Welcome to this fourth quarter 2022 presentation from Cloudberry Clean Energy. My name is Anders Lenborg, I'm the CEO of Cloudberry, and today I'm joined by my our CVO, Christian Helland. We have prepared a presentation for you and the agenda today is a bit different than it has been traditionally. We will start with an overview and the highlights from the last quarter, and then we will focus on the Odin transaction, giving you some more information about the transaction and the process leading up to it that we signed last week. We will touch upon the ESG. Christian will take you through the key financials, and then we will finish off with the outlook. After the presentation, we will open up for Q&As, so please use the Q&A opportunity and send us questions. Moving on into the presentation, first of all, Cloudberry is a Nordic IPP, a Nordic independent power producer. We own and operate renewable assets in the Nordics. We have traditionally focused on Norway and Sweden, but have now also moved into Denmark, covering the whole spectrum from early stage development projects and producing assets and also operation of the assets. We are a listed company, today listed on the main list of Oslo Stock Exchange. Moving on to the highlights. We have had another strong quarter. We have managed to move the company from negative EBITDA to a very positive, strong EBITDA growth on a consolidated basis, last quarter NOK 34 million and NOK 57 million on a proportionate basis. That is a strong yet another strong quarter in 2022, mainly driven by a doubling of the production last year and also realized high power prices, an average of NOK 1.29 per kilowatt-hour, which is a historically very high power price. That increase in production has also made us reach over 21,000 tons of avoided emissions. A`nd a s many of you know, we have always been focused on having a strong balance sheet and we see now the effect of that with Odin, and we are fully financed for a terawatt hour of production. On the development side, we managed to move Horn, our wind farm in Sweden, from construction to production last quarter. Horn is now producing well. We have had no issues taking over the wind farm in December, and it's now operating as expected. Horn is situated in Sweden, but the power is then sold in NO1 price area in Norway. Furthermore, we have Kafjärden, who has now changed name to Sundby Wind Farm. We took a final investment decision on Sundby just before Christmas. This is a wind farm in SE3, just outside Eskilstuna, and hopefully we will see first power later this year. It's quite a short time until we will actually be in seeing the first power coming out of Sundby. Of subsequent events, it's of course the Odin transaction that is the main event and we will dive into that a little bit later in the presentation. This is how we look. We have today 30 power plants in operation and 28 of them is hydropower plants in Norway. We have two wind farms in operation, and we have two under construction, one hydropower plant in the west coast of Norway and Sundby Wind Farm outside Eskilstuna in Sweden. Both of them will also be seeing first power later this year. The production portfolio is fairly of a fairly size now, and totaling a capacity close to 200 MW with around 600 GWh in production. In addition to that, we have our construction permits that we are working on, the wind farms in Sweden. Last but not least, we have been able to fill up with new project on the backlog. The backlog being the project where we have exclusivity, and we have managed to sign on some new projects, Söderköping and Ulricehamn, it's two wind farms in wind farm projects in SE3, totaling about 100 MW, and we are looking forward to work with the projects to get them into a construction permit phase. On the offshore side, we work with Simpevarp and the other projects in the portfolio and that is progressing as planned. Many of you know this overview. The takeaways from this is that we have moved Horn from under construction to producing. We have done the same with the Kärrfjället Sundby, we moved from permit to under construction. With this portfolio, we will see around 1 TWh of production when it's all in operation. Yes. Moving on to the Odin transaction. It was a big step for us to sign this deal. We are very happy. We see it as a game changer for Cloudberry. We have been knowing Skovgaard and Skovgaard Energy over some years. We had a very interesting and positive dialogue and suddenly we were in the position to agree on a partnership. Finally, we also managed to sign last week. We see this as a win-win situation both for Skovgaard Energy and for Cloudberry. We are looking very much forward to the cooperation with Skovgaard and also to develop the portfolio together going forward. Just some basic facts around the portfolio. This is producing assets. We get immediate access to producing assets in a very attractive price area, being DK1. That's the highest priced price area in the Nordics. We have an increase of our production capacity with 70% from first of January. It's also important for us to move into the new market with a partner. Both Skovgaard and Cloudberry believe in being local, believe in understanding the local stakeholders, and to in that way, develop the best projects. That's important for us to go into this new market for us with Skovgaard on our side. We acquiring 80% of the portfolio and Skovgaard retaining 20%. We have also a development agreement where we have this first right of offer on new projects. We will probably see more wind and more solar projects coming out of the Skovgaard development team. In this acquisition, we also have options for repowering of the assets. We have also acquired the land that these projects are situated. This is a highly prioritized process for us, and we are looking forward to close it over the next quarter. As I said, we are also fully financed for this transaction. We used the market last year, and we wanted to be in a position so we could react on a short notice on good opportunities. We couldn't be more happy than that this was the result of being positioned for further growth and adding another 300 GWh to the producing portfolio. Here you see an overview of the portfolios. The Skovgaard portfolio is a 51 turbines. The turbines are situated in Jylland in DK one, 47 of them. Then we have some one at Bornholm and some turbines in Sweden. All in all, it's a majority of the turbines in DK one, which is an interesting price area for us. It will create a geographically diversification that over time would probably be like 1/3 on Norway, 1/3 Sweden, and 1/3 Denmark. We will add some more development late-stage development projects in Sweden and Sundby wind farm coming into production and also the next projects from the construction permits in Sweden that will increase the power production in Sweden over the next year. Development on the production since our IPO. On the left side, you can see how we have grown the portfolio from 2020 to 2023. We have had a strong growth. Today we are, if you see on the right-hand side, around 500 GWh in production, adding Odin with 300, reaching around 800. Then adding the construction projects and the permitted projects, we have a total portfolio today at around 1.3 TWh, which is a good solid production portfolio that we are very pleased to see coming so soon. Here you also see the effect that will have on our profitability We have also a significant growth in our profitability going forward. On the left hand side here, you see the EBITDA from the production segment. This is only the numbers from the production segment, historically from 2020 to 2022. The production segment had an EBITDA of NOK 264 million last year. We on the right-hand side see the effect that the Odin transaction will have on the EBITDA on the different power price levels. Here we have tried to show that with the power price of EUR 60, EUR 90, EUR 120, and what kind of effect the Odin transaction will have on our profitability going forward. Yes. Moving on to the ESG. This is one of the turbines that we have acquired in Denmark. We have had no health and safety incidents in Q4. We have had no material environmental damages last quarter. No whistleblowing incidents or breach of code of conduct. As mentioned, we also have managed to avoid to increase the avoided emission to over 21,000 tons of CO2 during the last quarter. We will be out with our sustainability report later in April, where we will have plenty of examples on how we work on ESG and how we work with sustainability. Yes. Thank you so much for listening to me. I hand over to Christian, and he will take it to the financials. Thank you. Yes. First, just to give you a short review of our balance sheet, which has been very important for us to have a strong balance sheet to actually do a transaction like Odin. Here are the updated Q4 figures, where you see again very strong cash position, low debt. This is why we're saying we're fully financed for the Odin transaction and our construction projects and also parts of the development portfolio. This has been the strategy of the company from day one, being well-funded for to take advantage of what we mean is high strategic value deals for the company. We'd also like to emphasize that all our debt are swapped long-term. It was done in 2020, 2021, so very, very favorable terms on our long secured debt. As you show the uptick in equity from last year based on new equity into the company, but also now that we're becoming highly profitable. Just to sum up 2022 and last quarter, a very good year, 2022 for Cloudberry. As you see, we're growing the proportionate profitability from -NOK 25 million to over NOK 380 million for the year. Significant growth based on we're able to deliver the projects, getting the production up, and also having favorable power prices as we are 98% on merchant pricing. You also see again that we'll come back a little bit to the Q4 figures from the production segment. Again, a strong quarter for us, profitable in our operation and growing significantly from last year where we had a minus EUR 11 million on the quarter, and this quarter, EUR 57 million. Yes. Production segment. Again, we're showing how we benefit from being exposed in the southern areas of the Nordics where the power price has been high. We also see how we're now with increased production is coming into strong profitability. As you see, a power price is EUR 129 for the quarter is a high figure. On the other hand, it's slightly lower than someone maybe expected, and there's two very good reasons for this. I also see some questions coming in around this. That's one, we delivered Horn earlier than expected, and this is obviously good news for the company, but that also meant that we did some revenue sharing with Vestas in the 4th quarter. We booked the production, but we had to share parts of the revenue with Vestas in the 4th quarter, which is obviously with as a successful project, but a one-off effect on that side. As also people know in the Nordics, water freezes, and it was a cold December where the power prices was higher in December than in October, November. We had less production in November versus the other months when the power prices were higher. These two effects are some of the reasons why we only receive NOK 1.3 per kWh, but still a very good figure for us. Yeah. Going to development segment. Again, development, we showed in Q3 how the development segment is now adding a lot of value to our company. We didn't have any project sales in the Q4, but as Anders mentioned, the development part in Sweden now is really starting to flourish and we signed two new very attractive projects in the SE3 region. A lot of good work going on in SE3, both onshore and offshore. We're also moving forward with Simpevarp and our Värnamo project. Yes. Operation segment. Again, Captiva been extremely important to assist a very lean Cloudberry to get quality project, the Horn project on time, strong operations from day one. They're also been very extremely helpful for us to get Kafjärden moving along quickly, getting the licensing plate in place, and also now getting the projects already built this summer and fall. Very strong integration with the Cloudberry team, and they're also scaling on their IT side with their portal and a lot of new customers or hydro power plants into that portal. No project sales on the development side, there for the quarter. Again, a very, Starting to become a very important part to assist Cloudberry with the new projects, going forward. Okay, Anders, before we take some Q&As, as there's lots of Q&As, but just some final words on market and outlook before we dive into the question and answer session. Thanks. Thank you, Christian. Yes, as many of you know, there has been a debate in the Nordics, over the supply of new renewable power, the increasing demand, from the electrification of the society as such, but also existing industry, new industry, new green battery projects and so forth. What we see in the Nordics is it's a strong increase in demand. Here on the left-hand side, we see some numbers from Sweden, where you see the Swedish demand for new renewable power and how it looks from today until 2030 and 2050. Basically Sweden needs to double their power production in 2040. The same you see in Norway. Here on the right-hand side, you see the overview of the power balance. It's also important for the Norwegian energy system that we get new renewable power into the system as quick as possible. We have read now from different sources where the conclusion is that we need 30 TWh-40 TWh before 2030. How are we going to get that? It's a limited hydro upside. It's a large upside on the wind and solar side. It's important that the politicians see this and react and make that the framework work for us as developers, and then we will be more than happy to take the opportunities and develop projects in Norway also. It's now slowly getting noticed how important it is to speed up the development and to do that we need to have the framework to do so. We have also see that the offshore wind will not be in production before after 2030. A strong demand side and hopefully we will meet that demand with new projects both in Sweden and Norway. Based on that and on other factors, of course, we also see a shift in the power price. We use Volue here. Volue's price curve, Nordic price curve. What we see is that historically if you go back 10, 15, 20 years, you will have a power price that is plus minus 30 EUR. Looking forward, that will probably be on a much higher level around the double. This is what we use in our prognosis for our development and investment decisions on new projects. The extreme high power price that we see now, we believe we will come down. Yeah. All in all, a big game changer for Cloudberry to move into Denmark, to diversify the production portfolio, to grow the portfolio, to reach a certain size that gives us long-term cash flow to develop and construct new projects. This is actually important to understand also Cloudberry going forward, that we have now reached a level where we are comfortable that this production portfolio is solid enough to start to build on and develop new projects based on the cash flow from those projects. Also moving into Denmark, moving into a new, very interesting area, where you have a lot of energy infrastructure projects. You have the Power-to-X projects, you have the offshore wind hydro, sorry, hydrogen projects, and it's all connected to the continent, and we want to be also a part of that development going forward. In Norway, we have the uncertainty around the tax proposal that we are working with. We have a deadline the 15th of March to respond to that proposal, and hopefully it will be in front of the parliament before the summer, and we will have a final decision. The way we look at it can only be an upside from what is on the table and we are working to get that changed so it's going to be more pro renewables going forward. Yeah, thank you so much. Then we are over on the Q&A questions, and I can start off with the answering some of the questions. We had one question here, and "Is it a strategic shift that to grow more through brownfield and M&A activities?" is one of the questions. Which is a good question. We have done both up through the years with Cloudberry. We have developed our own in-house projects, and we have also used M&A opportunities. We have also done structural opportunities. We are both using old opportunities and being flexible and being quick is. Nimble is one of the advantages of Cloudberry. Seeing the CapEx on the development projects increasing strongly and increased on all the projects, not only the wind turbines but also on the hydro side, we see the CapEx increase. The financial costs coming up, the rent, the interest levels and so forth, we saw the opportunity to actually buy producing assets on a level that is just about the CapEx on developing projects. That is and one of our advantages that we can move also on those opportunities. "Are you fully financed for 1.3 TWh?" Here is another question. Yes, we are fully financed, as we said, on 1 TWh. Adding that we also have the cash flow now and the balance sheet we have now with a larger producing portfolio, we can also finance new project that we will develop. I leave it to you, Christian. Yeah to answer many questions. You can update yourself here, Anders. Yeah. Thanks so much. A lot of very good questions, we'll try to go through as many as we can. We got some questions on the Odin pricing. This obviously gets a little technical, but for us it's quite important to say we buy the project, the closing expected in Q2. We get reduced power prices from the cash flow received already from the 1st of January. What we expect to pay is about EUR 0.6 per MWh. This, in our opinion, is attractive, it's in the middle of the equity IRR range of our investment without and taking into account any of the option values we see in this transaction. We see that EUR 0.6 is very close to what we also consider what it will cost to build new wind production today. We say new wind production, EUR 0.5-EUR 0.6 per MWh, higher turbine costs and so forth. We see it in two ways. Very attractive expected cash flow short-term. We also said in the report we expect that about 50% of our equity investment is returned the three first years. This is in a strong price region in Denmark. That sums up a little bit of our financial thinking around the Odin price and transaction. We're still funded for our construction permits, and also we're fully funded with equity for our Munketun project. As Anders mentioned, we have flexibility in our model to farm down and also use debt more actively going forward. As we say, about fully funded for about 1 TWh. We still find 50/50 debt equity as the balance, we also go. We're drawing up the facility we have in the local SpareBank one who is extremely supportive of Cloudberry and also the Danish transaction. There will be some debt in Denmark at very attractive levels that's left there, and the remaining debt will be in our asset, our facility here in Norway. We also got a question about how we build reporting Odin. The closing is expected in Q2. There's two tranches as described in the appendix. We will receive the cash flow already from the 1st of January, which is reducing the purchase price. Then we will most likely start reporting on the, on our 80% share in Odin from Q2. That's just to give some of the updates in that. Anders, will you continue? See still a lot of questions. Yeah. Well, that's very nice to see that there is a lot of people on and asking questions. I got one here. "What is the IRR on the Odin portfolio?" What we have said is that the IRR is in the middle of our equity IRR range for producing assets, between 6% and 9% on producing assets, so is in the middle of that range. The next question, "Can you confirm that you will fund potential FID on Munketun with existing cash flow?" The answer is yes, we will fund Munketun and the other projects with existing cash flow and then our bank facility. Next question, "How important is hydrogen projects into the increased demand in the Nordics?" I don't have a specific number on that, but of course, we have been looking into the demand for more power, especially in connection with these energy systems like hydrogen and other ammonia and other Power-to-X projects. That is partly also why we think DK1 and the partnership with Skovgaard is so interesting, is that you are in the place geographically very in the middle of the whole infrastructure. From Denmark, they're building infrastructure to Germany for hydrogen. The same plans you will see in Sweden through the Baltic Sea, where we also have projects. You see also now that Norway through through one of some of the big utilities and in Norway and Germany are planning for infrastructure to to the continent. All those Power-to-X projects have a high, very high demand for for renewable power. It's an important factor. Yes. We're good. Thank you so much for listening in and have a nice day.