Magnora ASA

Regulatory Filings • Jun 21, 2024

Magnora ASA: Project sale to Red Rocket in South Africa

Magnora ASA: Project sale to Red Rocket in South Africa

21.6.2024 06:35:01 CEST | Magnora ASA | Non-regulatory press releases

On 20 June, Magnora signed a deal for the sale of a project site to Red Rocket,

one of the top-tier independent power providers in South Africa.

The project site is located in a strategic area where the grid is being

strengthened and has been developed from origination by African Green Ventures

(AGV), the development arm of Magnora in South Africa.

Red Rocket is one of the top-tier private clean energy utilities in Africa and

is considered a champion in the South African market, with a significant local

footprint. The company entered the market in 2012, at the very start of the

renewables era in South Africa with a clear ambition to contribute to a more

sustainable future for Africa. Since then, the company has established an

impressive track record, with a proven ability to win, deliver, and operate

renewable projects through both governmental and private procurements. The

company has further a lean and efficient approach to development, that fits the

culture of Magnora South Africa.

"This is yet another testament to our belief in the South African market. We are

impressed by the speed the South African government is rolling out the

procurement rounds for renewables and large-scale battery storage. Combined with

a fast-growing private market, we see a great prospect for our business model of

developing projects with high quality at strategic locations. We are highly

impressed by our local team, which we have strengthened significantly in the

last 12 months, and are pleased to establish a fruitful relationship with Red

Rocket, which we hope to extend further in the coming months." says Erik Sneve,

CEO of Magnora ASA.

"We look forward to leveraging our expertise and local insights to deliver

impactful, high-quality renewable energy solutions. This collaboration

highlights our commitment to advancing clean energy solutions in South Africa.

Partnering with AGV and Magnora enables us to seize strategic opportunities and

further our mission to provide sustainable energy. We look forward to continued

success and growth in the region," says Matteo Brambilla, CEO of Red Rocket.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

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 Helios Nordic Energy AB, Kustvind AB, Magnora

Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol AS, Magnora South

Africa, and AGV. 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/17847805/18152809/4679/Download%20announce

ment%20as%20PDF.pdf