Magnora ASA

Earnings Release • Nov 23, 2021

Magnora ASA: Helios and OX2 cooperate to develop two large-scale solar PV plants in Sweden

Magnora ASA: Helios and OX2 cooperate to develop two large-scale solar PV plants in Sweden

23.11.2021 11:01:01 CET | Magnora ASA | Non-regulatory press releases

Magnora ASA's (Magnora) portfolio company Helios Nordic Energy AB (Helios) has

signed a cooperation agreement with OX2, a leading solar and wind farm developer

in Europe, to develop two large-scale solar PV plants in Skåne, Sweden.

The projects, which Helios started developing in 2020, are located in

bidding-area SE4, with a combined capacity of approximately 45 MW and operations

expected to start in 2024. According to the agreement, Helios and OX2 will

jointly develop the projects until necessary permits are obtained, then OX2 will

be responsible for construction and operations.

"We are truly excited about this deal, to work closely with the highly

experienced OX2 team, and most importantly to add more renewable electricity to

the grid. Helios' primary role in this cooperation is to bring the projects to

ready-to-build status. We believe that cooperation in parts of our portfolio

combined with development of some projects entirely in-house is a good strategy

going forward," says Andreas Tunbjer, CEO of Helios. "

Helios develops large-scale solar farms in the Nordics and handles the complete

development phase including permitting, pre-engineering, procurement, and

financing. In September 2021, Magnora increased its initial 25 percent ownership

in Helios to 40 percent, after Helios grew its project portfolio to in excess of

1 GW six months ahead of plan.

"Not only has Helios managed to reach an impressive portfolio ahead of schedule,

but the company is now showing its capability to capitalise on its portfolio to

generate value," says Torstein Sanness, Executive Chairman in Magnora.

OX2 develops and sells wind and solar farms. The company has taken a leading

position in large-scale onshore wind power since 2004 and has developed and sold

approximately 2.5 GW in Sweden, Finland, Norway and Poland for clients such as

Allianz, Ardian and IKEA. Between 2014 and 2020, OX2 realised more onshore wind

power in Europe than any other developer, and the company currently develops a

number of solar projects in Sweden.

"The joint development with OX2 shows that leading industry players recognise

the attractiveness of Helios' portfolio. We are confident that the joint

development of the two projects is a good indicator for future development of

Helios," says Peter Nygren EVP Strategy and Corporate Finance in Magnora.

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, Vindr Group AS*, and a South African SPV. The company

is listed on the main list on Oslo Stock Exchange under the ticker MGN. *under

incorporation.

ATTACHMENTS

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