21.6.2024 06:35:01 CEST | Magnora ASA | Non-regulatory press releases

On 20 June, Magnora signed a deal for the sale of a project site to Red Rocket,
one of the top-tier independent power providers in South Africa.

The project site is located in a strategic area where the grid is being
strengthened and has been developed from origination by African Green Ventures
(AGV), the development arm of Magnora in South Africa.

Red Rocket is one of the top-tier private clean energy utilities in Africa and
is considered a champion in the South African market, with a significant local
footprint. The company entered the market in 2012, at the very start of the
renewables era in South Africa with a clear ambition to contribute to a more
sustainable future for Africa. Since then, the company has established an
impressive track record, with a proven ability to win, deliver, and operate
renewable projects through both governmental and private procurements. The
company has further a lean and efficient approach to development, that fits the
culture of Magnora South Africa.

"This is yet another testament to our belief in the South African market. We are
impressed by the speed the South African government is rolling out the
procurement rounds for renewables and large-scale battery storage. Combined with
a fast-growing private market, we see a great prospect for our business model of
developing projects with high quality at strategic locations. We are highly
impressed by our local team, which we have strengthened significantly in the
last 12 months, and are pleased to establish a fruitful relationship with Red
Rocket, which we hope to extend further in the coming months." says Erik Sneve,
CEO of Magnora ASA.

"We look forward to leveraging our expertise and local insights to deliver
impactful, high-quality renewable energy solutions. This collaboration
highlights our commitment to advancing clean energy solutions in South Africa.
Partnering with AGV and Magnora enables us to seize strategic opportunities and
further our mission to provide sustainable energy. We look forward to continued
success and growth in the region," says Matteo Brambilla, CEO of Red Rocket.

CONTACTS

 * Erik Sneve, CEO, email: es at magnoraasa.com 

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 Helios Nordic Energy AB, Kustvind AB, Magnora
Offshore Wind AS, Magnora Solar PV UK, Hafslund Magnora Sol AS, Magnora South
Africa, and AGV. 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/17847805/18152809/4679/Download%20announce
ment%20as%20PDF.pdf