Magnora ASA

Regulatory Filings • Jan 17, 2022

Magnora ASA: Magnora Offshore Wind - Successful application in ScotWind leasing round

Magnora ASA: Magnora Offshore Wind - Successful application in ScotWind leasing round

17.1.2022 11:04:02 CET | Magnora ASA | Additional regulated information required

to be disclosed under the laws of a member state

January 17, 2022: Magnora ASA (Magnora) is pleased to announce that its

subsidiary, Magnora Offshore Wind AS, has been offered the opportunity to enter

into an Option Agreement for area N3 by the Crown Estate Scotland in the

ScotWind leasing round. The planned development will have a total capacity of

approximately 500 MW which is estimated to produce 2.4 TWh per year.

In January 2021, Magnora Offshore Wind was established as a partnership between

Magnora and TechnipFMC, combining Magnora's extensive renewable and offshore

project development expertise with TechnipFMC's extensive experience from

executing large integrated offshore projects and delivering industry leading

technologies.

"On behalf of all our commitment partners, we are proud to be given the

opportunity to develop the ScotWind N3 area. I look forward to visiting Lewis

again as soon as possible, to continue our close collaboration with Comhairle

nan Eilean Siar (Western Isles Council) and to continue our cooperation with the

local community on the island," says Kristin Gjertsen, Managing Director of

Magnora Offshore Wind. "This is the first major milestone towards our global

ambition as an offshore wind developer."

Magnora Offshore Wind's ambition is to achieve Consent in 2026, Final Investment

Decision (FID) in 2028, and start production in 2030. For Magnora, the success

in the ScotWind leasing round represents a major milestone in its long-term

strategy of developing solar and wind projects jointly with strong partners and

with a focus on early-stage evaluations.

"Magnora Offshore Wind is a young company with high ambitions and capabilities

to match the ambitions. Our teams extensive experience from renewable and

offshore energy production, creates a strong foundation for succeeding in

growing an offshore wind business with significant long-term value creation for

society, employees and shareholders" says Torstein Sanness, Working Chairman of

Magnora, and Chairman of Magnora Offshore Wind.

Area N3 is situated in the north-western part of Scotland, 40 kilometres

offshore Western Isles. The planned wind farm will cover an area of

approximately 100 square kilometres in water depths of 106 to 125 meters, and

the concept base for the application is 33 semi-submersible floating wind

turbines of 15 MW capacity. Please visit Magnora Offshore Wind's webpage (

www.magnoraoffshorewind.com - http://www.magnoraoffshorewind.com) for more

information on ScotWind, and other ongoing projects.

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, Vindr Group AS, and a South African SPV. 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/17847805/1131/1503/Download%20announcement

%20as%20PDF.pdf