17.1.2022 11:04:02 CET | Magnora ASA | Additional regulated information required
to be disclosed under the laws of a member state

January 17, 2022: Magnora ASA (Magnora) is pleased to announce that its
subsidiary, Magnora Offshore Wind AS, has been offered the opportunity to enter
into an Option Agreement for area N3 by the Crown Estate Scotland in the
ScotWind leasing round. The planned development will have a total capacity of
approximately 500 MW which is estimated to produce 2.4 TWh per year.

In January 2021, Magnora Offshore Wind was established as a partnership between
Magnora and TechnipFMC, combining Magnora's extensive renewable and offshore
project development expertise with TechnipFMC's extensive experience from
executing large integrated offshore projects and delivering industry leading
technologies.


"On behalf of all our commitment partners, we are proud to be given the
opportunity to develop the ScotWind N3 area. I look forward to visiting Lewis
again as soon as possible, to continue our close collaboration with Comhairle
nan Eilean Siar (Western Isles Council) and to continue our cooperation with the
local community on the island," says Kristin Gjertsen, Managing Director of
Magnora Offshore Wind. "This is the first major milestone towards our global
ambition as an offshore wind developer."

Magnora Offshore Wind's ambition is to achieve Consent in 2026, Final Investment
Decision (FID) in 2028, and start production in 2030. For Magnora, the success
in the ScotWind leasing round represents a major milestone in its long-term
strategy of developing solar and wind projects jointly with strong partners and
with a focus on early-stage evaluations.

"Magnora Offshore Wind is a young company with high ambitions and capabilities
to match the ambitions. Our teams extensive experience from renewable and
offshore energy production, creates a strong foundation for succeeding in
growing an offshore wind business with significant long-term value creation for
society, employees and shareholders" says Torstein Sanness, Working Chairman of
Magnora, and Chairman of Magnora Offshore Wind. 

Area N3 is situated in the north-western part of Scotland, 40 kilometres
offshore Western Isles. The planned wind farm will cover an area of
approximately 100 square kilometres in water depths of 106 to 125 meters, and
the concept base for the application is 33 semi-submersible floating wind
turbines of 15 MW capacity. Please visit Magnora Offshore Wind's webpage (
www.magnoraoffshorewind.com - http://www.magnoraoffshorewind.com) for more
information on ScotWind, and other ongoing projects.

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, Vindr Group AS, and a South African SPV. 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/17847805/1131/1503/Download%20announcement
%20as%20PDF.pdf

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