25.4.2025 07:00:01 CEST | Magnora ASA | Additional regulated information
required to be disclosed under the laws of a member state
25 April 2025: Magnora, the Norwegian renewable-energy development company,
releases its financial report for the first quarter of 2025, including an
expanded section on market observations and outlook.
Highlights of the quarter
* The project portfolio grew by a solid 19% from 6.3 GW to 7.5 GW during the
quarter, and by 66% since Q1 2024 - on track for 10 GW by the end of 2025
allowing a steady flow of new projects for sale in the years to come.
* Commercial discussions with customers and partners in all Magnora's regions
and all product segments - a reflection on the robust fundamentals of the
global renewable-energy market which grew by a record 15.1% in 2024 -
estimated to triple in order to reach established targets.
* Magnora's subsidiary in Germany is reviewing 50 potential projects with high
grid potential in Europe's most attractive BESS market. In April, the team
secured exclusive rights for a 150 MW BESS site on municipality-owned land.
* In Italy, Magnora has secured 250 MW of mid-stage BESS projects positioned
for long-term capacity auctions (MACSE) and is reviewing multiple other
sites.
* Magnora South Africa's (SA) project portfolio grew by roughly 1 GW and
surpassed 5 GW with particularly strong growth (67%) in onshore wind. The
landbank holds 1.2 GW of onshore wind which is in high demand and typically
pays 3-4 times more than solar and BESS in SA.
* Structured sales processes commenced for our largest potential project to
date in South Africa: a fully permitted 500 MW cluster with equal parts wind
and solar with potential for also BESS due to high interest.
* Magnora Offshore Wind is reviewing details in the grid agreement for our
ScotWind project where grid connection has been confirmed for late 2030.
Environmental surveys have not raised any red flags.
* On mainland UK, Magnora is in advanced dialogue on grid terms for 140 MW of
fully permitted solar PV and BESS.
* Hafslund Magnora Sol submitted five pre-application notifications totalling
some 220 MW to The Norwegian Water Resources and Energy Directorate.
* As of 31 March 2025, Magnora held NOK 229.6 million in cash and cash
equivalents. In addition, Magnora holds a renewed NOK 150 million credit
facility with a Tier 1 Nordic bank at NIBOR plus 185 basis points.
* During the quarter, NOK 12.0 million was paid to shareholders by returning
paid-in capital, and NOK 3.2 million through share buybacks.
* On 14 April, Magnora received USD 4.3 million (NOK 48.4 million) in milestone
payments from Shell which will be used to settle an equal liability to
Hermana.
* On 24 April 2025, the Board resolved to distribute NOK 0.187 per share by
returning paid-in capital and to prolong the share buyback programme. The
Annual General Meeting on 29 April 2025 is invited to authorise the Board to
perform share buybacks that depending on the market could amount to some NOK
100 million over the next four quarters.
Outlook and market observations
* Magnora anticipates the sale or farm-down of 600-725 MW of projects in 2025
across multiple countries and technologies (wind, solar and battery) combined
with strong interest to partner and co-invest in our local businesses and our
platform. Projects are sold at ready to build (RtB) or pre RtB depending on
various commercial factors.
* We expect deals to close at our guided range of NOK 0.5-1.5 million per MW on
average across regions.
* Current earnouts, revenue sharing and milestone payments from divested
companies and projects look set to provide Magnora with substantial income
towards 2029.
* Global renewable power capacity increased by 585 GW in 2024, a record of
15.1% annual growth continuing a trend where the pace of growth increases
year on year
* In Europe and South Africa, regulatory support remains firm: more projects
get firm grid access dates, power purchasing agreements (PPAs) are more
common, as are contracts for difference (CfDs) to reduce risk
* Energy security is emphasised throughout Europe as exemplified by the German
government's EUR 100 billion to its energy and climate fund ("KTF"), the
onset of battery capacity auctions in Italy and the establishment of GB
Energy.
* Renewables developers are increasingly partnering with industrial consumers
of power to combine production and offtake. Data centres are a case in point.
* Falling battery prices and increased exposure to "dunkelflaute" (periods of
little wind and no sunshine) are driving demand for BESS.
* Geo-polticial risks have resulted in less pressure on the global supply chain
for the renewable-energy infrastructure.
The first quarter report and presentation are attached to this announcement. The
report can also be found on: https://magnoraasa.com/investors
The company will host a webcast presentation at 10:00 CET this morning, cf.
https://channel.royalcast.com/landingpage/hegnarmedia/20250424_2/
DISCLOSURE REGULATION
This information is subject to the disclosure requirements pursuant to section
5-12 of the Norwegian Securities Trading Act.
CONTACTS
* Erik Sneve, CEO, email: es at magnoraasa.com
ABOUT MAGNORA ASA
Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar and
battery storage projects. Magnora has operations in Europe and Africa through
the portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,
Magnora Germany, Magnora Italy Srl, Magnora Solar PV UK, Magnora South Africa,
and AGV. Magnora also has earn-out revenues related to the former portfolio
companies Helios Nordic Energy and Evolar, and a financial ownership in Hermana
Holding. Magnora is listed on the main list of the Oslo Stock Exchange under the
ticker MGN.
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18501827/5981/Download%20announce
ment%20as%20PDF.pdf
250409 Magnora ASA _Q1 2025.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18501827/5977/250409%20Magnora%20
ASA%20_Q1%202025.pdf
Magnora ASA Q1 2025 Report.pdf -
https://kommunikasjon.ntb.no/ir-files/17847805/18501827/5980/Magnora%20ASA%20Q1%
202025%20Report.pdf