Cloudberry Clean Energy ASA has completed a previously announced transaction with Swiss Life Asset Managers to form one of the largest small-scale hydropower platforms in the Nordics. The platform will operate under the name Forte Vannkraft AS (FVK), with Cloudberry holding a controlling interest of approximately 60%.
As part of the agreement, Cloudberry contributed its entire hydropower portfolio and related projects to FVK as a non-cash contribution. The company’s 73GWh in estimated annual production and one project under construction were valued at an enterprise value of €53.2 million. Including platform value and projects, the total contribution was valued at €8.6 million. After adjustments, the equity value for Cloudberry’s contribution was €36.2 million.
FVK’s hydropower assets, totalling 197GWh of annual estimated production, were valued at an enterprise value of €113.8 million. After adjustments, the equity value for the FVK portfolio was €24.2 million.
In addition to its stake in FVK, Cloudberry has acquired a 5.01% share in the Forte Energy Norway (FEN) portfolio from a Swiss Life-managed fund, increasing its ownership in that portfolio to 55%. The purchase price was approximately €5 million, in line with earlier transactions. The FEN portfolio includes 14 hydropower plants and one power offtake agreement with a total annual production of 254GWh.
The transaction also gives Cloudberry an indirect 45% stake in Norhard Equipment AS, a construction company that specializes in hard rock drilling for small-scale hydro projects.
FVK and FEN will be managed as a single operational unit. Combined, the portfolio will represent approximately 500GWh of producing and under-construction hydropower assets. Cloudberry’s proportionate share of hydro production will rise from around 200GWh to 300GWh. Most of the assets are located in southern Norway, which benefits from favourable power pricing.
The combined portfolio includes a development backlog of approximately 300GWh, covering new and existing Cloudberry projects. FVK will be operated by a six-person team with expertise in small-scale hydro.
According to Cloudberry, the new platform will have its own financing structure targeting a 50/50 loan-to-value ratio. Along with expected Cloudberry funding of €5–8 million, the financing will cover remaining capital expenditures for projects under construction.
“This transaction expands our portfolio, strengthens our development capabilities, and reinforces Cloudberry’s position as a leading Nordic renewable energy platform,” said Anders Lenborg, CEO of Cloudberry. “We are proud to lead this strategic hydro initiative.”
The company expects the combined platform to provide stable long-term cash flows, with the average asset life exceeding 50 years.
