23.10.2023 06:45:01 CEST | Magnora ASA | Non-regulatory press releases
Magnora has since entering the South African market targeted opportunities for
supplying commercial and industrial (C&I) customers. On 20 October, Magnora
closed a deal for the sale of a 90 MW solar PV project site to Globeleq. Magnora
will develop the site in collaboration with Globeleq, one of the leading IPPs in
Africa, further strengthening their partnership.
The project site is located in an area with several potential industrial
customers that have expressed an interest in private power purchase agreements
(PPAs).
The deal combines an upfront payment and additional payments linked to specific
commercial and technical milestones.
"The project is a testament to the growing Commercial & Industrial ("C&I")
market in South Africa. It is a great credit to the local and Magnora team in
charge and and a vindication of our decision to expand the operations in South
Africa. We see a growing appetite for renewable power from the private sector in
South Africa and we are very pleased to enable cleaner energy and more stable
and diversified power supply to the South African economy" says Erik Sneve, CEO
of Magnora ASA.
About Magnora South Africa
Magnora entered the South African renewable energy market in 2021 through the
acquisition of an 850 MW project portfolio. One year later, Magnora acquired
African Green Ventures (AGV), a renewable project development company. The
portfolio of projects under active development in South Africa currently
consists of some 2000 MW. AGV sources assets and develops projects from
greenfield to ready-to-bid or -build.
About Globeleq
Globeleq is the leading developer, owner and operator of electricity generation
in Africa. Since 2002, its experienced team of professionals has built a diverse
portfolio of independent power plants, generating nearly 1,500 MW in 15
locations across 7 countries, with a further 741 MW in or near construction and
more than 2,000 MW of power projects in development. www.globeleq.com -
http://www.globeleq.com/
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) invests 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, and Magnora South Africa. In addition, Magnora has legacy
revenues from its previous design business and potential milestone payments from
the sale of Evolar AB (sold to First Solar Inc). 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/17847805/2690/3764/Download%20announcement
%20as%20PDF.pdf