Magnora ASA

Earnings Release • May 11, 2021

Magnora ASA: Operational update for Helios Nordic Energy AB – 500 MW milestone achieved

Magnora ASA: Operational update for Helios Nordic Energy AB – 500 MW milestone achieved

11 May 2021 – Swedish solar PV company Helios Nordic Energy AB (Helios) has added another five projects – equivalent to potentially 200 MW – to its portfolio, which now totals 500 MW.

On 2 February 2021, renewable energy development company Magnora ASA acquired 25 percent of Helios in a share issue. Helios is a Swedish solar PV company focusing on large-scale greenfield projects in the Nordics. Magnora has the option to acquire another 15 percent ownership share of Helios by 15 September 2021.

At the time of Magnora’s investment, Helios had developed a project portfolio of 11 projects and 300 MW of installed capacity. As of today, Helios has initiated another 5 projects which potentially adds 200 MW to Helios’ portfolio, which now totals 500 MW.

As of today, the company has received permits (Environmental approvals) from 3 Country Administration Boards.

Nordic utility scale solar PV has generated interest from buyers from all over Europe, supported by technology development and further cost reductions in the solar value chain. Helios has engaged EY as an advisor going forward to manage the interest from financial and industrial buyers for its projects.

Helios plans to grow its development portfolio to over 1 GW over the next 12 months. The company has also started discussions with EPC providers for its potential investors.

Through a highly experienced team of renewable energy project experts, Helios manages all the steps in the development process including site selection, environmental approvals, grid connection approvals, preliminary design, and procurement, plus financing of projects in collaboration with reputable, long-term investors. The company is headquartered in Stockholm. It has a highly experienced management team and board of directors, including former CEO of NASDAQ Stockholm-listed Arise Windpower AB, Peter Nygren. Helios has high growth ambitions and intends to take a significant share of the solar PV industry in the Nordics.

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For further information, please contact:

Torstein Sanness, executive 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. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.