Magnora ASA

Regulatory Filings • May 3, 2022

Magnora ASA: Helios to divest solar parks to Commerz Real

Magnora ASA: Helios to divest solar parks to Commerz Real

3.5.2022 13:57:44 CEST | Magnora ASA | Additional regulated information required

to be disclosed under the laws of a member state

Magnora's portfolio company Helios AB signs a landmark deal with Commerz Real

providing a turn-key delivery of the two largest utility scale solar PV parks in

Sweden to date.

Helios Nordic Energy AB ("Helios"), which is owned 40% by Magnora, has developed

two PV plants with a combined capacity of 69 MWp that have been purchased by a

leading German renewable fund managed by Commerz Real. Helios will deliver the

project rights, construction management and supply the commercial and technical

management services for the development. In addition, Helios has managed the

Engineering Procurement and Construction (EPC) process and handled the grid

connection agreement.

The first plant will have an installed capacity of approximately 21 MWp and is

located in Västerås municipality. The plant's output can cover the yearly

consumption of around 8 750 electric cars.

The second park is located in Tierp municipality and will start construction

later this year, subject to landing final building permits. The installed

capacity of the Tierp project will be approximately 48 MWp equal to the yearly

consumption of around 20 000 electric cars. The closing for the Tierp park is to

take place in the autumn of 2022 once all the closing conditions have been

fulfilled. This transaction represents one of the biggest transactions to date

on the Swedish solar energy market

"The projects are the first of their kind in Sweden and are being built

completely without subsidies and on market conditions, to the great benefit for

Swedish electricity consumers and not least for the climate", says Peter Nygren,

board member of Helios.

We are certain that this deal will unlock the market for large scale PV in

Sweden, proving that we have already reached grid parity at these latitudes and

thus making solar PV an excellent addition to the Swedish energy mix," says

Andreas Tunbjer, CEO of Helios.

Tunbjer adds that solar PV has already reached over 1 TWh/annual production and

expect the market to grow exponentially over the coming years.

"We have already built a large pipeline of projects and the interest from

investors is extensive and growing. We expect this deal to become a blueprint

for multiple projects to come over the next decade from Helios Nordic Energy

AB," says Erik Sneve, CEO of Magnora ASA.

Helios is a Swedish developer of solar and battery storage projects and have

secured land for over 30 projects in Sweden and recently Lithuania and Latvia.

Helios pipeline is currently above 1.5 GW.

Commerz Real is the manager for real asset investments of German Commerzbank AG

with 50 years of market experience and approximately 35 billion euros in assets

under management. The company has already been investing in solar energy since

2005 and in wind energy plants since 2016. At present it manages more than 50

solar power stations and over 30 onshore and offshore wind farms with a total

installed capacity of more than 1.4 gigawatts.

The parties have agreed to not disclose the financial details of the

transactions.

EY has acted as financial advisor to the seller. Setterwalls has acted as legal

advisor to the seller and Solkompaniet has been selected as EPC contractor.

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 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/17847805/1404/1905/Download%20announcement

%20as%20PDF.pdf