Magnora ASA

Capital/Financing Update • Mar 10, 2023

Magnora ASA: Helios Nordic Energy AB progressing a 741 MW BESS-portfolio in Sweden

Magnora ASA: Helios Nordic Energy AB progressing a 741 MW BESS-portfolio in Sweden

Magnora ASA (Magnora) is pleased to announce that its portfolio company Helios Nordic Energy AB ("Helios") has secured land leases for 26 battery energy storage system (BESS) projects in southern Sweden. Helios is in the process of securing permits for 741 MW capacity in price areas SE3 and SE4. Helios is applying the same business model for BESS as for solar PV, i.e. the projects will be developed to a “ready to build” stage and Helios will offer services during construction and operation of the assets.

The battery assets will play a significant role in the transition towards sustainable energy sources in Sweden. The projects will contribute to the stability and reliability of the electricity grid, allowing for greater integration of renewable energy sources such as wind and solar.

«Magnora is committed to promoting the development of renewable energy infrastructure globally, and the battery assets developed by Helios represent a significant step towards achieving this goal. Project development works have already commenced, and we are confident that we will deliver high-quality projects that meet the needs of our customers» says Erik Sneve, CEO of Magnora.

In February 2021, Magnora ASA invested in Helios. Magnora owns 40% of the shares and is the company's largest investor.

Helios Nordic Energy AB is a leading Swedish developer of solar and battery storage projects with a pipeline totaling about 4.3 GW. Apart from BESS, the company has secured land for more than 70 solar PV projects in Sweden, Latvia and Lithuania. Currently, the Helios pipeline excluding BESS, is above 3.5 GW, of which 620 MW has been sold to top-tier energy companies. This year, Helios delivered the first out of two projects sold to Solgrid (sold in Q2 2022). Helios also handles construction on behalf of Commerz Real for its first solar park located in the municipality of Västerås.

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) has a legacy royalty business that is re-invested in renewable energy development projects and companies. Magnora’s portfolio of renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol AS, Magnora South Africa, and AGV. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.