Magnora ASA

Earnings Release • Feb 15, 2022

Magnora ASA: Fourth quarter 2021 - Net 2.7GW

Magnora ASA: Fourth quarter 2021 - Net 2.7GW

15.2.2022 08:30:01 CET | Magnora ASA | Additional regulated information required

to be disclosed under the laws of a member state

15 February 2022. Magnora, a Norwegian renewable energy development company,

releases its financial report for the fourth quarter 2021.

"Our investments and efforts are starting to show tangible values. The offer

from the Crown Estate Scotland is a significant achievement, and we are looking

forward to working with the local industry to create local jobs and a

cost-effective offshore wind plant", says Executive Chairman Torstein Sanness.

Highlights:

* Magnora Offshore Wind was offered the opportunity to enter into an Option

Agreement for area N3 last month by the Crown Estate Scotland in the ScotWind

leasing round. The planned development will have a total capacity of

approximately 500 MW.

* Magnora's SPV in South Africa progressed with the ongoing wind measurement

campaign showing promising wind conditions at the planned site, and the South

African project portfolio has been doubled to 1.7GW through the acquisition

of African Green Venures (AGV).

* Helios' project portfolio has reached 1.3 GW over 29 solar PV projects in the

Nordics and has sold two projects with a combined capacity of 45 MW to OX2.

Further, Heilos is also about to soon close on an additional sale of two

projects with a combined capacity of 68 MW.

* Magnora increased its ownership in Evolar AB to 50 percent according to

business plan milestones, and Evolar has entered into its second joint

development agreement with an Indian solar module manufacturer backed by

government funding.

* Magnora Offshore Wind entered into a cooperation agreement with Hiraeth

Energy for the development of two floating offshore wind projects in the

Celtic Sea with a total capacity of approximately 700 MW.

* Financial results for the fourth quarter were impacted by non-cash expenses

from associated companies, write-down of deferred tax, and cost of options.

* Adjusted EBITDA for fourth quarter 2021 was negative NOK 6.3 million

* The Penguins FPSO is, according to media articles, scheduled for sail-away in

March which will release the three remaining license payments.

The fourth quarter report and presentation are attached to this announcement and

can also be found on: https://magnoraasa.com/investors

The company will host a webcast presentation at 10:00 CET this morning, which

can be accessed with the following link:

https://streams.eventcdn.net/magnoraasa/2021-q4/register

The presentation will be followed by a Q&A session with the management.

Questions may be asked in writing during and after the presentation.

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, AGV, and a South African SPV. 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/17847805/1196/1584/Download%20announcement

%20as%20PDF.pdf

Magnora Q4 2021 Report.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1196/1582/Magnora%20Q4%202021%20R

eport.pdf

Magnora Q4 2021 Presentation.pdf -

https://kommunikasjon.ntb.no/ir-files/17847805/1196/1583/Magnora%20Q4%202021%20P

resentation.pdf