Cloudberry and Downing, an FCA authorised and regulated investment manager, have entered into an exclusivity agreement for the construction and ownership of a 100MW nearshore, shallow water wind farm in Lake Vänern in southern Sweden.
Based on the signed term sheet, Cloudberry’s estimated value realisation for the development of the 100 MW project is around NOK 3 million per MW, including Cloudberry’s project development fee. Around 1/3 of the value is expected to be paid in first half of 2021 (not subject to any subsequent adjustments but pending final grid confirmation) and the remaining 2/3 at project commissioning in 2023/2024. A due diligence process has been initiated and the parties intend to sign a share purchase agreement (SPA) by the end of this year. Financial close is expected in first half of 2021.