Magnora ASA

Regulatory Filings • Jul 12, 2023

Magnora ASA: First sale in South Africa as Magnora and Globeleq join forces on battery and PV project

Magnora ASA: First sale in South Africa as Magnora and Globeleq join forces on battery and PV project

12.7.2023 08:26:43 CEST | Magnora ASA | Non-regulatory press releases

12 July 2023 - On 12 July, Magnora ASA and Globeleq Ltd. have signed and

executed an agreement that paves the way for developing large-scale battery

storage and renewable energy projects in South Africa. Globeleq is acquiring a

permitted site from Magnora and will develop the project further. The agreement

provides for an upfront payment, with additional payments on condition Globeleq

reaches certain commercial and technical milestones.

The site has favorable conditions for renewable energy and the area is targeted

for grid development. Magnora has several remaining projects in this cluster.

The projects are in mid-to-late-stage development with significant potential for

battery storage, solar PV and wind. Globeleq and Magnora have agreed to consider

ways to jointly commercialize these adjacent assets and to partner more widely

in 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.

"South Africa needs a lot of renewable energy for its basic economic need. We

see a great potential in the South African market over the next 5-10 years.

Magnora aims to grow the team and the portfolio significantly in the next few

years," says Erik Sneve, CEO of Magnora. "The agreement with Globeleq provides

both proof-of-concept and proof-of-market for our South African operation. The

fact that Magnora will recuperate a significant portion of our investments in

South Africa, is a nice added value."

Jonathan Hoffman, Chief Development Officer for Globeleq commented today, "We

are excited by the potential of this project within the South African renewables

sector. Renewable power and battery storage have a very significant part to play

in alleviating the energy crisis in South Africa and can do so speedily and

efficiently, and we are looking forward to developing this and other projects

with Magnora."

About Globeleq

Globeleq, which is owned 70% by British International Investment and 30% by

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

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

diverse portfolio of independent power plants, generating more than 1,500MW in

14 locations across 6 countries, with a further 722 MW in construction and more

than 2,000 MW of power projects in development. More details at 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/17847805/2484/3438/Download%20announcement

%20as%20PDF.pdf