Nordic renewable energy company Cloudberry Clean Energy AS is to acquire Åmotsfoss Kraft AS, a hydropower plant currently being constructed in Nissedal municipality in Norway.

The company signed a Share Purchase Agreement (SPA) to purchase 100% of the hydropower plant, which is expected to have an annual production of 22.5GWh.

"Åmotsfoss power plant represents an important contribution to our hydropower Portfolio,” said Cloudberry CEO Anders Lenborg. “The power plant is producing from a reservoir with storage capacity, with year-around water flow reducing the overall volatility in Cloudberry's annual production.”

Cloudberry's current portfolio of organic development projects and inorganic opportunities consist of hydro and wind power assets representing a significant growth potential. Financial closing for the Åmotsfoss project is scheduled for end-August 2021.