Cloudberry Clean Energy raises USD 129m in upsized private placement
The Røyrmyra Vindpark wind farm in Hå, Rogaland, Norway. Source: Cloudberry Clean Energy ASA
Nordic renewable energy company Cloudberry Clean Energy ASA has secured NOK 1.075 billion (USD 129m/EUR 106m) in gross proceeds through an upsized private placement, it announced on Tuesday.
Cloudberry, which is currently trading on Euronext Growth Oslo but is getting ready for listing on Oslo Børs later this year, has placed 86 million new shares at NOK 12.50 apiece. Initially, it planned to offer 80 million shares, but the placement was oversubscribed multiple times outside cornerstone commitments, which has led to its upsizing. Completion of the transaction is pending approval by the company’s extraordinary general meeting that is scheduled for June 17.
The table below includes the names of all cornerstone investors and their total subscriptions.
Number of allocated shares
Total subscription amount
NOK 200 million
SPSW Capital GmbH
NOK 180 million
Institutional clients managed by HRL Morrison & Co
NOK 150 million
NOK 87.3 million
Enkraft Partners GmbH
NOK 75 million
NOK 60 million
Joh Johannson Eiendom AS
NOK 50 million
NOK 40 million
Swedbank Robur Fonder AB
NOK 35 million
*These firms are closely related to Morten Bergesen who is a board member of Cloudberry.
The Oslo-based renewables developer and operator plans to use almost half of the net proceeds, or about NOK 470 million to be exact, to finance the construction of two in-house wind projects at Han and Duvhallen. Some NOK 70 million will go towards a capital structure adjustment in the Odal wind farm development and the remainder will be used to support merger and acquisition (M&A) opportunities, the accelerated development of its project portfolio, for working capital requirements and general corporate purposes.
“The capital raise represents an important milestone, marking that Cloudberry’s production portfolio, construction portfolio and construction permit portfolio are fully financed,” said Anders Lenborg, CEO of Cloudberry.
Carnegie AS and Pareto Securities AS served as joint global coordinators and joint bookrunners and Skandinaviska Enskilda Banken AB acted solely as joint bookrunner.