Magnora ASA announced that one of its solar PV projects in South Africa has been granted Environmental Authorization, a major milestone for the
project. The approved project will have a total installed capacity of approximately 260 MW of solar PV, with an estimated production of over 600 GWh
per year. A granted Environmental Authorization signifies that the project has the majority and most important permits in place. The solar PV project allows a total installed capacity of approximately 260 MW and also allows for construction of a co-located utility scale battery storeage facility. The
project is located in an area with extremely good solar radiation, with an expected yearly output in the excess of 2300 kWh/kWp. As a reference this is
more than double the output ratio of the best sites in the Nordics. Magnora South Africa is through its development company AGV developing the
projects from greenfield to ready-to-bid/build phase and is constantly working on organically sourcing new projects to the portfolio.