Magnora ASA

Regulatory Filings • Aug 9, 2021

Magnora ASA starts wind measurement campaign in South Africa

Magnora ASA starts wind measurement campaign in South Africa

9.8.2021 14:00:02 CEST | Magnora ASA | Non-regulatory press releases

9 August 2021 - Magnora ASA (Magnora) is pleased to announce the start of a wind

measurement campaign in South Africa to ensure our projects are bankable and

ready to bid for public tenders and corporate power purchasing agreements from

Reference is made to the stock exchange announcement dated 22 February 2021,

regarding Magnora entering into agreements to acquire 100 percent of the shares

in a South African company (SPV) with a 775 MW greenfield renewable development

portfolio (onshore wind and solar PV).

Magnora is now de-risking several of the areas in the portfolio of the SPV by

starting a wind measuring campaign with wind measurement masts at the sites.

Magnora has had a good start in South Africa and built a team of legal,

specialists, established relations with leading investors, banks, industrial

companies, equipment vendors to prepare the projects in the portfolio for

potential buyers.

The Magnora SPV is supported by Vindr's leading technical team in the Cape Town

who led part of the deliverables to secure bankability and quality in the

projects.

Torstein Sanness says, "Wind speed in the area is as good as some of the best

sites in the Nordics". "In addition, South Africa is now on the path of

de-regulating its power sector through a series of initiatives which we think

will be very beneficial for the power supply in South Africa as well as a green

transition for the South African households and businesses."

Peter Nygren says, "South Africa has tremendous wind and solar resources ready

to be harvested. Magnora's sites are close to grid and should be attractive in

future private and public energy acquisition rounds."

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

* Torstein Sanness, Working 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/17847805/743/962/Download%20announcement%2

0as%20PDF.pdf