Cloudberry nets USD 67m for Captiva deal, wind power projects

Cloudberry Clean Energy ASA (OSE:CLOUD) has raised about NOK 600 million (USD 67.1m/EUR 59.4m) to advance two wind power projects and to partly fund its acquisition of control over Norwegian asset management group Captiva.

Cloudberry said on Thursday that it has allocated roughly 41.4 million new shares to Nordic and international institutional investors, including five companies linked to Cloudberry senior executives.

The private placement, which attracted strong interest, was priced at NOK 14.50 per share. That was a discount of 4.6% to Cloudberry's Wednesday close, prior to the placing announcement.

The Norwegian company is issuing 38.75 million new shares, or an overall stake of 19.99%, tradeable on Euronext Oslo upon allocation. An additional amount of roughly 2.63 million shares will be offered to one unnamed investor and will be traded after a listing prospectus is published.

Cloudberry will use about NOK 200 million of the net proceeds to fund the purchase and construction of the Kafjarden onshore wind farm project near Stockholm. Cloudberry agreed to buy the project, with projected capacity between 18 and 40 MW, in late November.

Some NOK 240 million of the new funds will go towards increasing Cloudberry's ownership to about 50% in the 100-MW Stenkalles Grund shallow water wind farm project, which is under development on lake Vanern in Sweden.

Lastly, the Norwegian renewables developer plans to set aside part of the proceeds for the acquisition of 60% of Captiva as agreed in mid-November. If the transaction does not proceed, the funds will be used for other growth opportunities.

(NOK 10 = USD 1.119/EUR 0.990)

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