Hi, and welcome to Cloudberry Clean Energy's first half-year report. My name is Anders Lenborg, and I'm joined here by our CFO, Ole-Kristofer Bragnes. We have a presentation for you that we would like to go through. Please also use the Q&A button and send us questions, and we will try to answer as many of the questions as possible after the presentation. Before diving into the details, let's have a look at the agenda. I will go through the highlights, and then Ole-Kristofer will take you through the key financials. I will finish up with some comments to the market. Here you see our hydropower intake on our Tverrdals elvi project on the right-hand side. It has been a busy quarter for Cloudberry.
We have had many busy quarters, but this has been a very interesting quarter where we have partnered up with Swiss Life, creating one of the top three small-scale hydropower platforms in the Nordics. Our cooperation with Swiss Life goes back to 2020, and we have constantly developed our partnership and our portfolio. With this new merger of our resources, we create a platform that can cover the full life cycle of our hydropower projects, where the Forte team has a long track record developing new hydropower plants, and Cloudberry is more focusing on the management of the producing hydropower plants. Very pleased to see that and very happy to come back to that later in the presentation. That has been or is a game changer for Cloudberry's hydro platform.
In addition to that, we have farmed out and also entered into a cooperation with OX2 on our Duvhällen project in SE-3. That is also a new constellation for us, and we're looking forward to the cooperation with OX2 on the wind side. Another highlight for the quarter is our FID on the Dingelsundet BESS project. It's a project that we have worked with over time with our partner, Hafslund, in the utility of Oslo, and we are happy to have taken the first FID on our first BESS project. Last but not least, we are always following up our production assets and making sure that they produce as good as possible, and happy to say that we have all turbines back to service on the Odin Wind Farm. You see here on the right-hand side that our production has increased throughout the years, almost 200 GWh the last quarter.
Also the installed capacity has increased. It looks like a small decrease on the capacity side, but that's due to the Forte transaction. If you add also the power plants under construction, it will be an increase also on installed capacity. Ole-Kristofer will come back to the numbers in more detail, but we are very happy to see that we have realized the power price that is twice the system price in the Nordics. This shows that our strategy, when it comes to diversifying your portfolio on different price areas and technologies and staying merchant, is an attractive one. Let's take one step back and just have a couple of minutes on who we are, the Cloudberry platform. We have created a profitable Nordic IPP over the last years. We are covering our project from a very early green phase greenfield to when they are in production and under operations.
To have a platform covering the full life cycle of our project is important for us. This develop, own, and operate strategy has also given us a lot of flexibility that together with the portfolio, we have now four different technologies with different production profiles. We are in three different countries with different regulatory regimes, eight different price areas, where we have the vast majority of our project in the southern price areas of Norway and the southern price areas of Sweden and in DK1 in Denmark. As you can see here on the map, we have some development projects and construction projects in the north of Norway, and that are some of the Forte projects that came into our portfolio now. We will keep on focusing on the attractive southern price areas, and we will then continue also to develop the projects in the south.
This combination of different countries, price areas, technologies, and projects in different phases gives us a fantastic flexibility. I think the flexibility of Cloudberry, the flexibility in the platform and in the portfolio has been super important for delivering good results throughout a difficult market. It's also important to notice that our backlog with exclusive projects is something that we develop in-house from greenfield. The pipeline is something that we use to make a best possible mix of project and technologies, and that is our network and through M&A activities. We have a combination of in-house developed, but also we're using the market where we see the best opportunities. That's Cloudberry in short, a Nordic profitable IPP platform with a great flexibility. Here you see our production profile. Our production portfolio has increased over the years. As you can see, we have also focused on diversifying it.
As you see here on the right-hand side, we will keep on diversifying it with now also batteries and BESS projects in the portfolio. We're happy to see that we have, after, yes, five years, managed to pass 1,000 GWh or 1 TW hour in production. Here you have the breakdown of our production portfolio on the left-hand side. As you can see, it's an increase also in production when we are taking the project under construction into consideration. Just as important is the right-hand side, where you see our backlog and permitted project, and we always focus on adding new projects to the backlog and looking at attractive possibilities in the pipeline to always make sure that we build a portfolio that is diversified and also with an attractive production profile throughout the year so we can deliver stable production.
We have also added a slide to the presentation on the Forte transaction. As I said, we are very happy to create a new leading hydropower platform in the Nordics, top three. I think this just not only adds new production to our portfolio and new projects in our backlog, but it also adds a lot of knowledge and experience and capabilities on developing the project from early phase greenfield projects until they are in operation and we have them under our management. We have touched upon the hydro expansion. We have also talked about the Dingelsundet project. Also happy to see new partnerships coming on the wind side in Sweden.
As many remember, we entered into a partnership with Holmen, one of the larger owners of land in Sweden, but now also entered into a partnership with Sveaskog, one of the largest landowners in Europe, the largest forest owner in Sweden. We have a 100 MW project there to start with, and we will add new projects to that portfolio. On the Danish expansion, we have touched upon that earlier, but we have also now seen that we have managed to get a very positive overall valuation on our farmed out sale of Svåheia wind farm in Norway, on equating 17 kroners on the per share as we did when we did the acquisition in Denmark. For the future, going towards 2030, we will continue to focus on profitability over growth. It has been our focus over the last couple of years, and it will continue.
We have seen that some of the projects will not meet our requirements. We take a step back, we redesign, and we use more time on it instead of trying to push things through because we have also a lot of other projects in our portfolio that meet our return requirements. We will continue to focus on profitability over growth. We have always focused on being very well financed, have a strong balance sheet, and that will also continue in the future. Of course, to see the team delivering on these projects, on the different technologies and redesigns and all the things we work with now is very satisfying and very happy with how we have executed on these projects over the last quarter. On the ESG side, I think the most important is that we have had no recordable HSE incidents or damages in the second quarter.
I give the word to Ole-Kristofer that will take you through the key financials, and I will come back at the end of the presentation. Thank you.
Thank you so much, Anders. My name is Ole-Kristofer Bragnes, CFO of Cloudberry. As always, I'm very happy to take you through the financial story of this quarter. Let's start like we did last time with a bird's eye view of the Cloudberry balance sheets. This is, I call it, the flip side of our portfolio development when we see it in the numbers. When we started Cloudberry and listed it in 2020, it was very important to showcase that we were able to get access to the projects, that we are able to deliver them on time and cost and grow the portfolio in a diversified and profitable manner. You see here in numbers answers to some of the questions. We have seen a significant growth in our portfolio too, you can see in the asset side.
We've also been quite cautious of debt, raising the equity as we've grown over EUR 3 00 now up to date at continuously increasing price levels. That's been important to us to showcase that we are able to deliver and create the Nordic renewable platform. We are now in a great position in order to capitalize on this going forward, as you see in this natural tear on the Q2 2025 financials with a strong balance sheet and a great foundation for continuous growth to capitalize on what has been built. If we dive into the balance sheet financials for Q2 2025, we can first touch upon the drop in total equity. You also saw that on the last slide.
Here it's important to revert back to the transaction we announced in Q1 2025 with Skovgaard, where we acquired the majority of, or almost all the minority positions in especially our Odin portfolio, and having him reinvest into Cloudberry at a substantial premium as we previously touched upon supporting the values of the Cloudberry portfolio. That reduced our non-controlling interest in our portfolio from NOK 643 million in Q2 2024 to now NOK 71 million in Q2 2025. The equity to controlling interest either shareholders of Cloudberry has increased over this period, both in nominal terms, but of course also in book value per share, which is very important to showcase our growth and our value proposition.
Further, we still have a strong credit facility in place where we now have NOK 500 million currently undrawn after having repaid some debt in relation to the transactions which Anders touched upon earlier. A strong cash position of NOK 848 million on a proportional basis or NOK 771 million on a consolidated basis gives us great room for growth combined with our credit facility. We have continuously hedged our debt throughout our journey and have, per the end of the second quarter, around 80% of proportionate interest-bearing debt fixed at long-term agreements and at an all-in rate below 4% with a long tenure. We'll continue on doing so going forward. Going to the liquidity and commitments overview, we touched upon the cash position in the earlier slide.
To showcase what we have in available funds, we see that we have some remaining CapEx on Sundby Munkhyttan, around EUR 2 million in final invoices, some pending grid upgrades, which you can read more about in the report. We're also happy, of course, to see that we're taking the FID on the Dingelsundet BESS project. We have around EUR 3 million in committed CapEx there, which has been injected into our mutual SPV with Hafslund subsequent to this quarter. The Forte transaction has been an important transaction that we did subsequent to the quarter here again, and we paid around EUR 5 million for the shares in the Forte Energy Norway portfolio, getting into the control in that portfolio of 55% ownership. We had NOK 62 million in undrawn debt in Kvemma, which we've seen in the last quarter, so that's been realized, offsetting some of that.
We also have some commitments in the Forte Munkhyttan portfolio where we have assets under construction. All in all, great liquidity combined with our available room on our deficit of around NOK 1.2 billion, including that. That gives a very interesting value proposition for growth in the portfolio where we see a lot of interesting opportunities evolving in the Nordics. Here we have the other side of our, call it, of the balance sheet, the P&L history. What we didn't see from the financial and the balance sheet development is that we also have done a lot of capital recycling over this journey. In both 2022, 2023, and 2024, we have done realizations in our portfolio, 2023 and 2024, some hydro transactions. That's also in 2022 and 2024, showcasing development gains in our portfolio of assets we have had and built under the Cloudberry platform.
The underlying financials over this period have increased, and it's these gains, which of course have been important for Cloudberry, that explains the drop in the financials from 2024 to the LTM figures. If we go into the financials on Q2, we see also the same drop, but that's also explained by exactly the same reasons as I touched upon on the previous slide. In Q2, to exemplify, in Q2 2024, we have a gain of NOK 109 million related to a sale of three hydropower assets sold at about two times book values. In addition, we received a large settlement from Siemens Gamesa in Q2 2024 related to a 12-month availability warranty. That's an abnormally large income in Q2 2024. When we adjust for this, underlying financial has increased.
It's important to note that the Forte transaction, which was closed subsequent to the quarter, greatly shifting the portfolio on the hydro side around a little bit, where now we are controlling shareholder, does not affect the Q2 financials and will be recorded in Q3 and going forward. Going into the commercial segment, still the value or the income driver for the Cloudberry platform supporting the platform, and we're able to capitalize on that. The power production has increased compared to the same quarter last year, a 30% something increase on the back of high wind production and the flat hydro production compared to the same quarter last year. More explanations on that in the quarterly report. We also have increased our average net power price to NOK 0.62 per share, and this explains the majority.
Those two increases showcase how the underlying financials in the commercial segment have increased compared to the same quarter last year. The favorable realized price compared to the system price of NOK 0.31 per kW hour showcases the attractiveness in our portfolio and that we're located in the higher price regions. You see the same in the LTM figures on the right-hand side. The drop is explained by the same reasons that we touched upon, and underlying financial has increased. We also recorded a gain of NOK 7 million related to the Svåheia transaction. We divested that asset on the same price as we acquired it for from Skovgaard.
It's good to showcase the value of that asset as it also is valued on the same principle as the underlying or the overall Skovgaard transaction supporting the valuation of that transaction where the majority was reinvested into Cloudberry at NOK 17 per share. Looking at our other segments, we can start out with the project segments. We have some increasing revenues. We have done the divestment of the farm of Duvhällen , which Anders touched upon. In Q2 2024, we also had some revenues and financials from Sundby before it was completed and transferred over to the commercial segments, realizing a gain of around NOK 2 million per MW. The backlog has increased, almost doubled compared to the same quarter last year.
Like we touched upon in the previous quarter, expanding the backlog and advancing projects is a significant value driver for this segment as the financial outcome will fluctuate as the realizations will be lump in nature, and that's when you first record anything on the P&L. From the asset management side, the Forte transaction is of importance, which Anders touched upon, greatly increasing the small-scale hydropower under management and also creating a strong platform for growth in that segment. Importantly, automated price curtailments by the BRP have been implemented in the Swedish wind assets, paving way for future participation in the balancing market, which can be a great value driver and an income generator for assets as the balancing prices are increasing and as more renewable energy is in the mix. The corporate segment is more or less in line with the previous quarter, a decrease, so that's good.
It also has a non-cash item related to the warrant cost of NOK 2 million, which was booked over the quarter. With that, Anders, I leave the word over to you for a market and summary before we dive into Q&A. Thank you.
Thank you, Ole-Kristofer. Hi everyone. Let's have a look on the price curve. New this time is that we have added our realized power price over the last years from 2022. You can see that we have historically been delivering prices above the price curve. We find that it's a strong demand for new renewable power. We think maybe the market has underestimated the power demand. We feel and we get a lot of incoming questions for securing more new renewable, especially driven by the electrification of the industry, but also the transport and logistic sectors. Of course, we have also focused on some of the larger powered land projects in our portfolio where we can see very attractive returns. Going forward, I think we will continue to deliver above the system price and well above the system price and also on the power curve we see here.
Summing up before we open up for questions, I think we over the last years have showcased that our platform, our strategy, developing a flexible portfolio and a solid Nordic platform IPP is proved to be right. I think we are looking to the future. We'll see more of the same. We will stay focused, stay with proven technologies, and stay also well financed and be kind of a little bit boring on that side. It's good to be in this market today with cash and also unused facilities and gives us also the opportunity to move on attractive possibilities. The strategy is lying there firm. What we have seen over the last quarters is that we have developed, we delivered on our platform, on our projects. I think looking to the future, the focus will be to always try to focus on where we see the best returns.
As I said, I think new renewable power is a high demand, and we will continue to deliver on adding new renewable power to the portfolio. Thank you so much. Now we will take some of your questions.
I can open up with one question. We're asked about how the Forte transaction will impact the financial accounts going forward. That is closed at the very beginning of Q3, and we don't expect to do any changes in principles or anything like that. It will have an effect on consolidated financials as we have now. We'll consolidate the Forte Energy Norway portfolio and also the entire Forte Vannkraft portfolio. The proportionate reporting will be called on the same principles, taking into our share of the ownership and will best reflect the financials of this portfolio going forward. We will drop down in ownership of the assets that we have, the hydro assets that we have contributed, and increase it with the asset that is producing now higher on.
The projects under construction will be reported as we normally do and have that move to the commercial segment as they are complete. That was that question. Do we have any other questions coming in, Anders?
We have a Nees Hede question I can come to. There's a question here regarding Nees Hede. Just a short summary. Nees Hede is a large solar project. We have in DK1 where we have a permit for 232 MW of solar. It's a standalone solar project. We've decided not to push it forward, but to take a step back and see how we can redesign Nees Hede to become a much more profitable project for Cloudberry and our shareholders. We're currently working on securing. We will continue to have solar in the project, but also to have BESS and hopefully also wind in the project. We've also looked at the offtake side. We can look at a hybrid project where we hopefully also have an opportunity to create a powered land, and in that way also increase returns. We will continue to develop it and come back to it at a later stage.
It will not be a FID on the project now in 2025. Thank you so much and thank you for listening. Have a very nice day.