Magnora ASA

Earnings Release • Jun 11, 2021

Magnora expands cooperation with RWE Renewables in development of a large onshore wind farm project

Magnora expands cooperation with RWE Renewables in development of a large onshore wind farm project

11 June 2021 – Magnora ASA (Magnora) and RWE Renewables have renegotiated an agreement in the Oddeheia and Bjelkeberg project. Magnora will potentially have a 49 percent stake in the revised agreement.

Reference is made to the stock exchange announcement dated 1 February 2021 regarding Magnora entering into an agreement with RWE Renewables with the intention of developing the Oddeheia and Bjelkeberg wind farm in Birkenes municipality in Agder county, Norway. Magnora has worked closely with RWE over some time with development of the project as a local expert.

“This project can increase the capacity to supply green energy to local industrial power consumers, such as battery production and data centres. We are already working with local businesses to provide goods and services to this specific project and to establish a foundation for supply of goods and services to other future wind power plants. Realising local projects is key to facilitate the build-up of local supply chain competence that can later be expanded and exported,” says Torstein Sanness, Executive Chairman of Magnora.

As mentioned in the stock exchange announcement on 1 February 2021, RWE Renewables has applied to the Ministry of Petroleum and Energy for a permit extension for the development. Magnora’s participation in the project is conditional upon approval of this permit extension.

Originally the parties had an agreement where Magnora had an intention to acquire 34 percent of the development wind farm project. In the new agreement Magnora will have a 49 percent stake. The agreement is subject to approval of the permit extension and entering into a shareholder agreement acceptable to both parties.

“Building the Oddeheia and Bjelkeberg wind power plants will have a significant impact on the local business community in Birkenes and can potentially generate a significant number of jobs over the next years. We hope to participate in this positive development,” says Torstein Sanness, Executive Chairman of Magnora.

The Oddeheia and Bjelkeberg onshore wind project will have a potential installed capacity of up to 98 MW when completed.

ENDS

For further information, please contact:

Torstein Sanness, working chairman, sanness at sf-nett.no

Erik Sneve, CEO, Magnora ASA, es at magnoraasa.com

About Magnora

Magnora ASA (OSE: MGN) is a renewable energy development company looking for profitable 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.