Magnora adds a 80MW/160MWh Battery Energy Storage System (BESS) project to its UK portfolio. The portfolio now consists of a 60 MW solar PV project, and two BESS projects of 200MWh

08 Nov 2022 06:45 CET

8.11.2022 06:45:01 CET | Magnora ASA | Non-regulatory press releases

Magnora refers to its press release dated 8.8. 2022 whereby it was stated that
Magnora entered the UK solar and battery storage services market by investing in
the development of a 60 MW solar PV project and a 40 MWh Battery Energy Storage
System (BESS) project, as a first step. Magnora now adds an additional
80MW/160MWh BESS project to the initial portfolio.

The progress on the first two projects have been as expected and the projects
have received a grid offer and EIA work has commenced. Magnora estimate sale
during 2023. The work has so far been carried out in accordance with the
business plan and we are pleased with the cooperation with our UK based partner.

The 80MW/160MWh BESS project is located on brown field land in an industrial
area. We have agreed HOTs with the landowner, a grid connection offer has been
received and grid deposit was paid October this year. Our assessment is that due
to the location, a relatively low number of surveys will be required and the
local authority's support for green energy projects, especially in an industrial
location, is positive.

Magnora's portfolio in the UK now, after the inclusion of the 80MW/160MWh BESS
project, consists of a 60 MW solar PV project, and two Battery Energy Storage
System (BESS) projects of 40MWh and 160MWh to a total of 200MWh.

Batteries play a key role in the UK modern flexible energy system, helping grid
operators to finely balance the supply of electricity to meet demand, and
providing extra resources when needed, e.g. for frequency response.

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, Hafslund
Magnora AS, Kustvind AB, Magnora Offshore Wind AS, Magnora UK PV, 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/17847805/1872/2532/Download%20announcement
%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

574962_en_Download announcement as PDF.pdf