26.2.2025 08:55:33 CET | Magnora ASA | Non-regulatory press releases

On 25 February, Magnora's Italian operations secured land with grid indications
in areas well positioned for this year's BESS auctions. The ability to partner
with energy companies or infrastructure funds ahead of auctions could provide
early cash flow for Magnora Italy.

TERNE, the Italian grid operator, has taken radical steps to stabilize the
Italian grid against a backdrop where gas is losing out and South Italian solar
PV is rapidly becoming a mainstay. With sunshine being in uneven supply, Italy
is a case in point for how battery energy storage systems (BESS) can be a useful
component. The business case for BESS is particularly strong in isolated regions
like Sardinia and Sicily, or the sun-rich parts of Southern Italy where an
abundance of solar PV can create instabilities.

Magnora Italy operates partly through framework agreements with specialists who
rely on local knowledge to identify locations with available grid capacity and a
high potential for successful development. Our co-development partner in the
Southern Province of Puglia, has identified and de-risked a 250MW portfolio with
a very real potential of succeeding in the first MACSE auctions scheduled that
are expected in the second half of 2025. The auctions have attracted substantial
interest, and a lack of suitable locations should secure reasonable developer
margins.

"I am very pleased to find that partnerships and respectful cooperation can
deliver results rapidly in one of Europe's most promising BESS markets. The case
illustrates the opportunities that arise from agile developers in a rapidly
changing renewables market where battery systems are becoming a regular feature
of the system," says CEO Erik Sneve.

CONTACTS

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

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and
battery storage projects. Magnora has operations in Europe and Africa through
the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,
Emernor GmbH, 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, and a financial ownership in Hermana
Holding. 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/17847805/18434491/5681/Download%20announce
ment%20as%20PDF.pdf