Oslo-listed renewable energy development company Magnora ASA has entered into an agreement to acquire a 25 percent ownership share in a share issue in Helios Nordic Energy AB (Helios), a Swedish solar PV company focusing on large-scale greenfield projects in the Nordics.

Magnora has the option to acquire a further 15 percent ownership share of Helios. 

Through a highly experienced team of renewable energy project experts, Helios manages all the steps in the development process including site selection, environmental approvals, grid connection approvals, preliminary design, and procurement, plus financing of projects in collaboration with reputable, long-term investors.
 
"With the investment in Helios, Magnora expands its exposure to greenfield renewable project development, through a company that consists of a highly competent team and board,” says Torstein Sanness, executive chairman of Magnora.

Despite being a relatively new company, Helios has already developed a project portfolio that currently consists of 11 projects with a total of approximately 300 MW installed capacity. The company is headquartered in Stockholm. It has a highly experienced management team and board of directors, including former CEO of NASDAQ Stockholm-listed Arise Windpower AB, Peter Nygren, among its board of directors. 

“Helios has high growth ambitions and intends to take a significant share of the solar PV industry in the Nordics. Magnora see utility scale solar PV as an interesting strategic investment opportunity in the Nordics, supported by technology development and further cost reductions expected in the industry”, adds Torstein Sanness. 

Following the transaction, Magnora’s CEO Erik Sneve will join the Helios board of directors. 

“We are excited to bring the Magnora team on board. We see a good strategic fit and complementary skillset across the companies, which we believe will open further opportunities for Helios. We do believe in the future of solar PV in the Nordics and expect that the market is about to take off as we have seen in other European markets. The costs are constantly decreasing and breakthrough on technology such as bifacial solar modules on single-axis trackers increases the energy yield, making utility scale solar PV projects economically viable also in the Nordics,” says Andreas Tunbjer, CEO of Helios.   

The share purchase option may be exercised by Magnora from the completion of the first investment and no later than by 15 September 2021. If the option is exercised, Magnora’s ownership in Helios will be 40 percent of all issued shares.

KeyFacts Energy Industry Directory: Magnora