Magnora ASA

Regulatory Filings • Dec 19, 2022

Magnora ASA: Helios divests five (246 MWp) solar PV projects in Sweden to Commerz Real

Magnora ASA: Helios divests five (246 MWp) solar PV projects in Sweden to Commerz Real

19.12.2022 06:15:00 CET | Magnora ASA | Additional regulated information

required to be disclosed under the laws of a member state

19 December 2022: Magnora's portfolio company Helios enters its largest deal to

date with Commerz Real, by selling five large scale PV projects with a total

capacity of 246 MWp. The projects are all located in SE3 in Southern Sweden and

are estimated to be ready-to-build and delivered to Commerz Real in 2023 and

start production in 2024.

The electricity produced equals the consumption of approximately 49 200 average

households and the projects are located in southern Sweden where it is needed

the most.

The five parks are in development phase and to be constructed and connected to

the grid in 2023 and 2024. Four of the parks are in the Greater Stockholm area

and one outside of Gothenburg. Helios is responsible for continuing development

until ready-to-build, construction management, and for operational management of

the facilities while in production.

"We are very pleased to strengthen our partnership with Commerz Real through

this transaction. Together we have proven that large scale PV is a viable source

of electricity also in Sweden," says Andreas Tunbjer, CEO of Helios Nordic.

This concludes the second deal between Commerz Real and Helios this year, where

the first deal of two projects was settled in early May. One of these projects,

the King's Roar Project outside of Västerås, is the largest PV park under

construction in Sweden to date and will be connected to the grid in second

quarter 2023.

"Solar is growing rapidly, and we prove once more that the international fund

capital is ready to invest in the Swedish power market. This is great news for

Sweden as it contributes to bringing down cost for consumers," says Magnus Rahm,

Chief Project Officer of Helios Nordic.

The transaction marks the fourth for Helios this year. In a total of 15 projects

(620 MWp) have been sold by Helios since December 2021. Magnora's net share is

248 MW. The transaction is subject to final permits but includes a significant

payment at signing.

"Magnora is very pleased with the closing of this transaction, which in terms of

the numbers involved is larger than the previous transactions. As the previous

transactions concluded by Helios over the past months with reputable energy

companies, this confirms the quality and value of Helios' development portfolio.

With the positive price outlook for green electricity, the market conditions

will likely continue to be favorable for these types of transactions," says Erik

Sneve, CEO of Magnora.

"The transactions are line with Magnora's asset light business model. Solar PV

will be a key component in the European energy supply mix in the years to come

as the levelized cost of energy for solar PV has become very competitive in

recent years after a significant drop in capex over the last decade," says

Torstein Sanness, Executive Chairman of Magnora.

Helios Nordic Energy AB is a leading Swedish developer of solar and battery

storage projects. The company has secured land for over 70 projects in Sweden,

Latvia and Lithuania. Helios pipeline is currently above 2.3 GW. Helios has

already commenced construction works of the first solar park being delivered to

Commerz Real located in the municipality of Västerås.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

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.

ATTACHMENTS

Download announcement as PDF.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1975/2641/Download%20announcement

%20as%20PDF.pdf