12.10.2026 07:00:08 CEST | Magnora ASA | Non-regulatory press releases

Magnora's South African subsidiary AGV is expanding its development activities
to include vertically integrated data center and energy projects, with powered
land and behind-the-meter solutions.

AGV is an experienced South African power infrastructure developer with a solid
track record of so far six projects developed and sold to reputable utilities in
the South African market, including the Red Sands project which is Africa's
largest stand-alone BESS project under construction. AGV's team has expertise in
site origination, environmental approvals, grid connection, permitting, and
project management. The company currently manages a diversified development
portfolio exceeding 6,000 MW of onshore wind, solar PV and battery storage
(BESS). The portfolio includes several large-scale renewable-energy clusters
combining world class resources of onshore wind and solar PV. Combined with
BESS, this provides a solid basis for more independent power access and
timelines.

AGV's data center strategy will initially focus on expanding two existing
renewable energy project clusters capable of supplying co-located data center
developments through behind-the-meter arrangements. The proposed solutions
combine renewable generation with battery energy storage, supporting energy
supply resilience, greater cost predictability and customers' decarbonisation
objectives. By reducing reliance on coal-fired electricity generation and
incorporating water-efficient cooling technologies, including closed-loop
systems, this approach has the potential to significantly reduce both direct and
indirect water consumption associated with data center operations.

"South Africa's data center market is entering an important growth phase and
securing reliable, sustainable and scalable power will be central to delivering
the next generation of projects," says Dirk Muller, CEO of AGV. "With our local
development expertise, extensive renewable-energy portfolio, and the support of
Magnora ASA and Magnora Data Center ASA, we are creating a platform to deliver
sustainable digital infrastructure at scale. Our approach places a strong
emphasis on responsible development, including environmental stewardship,
efficient water use and regulatory compliance. AGV will continue advancing these
projects towards commercialisation through strategic partnerships and its
established development expertise."

AGV aims to progress the first sites towards ready-to-build status within the
next two years, subject to the required technical studies, grid connections,
permits and commercial agreements. Across its development portfolio, AGV sees
the potential to develop more than 1,000 MW of data center capacity supported by
associated energy infrastructure over the coming years and into the 2030s.

South Africa's data center market is expected to grow significantly in the
coming years, driven by increasing demand for cloud services, digital
connectivity and secure, reliable computing infrastructure. AGV is positioning
its portfolio to support this growth through strategically located development
sites, well suited for vertical integration of power and compute.

Magnora holds 100% of AGVs shares. Magnora is also a 52% owner of Magnora Data
Center ASA which both develops and operates data centers, and which will be a
discussion partner for AGV advancing its South African projects and offering.
AGV plans to continue focusing only on Southern Africa due to the market
attractiveness and AGVs position in this marke



Contacts

Erik Sneve, CEO of Magnora ASA, es [at] magnorasa.com - http://magnorasa.com

Dirk Muller, CEO of AGV Renewable Energy Ltd., dirk [at] agv-za.co.za -
http://agv-za.co.za


About AGV Renewable Energy

AGV Renewable Energy is a South African renewable-energy and infrastructure
development company with more than 6,000 MW of renewable energy projects in its
portfolio. The company is wholly owned by Magnora ASA.

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a developer of data center, wind, solar, and battery
projects, as well as a data center operator. Magnora has operations in Europe
and Africa through the portfolio companies Magnora Data Center ASA, Helios
Magnora Sol AS, Magnora Offshore Wind AS, Magnora Germany, Magnora Italy Srl.,
Magnora Solar PV UK, Magnora South Africa, and AGV. Magnora also has earn-out
revenues related to the former portfolio companies Helios Nordic Energy and
Evolar. Magnora is listed on the main list of the Oslo Stock Exchange under the
ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/19101018/18745/Download%20announc
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https://kommunikasjon.ntb.no/ir-files/17847805/19101018/18745/Download%20announc\
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