Orrön Energy AB has closed the transaction, first announced on 25 June 2026, that combines its Nordic renewable energy platform and organization, excluding the Karskruv wind farm, with Cloudberry Clean Energy ASA. The combined company is a Nordic independent power producer, or IPP, a company that generates and sells power from its own assets rather than only developing them. It has annual proportionate power generation of around 2.1 TWh from renewable assets spread across all Nordic price areas.
The deal, structured as a combination of cash and shares, makes Orrön Energy the largest shareholder in Cloudberry. Orrön now holds 124,378,083 shares, a 27.01 percent stake in the company, and CEO Daniel Fitzgerald and General Counsel Henrika Frykman are joining Cloudberry's board of directors.
Deal terms
- Cloudberry settled or assumed about MEUR 93 in outstanding loan balances and accrued interest, as of year-end 2025
- Orrön received MEUR 4.2 in cash as compensation for cash balances and working capital
- Orrön's net debt falls to below MEUR 5
- A committed MEUR 50 debt facility is in place to support future growth
Orrön keeps the Karskruv wind farm, which produces around 290 GWh a year on average in the SE4 price area, along with its European development business, a 12 GW pipeline of data center, solar and battery projects.
Fitzgerald said the transaction leaves Orrön "in a strong position to create value," pointing to close to zero net debt, cash flow from Karskruv and upside from the development pipeline. He said Orrön keeps exposure to Nordic power markets through a larger, more diversified platform.
