Cloudberry Clean Energy is expanding its hydroelectric portfolio. The Norwegian renewable energy developer and independent power producer has entered a purchase agreement for Ramsliåna Kraft, which has a projected annual generation capacity of 6 GWh, Cloudberry writes in a stock exchange notice Wednesday morning.

The facility is currently under construction with commissioning set for the fourth quarter of this year. Cloudberry has also signed an option deal to take over Lona Kraft, a company planning to apply for an extended license to build a new hydro plant upon the same river as Ramsliåna.

The developer eyes additional value in gaining energy storage and year-around hydroelectric generation, especially during the winter when power prices are higher.

"Cloudberry continues its growth journey in the Nordic wind and hydro power market by adding these quality hydropower assets in Southern Norway. We are very pleased to extend our portfolio of assets which have storage and possibility to regulate production”, writes Cloudberry Chief Executive Anders Lenborg in the statement.

English Edit: Daniel Frank Christensen

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