8.15% State Street Bank and Trust Comp (Swedbank Robur) 6 783 799 6.46% CLEARSTREAM BANKING S.A. 3295 349 3.
Slide 41: Cloudberry.no
Q Cloudberry Cloudberry.no
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