Page 11 - AfrElec Week 33 2022

AfrElec RENEWABLES AfrElec

Magnora secures environmental

approval for 260MW solar project

in South Africa

SOUTH AFRICA NORWEGIAN renewable energy developer, development currently consists of approximately
Magnora ASA (Magnora) has said one of its 1.8 GW in South Africa.
solar photovoltaic (PV) projects in South Africa “We are very pleased with our development
has been granted environmental authorisation, a in South Africa and see great interest from
major milestone for the project. potential buyers in the market for mature pro-
In a release on Wednesday (August 17) Mag- jects. We hope and believe that we have projects
nora said the approved project will have a total ready for divestment already by the end of this
installed capacity of approximately 260MW of year, confirming the great potential for attrac-
solar PV, with an estimated production of over tive value creation we see in the South African
600GWh per year. renewables market,” Magnora chief executive
A granted environmental authorisation sig- Erik Sneve said.
nifies that the project has the majority and most Magnora South Africa is through its devel-
important permits in place. Apart from allowing opment company AGV developing the projects
the total installed capacity of 260MW, the project from greenfield to ready-to-bid/build phase and
also allows for the construction of a co-located is constantly working on organically sourcing
utility-scale battery storage facility. new projects to the portfolio.
“The project is located in an area with Africa’s most modern economy suffers recur-
extremely good solar radiation, with an expected rent electricity shortage due to its reliance on
yearly output in the excess of 2300 kWh/kWp. aged coal-fired facilities and vandalism of infra-
As a reference this is more than double the out- structure. It, however, is encouraging more pri-
put ratio of the best sites in the Nordics,” the firm vate investment into green production.
said. “The AGV team has shown impressive speed
Oslo-traded Magnora sold all its oil and and competence within solar and wind project
natural gas assets in 2018 to become a green development, being confirmed through the
energy developer. It entered into the South Afri- significant milestones achieved over the last
can market in February 2021 via an acquisition months. The expected yearly energy output for
of an 850MW project portfolio, and further the solar PV project shows the attractiveness of
strengthened the investment by acquiring 92% renewable energy in South Africa” said Espen
of the renewable project development company Erdal, vice president, business development in
African Green Ventures (AGV) in February Magnora.™
2022. The portfolio of projects under active

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