Magnora ASA

M&A Activity • May 19, 2020

Magnora ASA: Magnora signs letter of intent to invest in a UK onshore wind development project company with potential of 50 MW

Magnora ASA: Magnora signs letter of intent to invest in a UK onshore wind development project company with potential of 50 MW

Oslo, Norway, 19 May 2020: MAGNORA ASA, a leading Norwegian renewable energy investment company releases its fourth investment update – a letter of intent to invest in a UK onshore wind development project company with potential of 50 MW.

Magnora makes another investment in a wind development project through a cooperation with a project development company in Scandinavia. The project is onshore and in the UK. The project development company has an experienced team within the wind development segment. The initial phase of the cooperation is a feasibility study to identify all activities necessary for the licensing process. The feasibility study will continue until August 2020. Magnora has the option to acquire a majority share of the project company through a detailed milestone plan.

Magnora’s Head of Business Development Theis Hanang Pedersen said: “Magnora gains access to a development project that fits well within the Magnora strategy both due to size and geographic location”.

Magnora’s Investment Director Haakon Alfstad said: “This is an exciting project close to infrastructure, and with good wind conditions. “

We are looking forward to this cooperation which starts immediately. Magnora continues to invest in teams and projects that increase our ability to build a diversified asset light green investment portfolio.

More about Magnora’s renewable strategy: https://newsweb.oslobors.no/message/497520

About Magnora (OSE: MGN): Magnora ASA is a renewable energy investment company looking for profitable green investment opportunities. The company is listed on the main list on Oslo Stock Exchange under the ticker MGN.

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For further information, please contact:

Erik Sneve, CEO, Magnora ASA

es@magnoraasa.com

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.