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Magnora inks offshore wind agreement

By: Tom Russell 20/03/2020 Magnora ASA

General Windfarms

Magnora ASA, a Norwegian offshore energy investment company, has signed final transaction agreements for an undisclosed 500 MW shallow water offshore wind project. The agreement was first announced on 13 March 2020.

The co-operation with the founders for the development of the project will now commence, with Magnora obtaining an initial minority ownership stake of up to 5% in exchange for funding a 12-month feasibility study period, ending no later than April 2021. Magnora then has the option to acquire up to 50% of the company through a detailed milestone plan.

The maximum total investment by Magnora in the feasibility period is approximately NOK 1,500,000, with a first tranche of approximately NOK 500,000, to be paid upon commencement.

Magnora’s Head of Business Development, Theis Hanang Pedersen, said: “Magnora gains access to an independent development company with three serial entrepreneurs that marks our second building block in our co-development strategy for a large wind portfolio in the Northern European region.”

The planned project is estimated to produce more than 2 TWh per year delivering power to approximately 250,000 households, in a region with high demand and low supply of green electricity.

Magnora’s Senior Advisor, Haakon Alfstad, said: “The project is close to relevant infrastructure, and wind conditions are excellent. The project is also located in an area with very attractive electricity prices and will make a significant contribution to reducing both climate impact and health hazards related to fossil fuels.“

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Magnora inks offshore wind agreement

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