New project sales in South Africa

08 Oct 2024 07:00 CEST

8.10.2024 07:00:01 CEST | Magnora ASA | Additional regulated information
required to be disclosed under the laws of a member state

On 7 October, Magnora signed its fourth South African deal in 15 months - this
latest deal includes a few major projects and is conditioned on closing.

The project sites have been developed from origination by African Green Ventures
(AGV), the development arm of Magnora in South Africa. The projects are
well-placed to accelerate the green transition of South Africa's electricity
supply.

"We are highly satisfied with the steady deal flow from our South African team,
having resulted in more than 600 MW(*) of project sales over the last 15 months.
This is a substantial contribution towards helping South Africa de-carbonise its
economy, and not least bringing reliable and affordable energy to the
population. Further, our South African operation is on track to reach our
year-end target of a team size of 20 professionals. Currently, the portfolio
consists of 4300 MW of solar PV, onshore wind, and battery storage projects"
says Erik Sneve, CEO of Magnora ASA.



*) The typical deal structure combines up-front payments with a set of milestone
payments - some of these are asset-specific and some are related to the buyer's
ability to successfully position the asset in competition with other energy
providers in auctions or similar. In most deals, a significant portion of the
full payment will be at risk.

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

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) Magnora's portfolio of renewable companies consists of
Kustvind AB, Magnora Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol
AS, Magnora South Africa, and AGV. Magnora also has a share in the future
success of Helios Nordic Energy (Vinci Concessions), Evolar (First Solar), and
Hermana Holding (design royalties). 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/17847805/18272653/5071/Download%20announce
ment%20as%20PDF.pdf

More information:
Access the news on Oslo Bors NewsWeb site

629185_Download announcement as PDF.pdf