Cloudberry Clean Energy AS has entered into an exclusivity agreement with Downing LLP for the construction and ownership of a 100 MW nearshore, shallow-water wind farm in Lake Vänern in southern Sweden.
Back in September, Cloudberry acquired Scanvind2 AS, the holding company of the Rewind Vänern offshore wind project.
Rewind Vänern will comprise 16 wind turbines and the start of construction is expected in 2021/22, and the project is expected to be commissioned in 2023/24.
Back in September, the Norwegian renewable energy company also announced plans to develop 2,500 MW of offshore wind power in Sweden by 2030 based on a development portfolio of freshwater and Baltic Sea shallow water projects.
The UK-based Downing LLP is an FCA authorised and regulated investment manager with over 30 years’ experience and, as at 31 July 2020, has over GBP 1 billion of funds under management, Cloudberry said.
“Cloudberry’s development offshore strategy is to secure financing and construction through a partnering model. Cloudberry’s specialized development competence, local presence and the construction licenses are the company’s key value contributions to shallow water projects. This partnership with Downing, where Cloudberry will participate with a 20% ownership stake, is an excellent example of this,” said Anders Lenborg, Chief Executive Officer of Cloudberry.
A due diligence process has been initiated and the companies intend to sign a share purchase agreement by the end of this year. The financial close is expected in the first half of 2021, Cloudberry said.