Magnora ASA

Regulatory Filings • Oct 23, 2023

Magnora ASA: Second project sale to Globeleq in South Africa

Magnora ASA: Second project sale to Globeleq in South Africa

23.10.2023 06:45:01 CEST | Magnora ASA | Non-regulatory press releases

Magnora has since entering the South African market targeted opportunities for

supplying commercial and industrial (C&I) customers. On 20 October, Magnora

closed a deal for the sale of a 90 MW solar PV project site to Globeleq. Magnora

will develop the site in collaboration with Globeleq, one of the leading IPPs in

Africa, further strengthening their partnership.

The project site is located in an area with several potential industrial

customers that have expressed an interest in private power purchase agreements

(PPAs).

The deal combines an upfront payment and additional payments linked to specific

commercial and technical milestones.

"The project is a testament to the growing Commercial & Industrial ("C&I")

market in South Africa. It is a great credit to the local and Magnora team in

charge and and a vindication of our decision to expand the operations in South

Africa. We see a growing appetite for renewable power from the private sector in

South Africa and we are very pleased to enable cleaner energy and more stable

and diversified power supply to the South African economy" says Erik Sneve, CEO

of Magnora ASA.

About Magnora South Africa

Magnora entered the South African renewable energy market in 2021 through the

acquisition of an 850 MW project portfolio. One year later, Magnora acquired

African Green Ventures (AGV), a renewable project development company. The

portfolio of projects under active development in South Africa currently

consists of some 2000 MW. AGV sources assets and develops projects from

greenfield to ready-to-bid or -build.

About Globeleq

Globeleq is the leading developer, owner and operator of electricity generation

in Africa. Since 2002, its experienced team of professionals has built a diverse

portfolio of independent power plants, generating nearly 1,500 MW in 15

locations across 7 countries, with a further 741 MW in or near construction and

more than 2,000 MW of power projects in development. www.globeleq.com -

http://www.globeleq.com/

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) invests in renewable energy development projects and

companies. Magnora's portfolio of renewable companies consists of Helios Nordic

Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund

Magnora Sol AS, and Magnora South Africa. In addition, Magnora has legacy

revenues from its previous design business and potential milestone payments from

the sale of Evolar AB (sold to First Solar Inc). 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/17847805/2690/3764/Download%20announcement

%20as%20PDF.pdf