19.12.2022 06:15:00 CET | Magnora ASA | Additional regulated information that must be disclosed under the law of a member state
December 19, 2022: Magnora’s portfolio company Helios enters into its largest deal to date with Commerce Real, by selling five large-scale solar projects with a total capacity of 246 MWp. The projects are all in SE3 in Southern Sweden and estimated to be ready to build and delivered to Commerce Real 2023 and start production in 2024.
The electricity produced corresponds to the consumption of approximately 49,200 average households and the projects are located in southern Sweden where it is most needed.
The five parks are in the development phase and will be built and connected to the grid in 2023 and 2024. Four of the parks are in Greater Stockholm area and one outside Gothenburg. Helios is responsible for the further development until ready for construction, construction management and for operational management of the facilities during production.
“We are very pleased to strengthen our partnership with Commerce Real through this transaction. Together, we have proven that large-scale PV is a viable source of electricity in Sweden as well,” says Andreas Tunbjer, CEO of Helios Nordic.
This ends the second deal between Commerce Real and Helios this year, where the first deal of two projects was settled in early May. One of these projects, Kungens Roar Project outside Västerås, is the largest solar park under construction in Sweden so far and will be connected to the grid in the second quarter of 2023.
“Solar is growing rapidly and we prove once again that the international fund capital is ready to invest in the Swedish power market. This is good news for Sweden because it helps to bring down costs for consumers”, says Magnus Rahmchief project manager for Helios Nordic.
The transaction is the fourth for Helios this year. A total of 15 projects (620 MWp) have been sold by Helios since then December 2021. Magnora’s net share is 248 MW. The transaction is subject to final approvals but includes a significant payment at signing.
“Magnora is very pleased with the completion of this transaction, which in terms of the number of people involved is larger than the previous transactions. Just like the previous transactions completed by Helios in recent months with reputable energy companies, this confirms the quality and value of Helios’ development portfolio. With the positive price outlook for green electricity, market conditions will likely continue to be favorable for these types of transactions, says Erik SneveCEO of Magnora.
“The transactions are in line with Magnora’s business model for asset light. Solar PV will be a key component of the European energy supply mix in the coming years, as the levelized cost of energy for solar has become very competitive in recent years following a significant decline in capex over the past decade,” says Torstein Sannessexecutive chairman i Magnora.
Helios Nordic Energy AB is a leading Swedish developer of solar and battery storage projects. The company has secured land for over 70 projects in Sweden, Latvia and Lithuania. Helios’ pipeline is currently over 2.3 GW. Helios has already started construction work on the first solar park to be delivered to Commerce Real located in Västerås municipality.
Regulation on publication
This information is subject to publication in accordance with § 5-12 of the Norwegian Securities Trading Act.
Contacts
- Erik SneveCEO, email: es at magnoraasa.com
- Torstein SannessExecutive chairman, email: sanness at sf-nett.no
About Magnora ASA
Magnora ASA (OSE: MGN) has a legacy royalty business that is reinvested in development projects and renewable energy companies. Magnora’s portfolio of renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind ABMagnora 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.
Appendices
- Download the announcement as PDF.pdf
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