Cloudberry Clean Energy has signed an agreement with Sampi Renewables Holding to acquire a 50% stake in a 132MW onshore wind farm in Finland for an enterprise value of €75m ($85m) on a cash and debt-free basis.
The wind farm, which has been fully operational since 2022, produces an estimated 378 gigawatt-hours (GWh) per annum, with Cloudberry expecting to receive approximately 189GWh net from its share.
The acquisition is structured as a purchase of shares in a Norwegian holding company that owns the portion of the MLK wind farm.
Sweden-listed renewable energy company Orrön Energy will continue as the wind farm’s joint venture (JV) partner.
The financing structure includes €45m in debt arranged through a Nordic bank, €20m to be settled through new Cloudberry shares issued at Nkr12.41 ($1.27) per share based on a recent market average and €12m to be paid in cash from the company’s own resources.
Cloudberry CEO Anders Lenborg said: “This investment gives Cloudberry a strong foothold in a new core market, with immediate cash flow and a platform for further growth together with a solid partner.”
The transaction also involves a 30-year service agreement with GE, intended to manage operational risks over the long term.
The site may see future installation of battery energy storage systems.
Cloudberry views this move as a means to expand its renewable portfolio across different Nordic regions and technologies and to gain access to the Finnish energy market, which is currently experiencing increased electricity demand from energy-intensive industries.
Lenborg added: “After several years of evaluating different entry options, we are now taking our first step into the Finnish market with a large-scale, high-quality operating wind farm.
“For Cloudberry, this represents a compelling combination of attractive valuation, a strong industrial partner and a high-quality asset with a proven production track record. The enterprise value is below construction cost, offering an attractive entry point that supports resilient returns.”
The deal remains subject to customary closing conditions and is expected to finalise within one month of signing.
