Cloudberry Clean Energy delivered record-high quarterly production and power-related revenues, and nearly five times proportionate EBITDA growth compared to the same quarter last year.
Financial highlights
- Strong financial performance: Delivered strong financial growth, with revenue more than doubling and EBITDA increasing almost 5x year-over-year on a proportionate basis. Record-high production and higher realized power prices compared to the same quarter last year resulted in Cloudberry’s highest quarterly power-related revenues to date.
- Revenue: Consolidated revenue of NOK 302m (130m) and proportionate revenue of NOK 349m (158m).
- EBITDA: Consolidated EBITDA of NOK 160m (143m) and proportionate EBITDA of NOK 165m (36m).
- Production: Proportionate production of 295 GWh over the quarter (177 GWh).
- Higher prices: Realized an average net power price of NOK 0.93 per kWh (NOK 0.61 per kWh) compared to the Nordic system price of NOK 0.81 per kWh over the quarter.
Highlights during the quarter
- Transformative acquisition establishes Cloudberry as a leading Nordic IPP: Completed the acquisition of Orrön Energy’s Nordic renewable energy platform, creating a larger, more diversified power producer with 2.1 TWh of annual proportionate production across all Nordic price areas.
- Signed powered land development agreement: Signed an agreement with Winn Eiendom to develop a large-scale powered land project in Selbu, Norway with potential gross capacity of more than 200 MW.
- Commissioned three assets (total of 15 MW) and reached FID on one new BESS project (8 MW), demonstrating strong execution across hydro and battery storage projects.
- New service agreement at Odal: Entered into a new 10-year support agreement with Siemens Gamesa at the Odal wind farm, ensuring the basis for stable and predictable long-term operation.
The third quarter report for 2026, the presentation material, and the link to the webcast and Q&A session is available at the following link.
Source: Cloudberry Clean Energy
