Magnora ASA

M&A Activity • Mar 13, 2020

Magnora ASA Acquisition Update: Magnora enters into a Letter of Intent to invest in 500 MW shallow water offshore wind project company.

Magnora ASA Acquisition Update: Magnora enters into a Letter of Intent to invest in 500 MW shallow water offshore wind project company.

Oslo, Norway, 13th March 2020: MAGNORA ASA, a leading Norwegian royalty and license revenue company releases our second acquisition update – a 500 MW shallow water offshore project.

Magnora enters into its second wind development project through the acquisition of a 500 MW shallow water offshore project in Northern Europe with a team of founders with a great track-record within development wind power projects over the last 25 years.

After a 12 months feasibility study period ending April 2021, Magnora has the option to acquire a further up to 50% of the company through a detailed milestone plan.

Magnora’s Head of Business Development Theis Hanang Pedersen said: “Magnora gains access to an independent development company with three serial entrepreneurs that marks our second building block in our co-development strategy for a large wind park in the Northern European region.”

Magnora’s Senior Advisor Haakon Alfstad said: “The project is close to relevant infrastructure, and wind conditions are excellent. The project is also located in an area with very attractive electricity prices. We are very happy to start working with this project after a 3 months due diligence process. “

The potential investment in the 500 MW offshore project will not influence Magnora’s dividend strategy/policy, and the potential commitments are fully financed.

The maximum, total investment by Magnora in the feasibility period is NOK 1,500,000, divided into NOK 500,000 which will be paid upon commencement. The full payment of the remaining NOK 1,000,000 is subject to several project milestones.

Magnora will continue to invest in teams and projects that increase our ability to build a diversified asset light green investment portfolio.

The project is in an existing company outside Norway.

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

About Magnora (OSE: MGN): Magnora ASA is a royalty and license company looking for profitable 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.