Norwegian Start-Up Magnora ASA Announces The Acquisition Of Cape Town Based Start-Up African Green Ventures
Norwegian Start-Up Magnora ASA Announces The Acquisition Of Cape Town Based Start-Up African Green Ventures. Magnora ASA (Magnora) announced that it is increasing its focus in the South African solar and wind market by acquiring 92% of the renewable project development company African Green Ventures (AGV). The remaining 8% will be owned by AGV management.
AGV is a project developer within large scale solar PV and onshore wind and has a good track record of sourcing renewable projects on behalf of various clients. AGV holds project rights of more than 800 MW wind and solar PV projects after recently signing land lease option agreements in prime locations to be added to Magnora’s existing portfolio of 850 MW. The acquisition will subsequently bring Magnora’s South African portfolio to a total of approx. 1.7 GW. AGV’s goal is to develop a portfolio of more than 2 GW solar and wind projects in South Africa while increasing cost efficiency and de-risking through economies of scale.
“We see great opportunities in South Africa, both in the short- and long term, and we expect increased power consumption due to economic development and green electrification. AGV’s approach to sourcing attractive projects is complementary to our methods and capabilities, and we look forward to having them as a part of the Magnora team” said Erik Sneve, CEO of Magnora kwsha.
Magnora ASA has a legacy royalty business that is re-invested in Renewable energy development projects and companies. Magnora’s portfolio of Renewable companies consists of Evolar AB, Helios Nordic Energy AB, Kustvind AB, Magnora Offshore Wind AS, and Magnora South Africa. The company is listed on the Main list on Oslo Stock Exchange under the ticker MGN.
