Magnora set to double S African pipeline to 1.7 GW through acquisition

February 15 (Renewables Now) – Magnora ASA (OSL:MGN) stated on Tuesday that it’s buying 92% of South African photo voltaic and onshore wind undertaking developer African Inexperienced Ventures (AGV), thus rising its personal native renewables pipeline to about 1.7 GW from the present 850 MW.

The steadiness of 8% of AGV might be held by the goal firm’s administration.

AGV owns the rights for over 800 MW wind and photo voltaic photovoltaic (PV) initiatives, having lately signed numerous land lease possibility agreements. Magnora expects to guide operational synergies from the deal because the South African firm has already been in control of a number of the purchaser’s improvement actions within the nation.

“We see nice alternatives in South Africa, each within the brief and long run, and we anticipate elevated energy consumption because of financial improvement and inexperienced electrification,” Magnora CEO Erik Sneve stated.

AGV is focusing on a portfolio of greater than 2 GW of photo voltaic and wind in South Africa, as the federal government’s Built-in Useful resource Plan, launched in 2019, foresees the set up of 14.4 GW of onshore wind and 6 GW of photo voltaic PV by 2030. These goal capacities might be elevated to compensate for the deliberate decommissioning of 10 GW of home coal-fuelled capability by 2030 and 35 GW by 2050.

In the meantime, the Oslo-listed renewable vitality funding firm can be divesting its shares in Nordic small and mid-sized wind park developer Vindr AS to its founders and can put an finish to their joint improvement of Vindr Group.

Magnora purchased 25% of Vindr in early 2020 and subsequently elevated its possession to 50%.

Join Renewables Now’s free daily newsletter now!


Leave a Reply