Magnora ASA

M&A Activity • Jul 17, 2023

Magnora ASA: Magnora and Gamcap make significant progress in developing solar PV and BESS in the UK

Magnora ASA: Magnora and Gamcap make significant progress in developing solar PV and BESS in the UK

17.7.2023 07:15:01 CEST | Magnora ASA | Non-regulatory press releases

Magnora ASA (Magnora) and UK-based renewable energy developer Gam Capital

Limited (Gamcap) have announced a joint operation to develop and finance a

portfolio of utility-scale solar PV and battery storage projects in the UK.

In 2022, the partners began developing a series of specific projects. This 150

MW portfolio is expected to reach ready-to-build status in the near future.

Furthermore, in the second quarter of 2023, the team landed new land lease

agreements including 120 MW of Solar PV and 80 MW of Battery Energy Storage

System (BESS) at attractive sites.

The cooperation combines Magnora's expertise in renewable energy development and

financing and Gamcap's local knowledge, extensive network and proven track

record of developing projects in the UK. The outcome is a series of

utility-scale solar PV and battery storage projects across the UK capable of

offering renewable energy to homes and businesses and supporting the UK's

transition to a low-carbon economy.

As of July 2023, Magnora and Gamcap have a pipeline of 360 MW. The ambition of

the partnership is to grow the pipeline to over 1GW at various stages of

development, demonstrating the scale of the opportunity for renewable energy in

the UK.

"The cooperation with Gamcap in the UK is an exciting development for Magnora

and comes in addition to our current solar PV and BESS development activities in

Sweden, Norway and South-Africa. Gamcap's in-depth knowledge of the planning

processes in the UK, local network and relevant transaction experience

complements our experience from large scale renewable energy development in an

ideal way," says Erik Sneve, CEO of Magnora.

"We are delighted to be partnering with Magnora on this venture, and we believe

that together we can make a significant contribution to the UK's transition to a

low-carbon economy," says Lewis Gardner, Director of Gamcap.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) invests in renewable energy development projects and

companies. Magnora's portfolio of renewable companies consists of Helios Nordic

Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund

Magnora Sol AS, Magnora South Africa, and AGV. In addition, Magnora has legacy

revenues from its previous design business and potential milestone payments from

the sale of Evolar AB (sold to First Solar Inc). The company is listed on the

main list on Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/2495/3463/Download%20announcement

%20as%20PDF.pdf