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Bagnall signs share purchase agreement for 100MW Swedish wind farm construction project

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15 January 2021: With reference to the release on 6 November 2020, Bagnall Energy Limited (“Bagnall”) today announces that it has signed a share purchase agreement (“SPA”) and shareholder arrangements (“SHA”) with Cloudberry Clean Energy AS (“Cloudberry”) for the construction and ownership of a 100 MW nearshore, shallow water wind farm in Lake Vänern in southern Sweden.

Bagnall is part of the Downing Estate Planning Service (“DEPS”), managed by Downing LLP.

The 100 MW wind farm project in Lake Vänern is the second wind farm on the lake and is situated close to existing grid infrastructure. The project includes 16 turbines with an estimated annual power production around 350 GWh, further strengthening the access to clean and renewable energy in the region.

The SPA between Bagnall and Cloudberry and the realisation of the Lake Vänern project is subject to certain conditions being met. Confirmation of the acquisition is expected to be be announced in the summer of 2021.

Bagnall has also signed an exclusivity agreement with Downing Renewables & Infrastructure Trust plc (“DORE”) for the purpose of concluding the acquisition jointly, with Bagnall and DORE each owning c. 40% and Cloudberry 20% of the equity in the wind farm.

Henrik Dahlström, Investment Director at Downing LLP, said:

“This is a great day for Bagnall as we join forces with Cloudberry on the Lake Vänern wind farm project and continue to strive for clean energy solutions while also supporting the growth of the renewable energy market in Sweden. Cloudberry is a leading hydropower and wind power plant expert in the Nordic region and we look forward to working together going forward.”

Anders Lenborg, Chief Executive Officer at Cloudberry, says:

“We are very pleased to cooperate an experienced infrastructure investor. The project is an important step towards fulfilling Cloudberry’s growth ambitions within shallow water wind power.”

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