Magnora ASA

Environmental & Social Information • Feb 5, 2021

Update on Oddeheia and Bjelkeberg wind farm project

Update on Oddeheia and Bjelkeberg wind farm project

5 February 2021 – Reference is made to the stock exchange announcement dated 1 February 2021 regarding Magnora entering into an option agreement with RWE Renewables regarding the intention of developing the Oddeheia and Bjelkeberg wind farm in Birkenes municipality in Agder county.

As mentioned in the stock exchange announcement on 1 February 2021, RWE Renewables has applied to the Ministry of Petroleum and Energy for a one-year permit extension for the development. Magnora’s participation in the project is conditional upon approval of this permit extension.

Magnora has been informed that Birkenes municipality council has voted in favour of a proposal to postpone making a decision regarding RWE Renewable’s permit extension application until the Norwegian Government presents its revised national budget this spring.

“We believe this decision is good news for Magnora and our partner RWE Renewables. By postponing the decision, the municipality council will benefit from increased clarity regarding a tax issue that could ensure that a higher proportion of the total tax revenue is accrued to the host municipality, in this case Birkenes. We believe that such a potential tax scheme will increase chances of more onshore wind developments being sanctioned. This also applies to the Oddeheia and Bjelkeberg development,” says Torstein Sanness, Executive Chairman of Magnora.

The Oddeheia and Bjelkeberg onshore wind project will have an installed capacity of up to 98 MW when completed. Magnora's share in the project will be approximately 34 percent.

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.