Cloudberry Clean Energy has announced it has secured the Øvre Kvemma Kraft and Tinnkraft hydropower plants in Norway, with the two facilities to produce 25 GWh when in full production.
“We are pleased to add further hydro power production to our rapidly increasing portfolio,” commented Anders Lenborg, CEO of Cloudberry. “With a sharp increase of new wind power production from our portfolio coming on grid over the next years, we are especially happy to add hydro production to our portfolio, within our return expectations, in attractive price areas.”
Øvre Kvemma, developed by NGK Utbygging AS (NGKU), is situated in Lærdal municipality, in the NO5 price area. The estimated, annual power production is 19.4GWh. The transaction will be closed once the power plant is completed during H1 2024, and after a commissioning period.
Suna Alkan, Head of Sustainability at Cloudberry, said the project fits well into the company’s portfolio, with the project having limited impact on biodiversity and nature as 80% of its waterways will be built underground. There will also be limited construction of new roads, as existing roads previously built for cabins and farms in the area will be utilised.
NGKU has developed the project and will be responsible for the project realization. NGK Utbygging AS is a well reputed, specialized small hydropower construction company, with experience from having successfully constructed and commissioned more than 40 small hydro power plants.
Tinnkraft is located in Tinn municipality, in the attractive NO 2 price area. The annual average power production is 6.3 GWh. “Tinnkraft has a proven production record since it was connected to the grid in 2010. The fall lease agreement has a duration of 60 years from 2022. Ongoing revision of water regulation upstream the hydropower plant gives a potential for increased production in the future,” Jon Gunnar Solli, COO of Cloudberry, said.
Advokatfirmaet DLA Piper Norway DA acted as legal advisor to the Company in the deal.
