Cloudberry lifts bank line to boost Nordic renewables growth
Wind turbine in Sweden. Author: Lars Falkdalen Lindahl. License: Creative Commons. Attribution-ShareAlike 2.0 Generic
Cloudberry Clean Energy ASA (OSE:CLOUD) has doubled to NOK 1.4 billion (USD 156m/EUR 139m) its existing credit facility so as to boost its capabilities for owning, developing and operating hydro and wind assets in the Nordic region.
The agreement is with SpareBank 1 SR Bank ASA and other entities in the Norwegian savings banks group, a bourse filing showed on Thursday. Cloudberry has the option to further increase the credit line by NOK 500 million.
The bank loan can be used for the financing of hydro as well as wind assets in Norway and Sweden. The credit facility has high flexibility with no fixed-price (PPA) requirements.
"Establishing a flexible and long-term financing is an important part of the realisation of our growth strategy," Cloudberry CEO Anders Lenborg said, adding that the credit line enables the Nordic renewables developer to continue to reduce its debt margin cost to below a targeted 2% margin.