Magnora ASA

Earnings Release • Feb 2, 2021

Magnora ASA makes a strategic entry into the Nordic solar PV market

Magnora ASA makes a strategic entry into the Nordic solar PV market

2 February 2021 – Oslo-listed renewable energy development company Magnora ASA has entered into an agreement to acquire a 25 percent ownership share in a share issue in Helios Nordic Energy AB (Helios), a Swedish solar PV company focusing on large-scale greenfield projects in the Nordics.

Magnora has the option to acquire a further 15 percent ownership share of Helios.

Through a highly experienced team of renewable energy project experts, Helios manages all the steps in the development process including site selection, environmental approvals, grid connection approvals, preliminary design, and procurement, plus financing of projects in collaboration with reputable, long-term investors.

"With the investment in Helios, Magnora expands its exposure to greenfield renewable project development, through a company that consists of a highly competent team and board,” says Torstein Sanness, executive chairman of Magnora.

Despite being a relatively new company, Helios has already developed a project portfolio that currently consists of 11 projects with a total of approximately 300 MW installed capacity. The company is headquartered in Stockholm. It has a highly experienced management team and board of directors, including former CEO of NASDAQ Stockholm-listed Arise Windpower AB, Peter Nygren, among its board of directors.

“Helios has high growth ambitions and intends to take a significant share of the solar PV industry in the Nordics. Magnora see utility scale solar PV as an interesting strategic investment opportunity in the Nordics, supported by technology development and further cost reductions expected in the industry”, adds Torstein Sanness.

Following the transaction, Magnora’s CEO Erik Sneve will join the Helios board of directors.

“We are excited to bring the Magnora team on board. We see a good strategic fit and complementary skillset across the companies, which we believe will open further opportunities for Helios. We do believe in the future of solar PV in the Nordics and expect that the market is about to take off as we have seen in other European markets. The costs are constantly decreasing and breakthrough on technology such as bifacial solar modules on single-axis trackers increases the energy yield, making utility scale solar PV projects economically viable also in the Nordics,” says Andreas Tunbjer, CEO of Helios.

The share purchase option may be exercised by Magnora from the completion of the first investment and no later than by 15 September 2021. If the option is exercised, Magnora’s ownership in Helios will be 40 percent of all issued shares.

The law firm Schjødt advised Magnora in this transaction.

Magnora is a renewable energy development company looking for profitable green investment opportunities. In addition to the latest investment in Helios, Magnora has made a few other recent investments in the renewable energy sector:

• Ownership in the 500 MW offshore wind development project company Kustvind AB in Sweden.

• Sweden-based Evolar AB, a developer of groundbreaking perovskite technology which can enable significant increase the efficiency of solar cell modules.

• Vindr AS, the wind power development company focusing on small and medium scaled wind development projects in industrial and cultivated land.

• Magnora Floating Wind, a joint company with a world leading offshore technology company for development of offshore wind projects in the ScotWind and the Norwegian licensing round in offshore wind.

• Signed an option agreement with RWE Renewables with the intention of developing the Oddeheia and Bjelkeberg wind farm in Birkenes municipality in Agder county, Norway.

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ENDS

For further information, please contact:

Torstein Sanness, working chairman, sanness at sf-nett.no

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

About Magnora

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