Magnora ASA

Capital/Financing Update • Apr 4, 2023

Magnora ASA: Helios Nordic Energy AB adds substantial capacity to its pipeline of solar PV projects - 5,500 MW

Magnora ASA: Helios Nordic Energy AB adds substantial capacity to its pipeline of solar PV projects - 5,500 MW

4.4.2023 09:58:14 CEST | Magnora ASA | Non-regulatory press releases

Magnora published an update on Helios Nordic Energy (Helios) on 9 March 2023. On

that date, Helios had reached a solar PV portfolio of 3.5 GW, becoming the

largest early-stage developer of solar assets in Sweden.

In less than a month, Helios has now reached 5.5 GW of capacity. This figure

includes 4,262 MW of Solar PV projects, 741 MW of BESS (battery) capacity and

472 MW that has been sold to customers while Helios remain in charge of

procurement and construction management. The figure does not, however, include

147 MW of capacity linked to projects Helios has handed over to customers after

completing procurement and construction management.

In February 2021, Magnora ASA made its first investment in Helios. Magnora owns

40% of the shares and is the company's largest investor.

"Helios is an excellent illustration of our highly successful business model for

solar pv and battery storage development," says Erik Sneve, CEO of Magnora.

"Helios has shown how utilities and energy companies can benefit by using

specialized developers in early stages of a project. Helios excels in finding

suitable land and forming a cooperative relationship with landowners, local

communities, and grid companies in a sustainable way."

About Helios

Helios Nordic Energy AB is one of the leading PV solar developers in Sweden, and

the Nordics, with a project pipeline exceeding 5.5 GW. Helios has in the past

year concluded five transactions with reputable investors. In total fifteen

large scale PV solar plants will be delivered within the next years with a

combined expected capacity of approx. 620 MWp with an estimated investment value

of approx. 4 billion SEK. To this date, four projects have been handed over to

investors, after reaching RtB, with a combined capacity of 150 MWp. Helios has

already commenced construction works of their first solar park, located in the

municipality of Västerås and funded by Commerz Real.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section

5-12 of the Norwegian Securities Trading Act.

CONTACTS

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

* Torstein Sanness, Executive chairman, email: sanness at sf-nett.no

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) has a legacy royalty business that is re-invested in

renewable energy development projects and companies. Magnora's portfolio of

renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB,

Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol AS, Magnora

South Africa, and AGV. 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/17847805/2235/3058/Download%20announcement

%20as%20PDF.pdf