On 20 October 2023, Magnora announced that Globeleq had bought a 90 MW solar PV project at a location with considerable demand from commercial and industrial (C&I) customers. The project has now been increased to 125 MW triggering a second payment.

The project site is located in an area with several potential industrial customers that have expressed an interest in private power purchase agreements (PPAs), and the Magnora SA team is supporting Globeleq in completing the development and commercialization of the project.

“The expansion of this project is a great example of how we create value together with our partners and clients, even after projects have been sold. Our business model is built on a cooperative approach, independent of whether the projects are sold early or late in the development process, and this has proven successful in multiple markets” says Erik Sneve, CEO of Magnora ASA.

Magnora entered the South African renewable energy market in 2021 through the acquisition of an 850 MW project portfolio. One year later, Magnora acquired African Green Ventures (AGV), a renewable project development company. The portfolio of projects under active development in South Africa currently consists of some 2100 MW, in addition to the 278 MW of sold projects. AGV sources assets and develops projects from greenfield to ready-to-bid or -build.

KeyFacts Energy Industry Directory: Magnora