2 February 2021 - Oslo-listed renewable energy development company Magnora ASA
has entered into an agreement to acquire a 25 percent ownership share in a share
issue in Helios Nordic Energy AB (Helios), a Swedish solar PV company focusing
on large-scale greenfield projects in the Nordics.

Magnora has the option to acquire a further 15 percent ownership share of
Helios. 

Through a highly experienced team of renewable energy project experts, Helios
manages all the steps in the development process including site selection,
environmental approvals, grid connection approvals, preliminary design, and
procurement, plus financing of projects in collaboration with reputable,
long-term investors.
 
"With the investment in Helios, Magnora expands its exposure to greenfield
renewable project development, through a company that consists of a highly
competent team and board," says Torstein Sanness, executive chairman of Magnora.

Despite being a relatively new company, Helios has already developed a project
portfolio that currently consists of 11 projects with a total of approximately
300 MW installed capacity. The company is headquartered in Stockholm. It has a
highly experienced management team and board of directors, including former CEO
of NASDAQ Stockholm-listed Arise Windpower AB, Peter Nygren, among its board of
directors. 

"Helios has high growth ambitions and intends to take a significant share of the
solar PV industry in the Nordics. Magnora see utility scale solar PV as an
interesting strategic investment opportunity in the Nordics, supported by
technology development and further cost reductions expected in the industry",
adds Torstein Sanness. 

Following the transaction, Magnora's CEO Erik Sneve will join the Helios board
of directors. 

"We are excited to bring the Magnora team on board. We see a good strategic fit
and complementary skillset across the companies, which we believe will open
further opportunities for Helios. We do believe in the future of solar PV in the
Nordics and expect that the market is about to take off as we have seen in other
European markets. The costs are constantly decreasing and breakthrough on
technology such as bifacial solar modules on single-axis trackers increases the
energy yield, making utility scale solar PV projects economically viable also in
the Nordics," says Andreas Tunbjer, CEO of Helios.   

The share purchase option may be exercised by Magnora from the completion of the
first investment and no later than by 15 September 2021. If the option is
exercised, Magnora's ownership in Helios will be 40 percent of all issued
shares. 

The law firm Schjødt advised Magnora in this transaction.

Magnora is a renewable energy development company looking for profitable green
investment opportunities. In addition to the latest investment in Helios,
Magnora has made a few other recent investments in the renewable energy sector:
o Ownership in the 500 MW offshore wind development project company Kustvind AB
in Sweden. 
o Sweden-based Evolar AB, a developer of groundbreaking perovskite technology
which can enable significant increase the efficiency of solar cell modules. 
o Vindr AS, the wind power development company focusing on small and medium
scaled wind development projects in industrial and cultivated land.
o Magnora Floating Wind, a joint company with a world leading offshore
technology company for development of offshore wind projects in the ScotWind and
the Norwegian licensing round in offshore wind.
o Signed an option agreement with RWE Renewables with the intention of
developing the Oddeheia and Bjelkeberg wind farm in Birkenes municipality in
Agder county, Norway. 
	
                                                  ***	

ENDS

For further information, please contact:
Torstein Sanness, working chairman, sanness at sf-nett.no 
Erik Sneve, CEO, Magnora ASA, es at magnoraasa.com   

About Magnora 
Magnora ASA (OSE: MGN) is a renewable energy development company looking for
profitable green investment opportunities. The company is listed on the main
list on Oslo Stock Exchange under the ticker MGN.

Click here for more information

© Oslo Bors ASA, source Oslo Stock Exchange