Magnora ASA

Earnings Release • Aug 17, 2021

Magnora ASA: Second quarter 2021

Magnora ASA: Second quarter 2021

17.8.2021 07:00:01 CEST | Magnora ASA | Additional regulated information

required to be disclosed under the laws of a member state

17 August 2021. Magnora, a Norwegian renewable energy development company,

releases its financial report for the second quarter 2021.

"In the quarter, Magnora has continued maturing the portfolio of wind and solar

assets and made several follow-up investments in the portfolio companies, as

planned milestones are achieved. In addition, we are in discussions with

potential partners and investors for investments and ownership optimizations in

our portfolio companies", says CEO Erik Sneve.

Highlights:

* Magnora Offshore Wind AS was established as a strategic partnership company

with TechnipFMC, and the company submitted applications in the ScotWind

licensing round for two areas in Scotland

* Trond Gärtner joins Magnora from Statkraft and has been appointed Senior Vice

President Offshore Wind Projects, and Emilie Schjøtt Brackman joins Magnora

from DNV and has been appointed Manager Offshore Wind Projects. Both will

have a central role in the development of Magnora Offshore Wind AS

* Magnora's SPV in South Africa progressed with early phase land surveys and

discussions with potential local partners

* As planned, Magnora increased its ownership share in Kustvind AB and Evolar

AB to 24% and 41%, respectively. Kustvind has met key milestones, which

includes survey of the local opinion with very encouraging results, and

environmental and wildlife related surveys that so far has provided expected

results. Similarly, Evolar has continued to progress with its tandem

cell-efficiency development ahead of its original plan

* Magnora renegotiated a new agreement with RWE Renewables for development of

the Oddeheia and Bjelkeberget onshore wind farms and we have taken a more

active part in the project

* The operating costs this quarter were slightly higher than in the first

quarter, due to increased business development activities and the development

establishment of Magnora Offshore Wind AS and the Magnora SPV in South Africa

* Adjusted EBITDA for first half of 2021 was negative NOK 2.9 million

The second quarter report and presentation are attached to this announcement and

can also be found on www.magnoraasa.com/investors -

http://www.magnoraasa.com/investors .

The company will host a webcast presentation at 08:00 CEST this morning, which

can be accessed with the following link:

https://streams.eventcdn.net/magnoraasa/2021q2

The presentation will be followed by a Q&A session with the management.

Questions may be asked in writing during and after the presentation.

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) is a profitable renewable energy development company

looking for green investment opportunities. 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/17847805/754/981/Download%20announcement%2

0as%20PDF.pdf

Magnora Q2 2021 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/754/979/Magnora%20Q2%202021%20Rep

ort.pdf

Magnora Q2 2021 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/754/980/Magnora%20Q2%202021%20Pre

sentation.pdf