Offshore Wind Market Player Magnora Gets Authorisation To Develop Solar Project In South Africa

Norway-based renewable energy player Magnora ASA has announced that one of its solar power projects in South Africa has been granted environmental authorization, which it claims to be a major milestone for the project.

According to the official statement of Magnora, the approved solar project will have a total installed capacity of approximately 260 MW of solar PV and an estimated production of over 600 GWh per year.

Magnora informed that the granted Environmental Authorization signifies that the project has the majority and most important permits in place. The solar power project allows a total installed capacity of approximately 260 MW and also allows for construction of a co-located utility scale battery storage facility. The project is located in an area with extremely good solar radiation, with an expected yearly output in the excess of 2300 KWh.

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In February 2021, Magnora made its entry into the South African renewables market through the acquisition of an 850 MW project portfolio, and further strengthened the investment by acquiring 92 per cent of the renewable project development company African Green Ventures (AGV) in February 2022.

Magnora held that the portfolio of projects under active development currently consists of approximately 1.8 GW in South Africa.

Erik Sneve, CEO, Magnora, stated, “We are very pleased with our development in South Africa and see great interest from potential buyers in the market for mature projects. We hope and believe that we have projects ready for divestment already by the end of this year, confirming the great potential for attractive value creation we see in the South African renewables market.”

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Magnora South Africa is developing the projects from greenfield to ready-to-bid/build phase through its development company AGV and is constantly working on organically sourcing new projects to the portfolio.

Magnora ASA

Magnora ASA re-invests in renewable energy development projects and companies. Its portfolio of renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB, Magnora Offshore Wind AS, Magnora UK PV AS, Magnora South Africa, and AGV. The company is listed on the main list on Oslo Stock Exchange.