Orrön Energy (ORRON) investor relations material

Deal rationale and strategic fit

• Creates a leading pan-Nordic renewable energy platform and independent power producer (IPP) with complementary wind and hydro assets, diversified across all Nordic price regions.

• Addresses subscale challenges by merging two like-minded companies, forming the largest listed Nordic-focused IPP.

• Provides further growth opportunities through consolidation, a large greenfield pipeline in Europe, and future data center development.

• Orrön Energy retains exposure to Nordic power markets, a significant Cloudberry shareholding, and focuses on European development and the Karskruv windfarm.

Financial terms and conditions

• Transaction consideration totals approximately EUR 240 million, including repayment of EUR 93 million in loans, EUR 4.2 million in cash, and 27.01% of Cloudberry shares valued at EUR 141 million.

• Cloudberry assumes or settles loan balances and accrued interest of approximately EUR 93 million and external debt of EUR 3 million.

• Implied enterprise value of the divested assets is EUR 234.6 million on a cash and debt free basis.

• Orrön Energy expects to have close to zero net debt at closing, supported by a committed EUR 50 million debt facility.

• Orrön Energy becomes the largest shareholder in Cloudberry, with active Board representation.

Synergies and expected cost savings

• Operational and strategic synergies expected from combining asset management, turbine operation, maintenance, and trading expertise.

• Opportunities for hybridization, repowering, life extension, and ancillary services across the combined portfolio.

• Combination reduces cost per kWh and strengthens financing and trading platforms.

• Enhanced recurring revenues from project sales and long-term cash flows from retained assets.