Overall, the resource rent tax (NO: Grunnrenteskatt) for Norwegian onshore wind is lowered from an original effective tax rate of 40% to 25%.
For existing wind farms, the government has also proposed changes to the transition rules which looks better than their initial proposal, although not achieving full investment neutrality. At present there is limited information available to evaluate the full proposal.
For new wind farms the resource tax will be structured with cash payments of negative resource tax, as is already implemented on large scale hydro. This represents a positive development, which should make the resource tax close to investment neutral for new projects. Although the complete proposal will have to be reviewed to conclude.
We are pleased that the negotiations have been concluded and the
Cloudberry will revert with more details once the complete proposal has been published, estimated early next week.
For information and relevant documents please visit our website www.cloudberry.no
For further information, visit our company and IR website www.cloudberry.no or contact:
Anders Lenborg, CEO, +47 934 13 130, al@cloudberry.no
Ole-Kristofer Bragnes, Senior Financial Officer, +47 917 03 415, okb@cloudberry.no
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
About Cloudberry
Cloudberry is a renewable energy company operating in the Nordics and in accordance with local traditions. The Company owns, develops, and operates hydropower plants and wind farms in the Nordics. Cloudberry is powering the energy transition to a sustainable future by providing new renewable energy today and for future generations. The Company believes in a fundamental long -term demand for renewable energy in
https://news.cision.com/cloudberry-clean-energy-asa/r/cloudberry-clean-energy-asa---update-on-tax-proposal-for-norwegian-on-shore-wind,c3892728
https://mb.cision.com/Main/19955/3892728/2490141.pdf
(c) 2023 Cision. All rights reserved., source