Magnora ASA

Earnings Release • Jul 3, 2020

Magnora ASA and Kustvind AB accelerate development of 500 MW offshore wind project in southern Sweden

Magnora ASA and Kustvind AB accelerate development of 500 MW offshore wind project in southern Sweden

Oslo, 3rd of July 2020 - The Norwegian wind project developer Magnora ASA has together with Kustvind AB decided to accelerate growth plans and the development of “Sydkustens Vind”, a 500 MW shallow water offshore wind project in southern Sweden.

“The decision follows several studies performed during the spring of 2020 which have provided the answers we were looking for. We are now more certain that this is a good project commercially and technically feasible,” says Haakon Alfstad, Investment Director in Magnora, Executive Chairman in Kustvind AB, and one of Norway’s most experienced wind project developers both onshore and offshore.

The project now enters its development phase, and physical studies of the seabed and project area in general will also commence. Compared to the original schedule, the project has been accelerated by ten months.

The project is located approximately 8 km offshore the southern coast of Sweden. The project has a 500-megawatt (MW) potential and will have a production capacity of 2 TWh annually. The project can potentially serve 250.000 homes with electricity.

“The project is located close to relevant infrastructure in Sweden and the area has very attractive wind conditions. In addition, southern Sweden has had very attractive electricity prices both historically and recently. All these factors contribute towards increasing the project’s robustness,” says Haakon Alfstad.

“The offshore project is located centrally in the Øresund region which has 3.5 million inhabitants. The region has experienced strong population growth over the past decades and is expected to continue growing due to increased urbanization. Furthermore, the Copenhagen Municipality has together with leading Danish corporations decided to build the world’s largest green hydrogen facility. Both factors are positive for the region’s demand for green energy,” says Bjørn Sund, Magnora’s Director of Offshore and Industrial projects.

Magnora signed a final shareholder agreement with Kustvind AB on 20th of March 2020. Magnora will gradually increase its ownership in the company up to 50 percent based on a detailed milestone plan.

Kustvind AB consist of a team of three project developers with over 25 years’ experience from wind power developments in numerous countries, both onshore and offshore. In combination with Magnora’s wind development specialists, the project has a solid development platform.

Magnora is an investment company within renewable energy. In addition to the Sydkustens Vind project, the company has recently signed two letters of intent in connection with a potential 60 MW project in Scandinavia and 50 MW capacity onshore wind development project in the UK.

“Our deal flow continues to grow, and we continue our dialogue with competent project developers, landowners and green businesses,” says Torstein Sanness, Executive Chairman in Magnora.

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

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For further information, please contact:

Torstein Sanness, working Chairman, sanness@sf-nett.no

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

About Magnora

Magnora ASA (OSE: MGN) 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. ASA is a royalty company

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