Norway's Magnora hikes stake in Swedish solar farm developer Helios

Solar panels. Author: John S. Quarterman. License: Creative Commons, Attribution 2.0 Generic.

September 9 (Renewables Now) - Norwegian renewable energy investor Magnora ASA (OSE:MGN) said on Thursday that it has boosted its ownership in Swedish large-scale solar farm developer Helios Nordic Energy AB to 40% from 25%, as the target company aims to double its capacity to 2 GW by the end of 2022.

The financial terms of the deal remained under wraps. The transaction was carried out after Magnora exercised an option agreed at the time of its initial investment into Helios in February.

Stockholm-headquartered Helios has reached a targeted capacity of 1 GW of solar development projects six months ahead of schedule.

"In Denmark solar PV has experienced a rapid development of installed base and production, and we see a similar development in Sweden. With current electricity prices in the Nordics and southern Sweden in particular, solar PV is very profitable," Magnora chairman Torstein Sanness said.

Oslo-based Magnora, which entered the Nordic solar photovoltaic (PV) market with its investment in Helios, has also bet on Swedish wind farm developer Vindr Group. In June, the Norwegian firm lifted its stake to 24% in another asset, the 500-MW Kustvind shallow water offshore wind project in the Oresund strait between southern Sweden and Denmark.

Over the summer, Magnora boosted its interest in Swedish solar cell technology company Evolar to 40.9% from 28.44%. Under the terms of its original investment made in late 2020, the Norwegian firm will gradually raise its ownership in Evolar to 63.5%.

Shares in Magnora dipped 0.8% to NOK 16.76 as at 1321 CEST, resulting in a market capitalisation of NOK 956.5 million (USD 110.2m/EUR 93.2m).

(NOK 10 = USD 1.152/EUR 0.974)

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