1.7.2022 06:24:02 CEST | Magnora ASA | Additional regulated information required
to be disclosed under the laws of a member state

1 July 2022: Magnora's portfolio company Helios has entered into its largest
transaction to date and will divest four solar PV projects to a leading
independent European solar energy power producer (IPP).

At a total combined capacity of approximately 220 MWp, this transaction is by
far Helio's largest divestment to date. It comes on top of three other solar PV
divestments over the past seven months, including sales to Solgrid (32 MWp),
Commerz Real (69 MWp) and OX2 (45 MWp).

The economical value of the contract is significant for Helios and is well in
line with its guided revenue model and asset light business model. The
transaction is subject to final permits but includes a significant payment at
signing.

"Magnora is extremely pleased with this landmark agreement, which in terms of
the numbers involved is significantly bigger than the previous transactions. It
also underlines the commercial potential of Helios' development portfolio. In
the past seven months, Helios has concluded four transactions that involve 10
large scale PV solar plants at a combined capacity of 370 MWp. All have been
divested to reputable energy companies. With the soaring price outlook for green
electricity, it is expected that the market will drive even more transactions in
the time to come," says Erik Sneve, CEO of Magnora. 

The four projects that are being sold to the leading European IPP are based in
the south of Sweden, of which three are located in SE3 and one in SE4. They have
a total combined capacity of approximately 220 MWp.

Following their scheduled completion in 2023, 2024 and 2025, the four solar
parks will lead to avoidance of approximately 132,000 tonnes of carbon dioxide
emissions every year. The parks' generated electricity will meet the annual
electricity need of about 44,000 Swedish households.

In addition to delivering the projects fully permitted and with grid
connections, Helios will also provide project management services during
construction, plus technical and commercial management services during the
operation of the plants.

"The transactions are line with Magnora's asset light business model. Solar PV
will be a key component in the European energy supply mix in the years to come
as the levelized cost of energy for solar PV has become very competitive in
recent years after significant drop in capex over the last decade," says
Torstein Sanness, Executive Chairman of Magnora. 

Helios Nordic Energy AB is one of the leading PV developers in Sweden, and the
Nordics, with a project pipeline exceeding 1,7 GW. Helios has in the past seven
months concluded four transactions with reputable investors. In total, 10 large
scale PV solar plants (including the latest transaction with the leading
European IPP) will be delivered within the next years with a combined expected
capacity of approx. 370 MWp. Helios has already commenced construction works of
the first solar park being delivered to Commerz Real located in the municipality
of Västerås.

DISCLOSURE REGULATION

This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.

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, Magnora South Africa, and AGV. The company is listed
on the main list on Oslo Stock Exchange under the ticker MGN. 

ATTACHMENTS

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