Magnora ASA: Helios divests five (246 MWp) solar PV projects in Sweden to Commerz Real

19 Dec 2022 06:15 CET

19.12.2022 06:15:00 CET | Magnora ASA | Additional regulated information
required to be disclosed under the laws of a member state

19 December 2022: Magnora's portfolio company Helios enters its largest deal to
date with Commerz Real, by selling five large scale PV projects with a total
capacity of 246 MWp. The projects are all located in SE3 in Southern Sweden and
are estimated to be ready-to-build and delivered to Commerz Real in 2023 and
start production in 2024.

The electricity produced equals the consumption of approximately 49 200 average
households and the projects are located in southern Sweden where it is needed
the most.

The five parks are in development phase and to be constructed and connected to
the grid in 2023 and 2024. Four of the parks are in the Greater Stockholm area
and one outside of Gothenburg. Helios is responsible for continuing development
until ready-to-build, construction management, and for operational management of
the facilities while in production.

"We are very pleased to strengthen our partnership with Commerz Real through
this transaction. Together we have proven that large scale PV is a viable source
of electricity also in Sweden," says Andreas Tunbjer, CEO of Helios Nordic.

This concludes the second deal between Commerz Real and Helios this year, where
the first deal of two projects was settled in early May. One of these projects,
the King's Roar Project outside of Västerås, is the largest PV park under
construction in Sweden to date and will be connected to the grid in second
quarter 2023.

"Solar is growing rapidly, and we prove once more that the international fund
capital is ready to invest in the Swedish power market. This is great news for
Sweden as it contributes to bringing down cost for consumers," says Magnus Rahm,
Chief Project Officer of Helios Nordic.

The transaction marks the fourth for Helios this year. In a total of 15 projects
(620 MWp) have been sold by Helios since December 2021. Magnora's net share is
248 MW. The transaction is subject to final permits but includes a significant
payment at signing.

"Magnora is very pleased with the closing of this transaction, which in terms of
the numbers involved is larger than the previous transactions. As the previous
transactions concluded by Helios over the past months with reputable energy
companies, this confirms the quality and value of Helios' development portfolio.
With the positive price outlook for green electricity, the market conditions
will likely continue to be favorable for these types of transactions," says Erik
Sneve, CEO of Magnora.

"The transactions are line with Magnora's asset light business model. Solar PV
will be a key component in the European energy supply mix in the years to come
as the levelized cost of energy for solar PV has become very competitive in
recent years after a significant drop in capex over the last decade," says
Torstein Sanness, Executive Chairman of Magnora.

Helios Nordic Energy AB is a leading Swedish developer of solar and battery
storage projects. The company has secured land for over 70 projects in Sweden,
Latvia and Lithuania. Helios pipeline is currently above 2.3 GW. Helios has
already commenced construction works of the first solar park being delivered to
Commerz Real located in the municipality of Västerås.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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, 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

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