Magnora ASA: Helios and OX2 cooperate to develop two large-scale solar PV plants in Sweden

Magnora ASA: Helios and OX2 cooperate to develop two large-scale solar PV plants in Sweden

23 Nov 2021 11:01 CET

23.11.2021 11:01:01 CET | Magnora ASA | Non-regulatory press releases

Magnora ASA's (Magnora) portfolio company Helios Nordic Energy AB (Helios) has
signed a cooperation agreement with OX2, a leading solar and wind farm developer
in Europe, to develop two large-scale solar PV plants in Skåne, Sweden.

The projects, which Helios started developing in 2020, are located in
bidding-area SE4, with a combined capacity of approximately 45 MW and operations
expected to start in 2024. According to the agreement, Helios and OX2 will
jointly develop the projects until necessary permits are obtained, then OX2 will
be responsible for construction and operations.

"We are truly excited about this deal, to work closely with the highly
experienced OX2 team, and most importantly to add more renewable electricity to
the grid. Helios' primary role in this cooperation is to bring the projects to
ready-to-build status. We believe that cooperation in parts of our portfolio
combined with development of some projects entirely in-house is a good strategy
going forward," says Andreas Tunbjer, CEO of Helios. "

Helios develops large-scale solar farms in the Nordics and handles the complete
development phase including permitting, pre-engineering, procurement, and
financing. In September 2021, Magnora increased its initial 25 percent ownership
in Helios to 40 percent, after Helios grew its project portfolio to in excess of
1 GW six months ahead of plan.

"Not only has Helios managed to reach an impressive portfolio ahead of schedule,
but the company is now showing its capability to capitalise on its portfolio to
generate value," says Torstein Sanness, Executive Chairman in Magnora.

OX2 develops and sells wind and solar farms. The company has taken a leading
position in large-scale onshore wind power since 2004 and has developed and sold
approximately 2.5 GW in Sweden, Finland, Norway and Poland for clients such as
Allianz, Ardian and IKEA. Between 2014 and 2020, OX2 realised more onshore wind
power in Europe than any other developer, and the company currently develops a
number of solar projects in Sweden.

"The joint development with OX2 shows that leading industry players recognise
the attractiveness of Helios' portfolio. We are confident that the joint
development of the two projects is a good indicator for future development of
Helios," says Peter Nygren EVP Strategy and Corporate Finance in Magnora.

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, Vindr Group AS*, and a South African SPV. The company
is listed on the main list on Oslo Stock Exchange under the ticker MGN. *under
incorporation.

ATTACHMENTS

Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/1005/1335/Download%20announcement
%20as%20PDF.pdf

More information:
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547582_en_Download announcement as PDF.pdf

Source

Magnora ASA

Provider

Oslo Børs Newspoint