Highlights from the quarter:
- Magnora’s portfolio of renewable projects reached 9.1 GW, all through organic growth.
-
Helios’s Swedish project pipeline grew to 10 GW. To date, Helios has divested approximately 1 GW of solar PV projects.
Magnora ASA owns 40 percent of Helios. -
Fast growth in
Finland withHelios Nordic Energy Finland Oy building a portfolio of above 1.8 GW in Q1. - Helios delivered the first large-scale pv project on Gotland to Nordic Solar AS: a 40 MW ready-to-build project with all necessary permits and a grid connection agreement.
- Magnora South Africa continues to grow its pipeline, passing 3 GW during Q1. A total of 278 MW was sold during 2023, with related milestone payments expected in 2024.
-
On
7 March 2024 ,Magnora made a capital distribution ofNOK 0.187 per share. Technically,Magnora repays paid-in capital in excess of the share’s par value, which can offer a tax advantage for some shareholders in certain jurisdictions. -
Hafslund Magnora Sol AS (
Norway ) signed a series of new land-lease agreements and progressed grid applications, environmental impact assessments and consenting work. The technical capacity of the portfolio is now above 900 MW split between more than 20 projects. -
Net cash generated from operating activities was negative
NOK 22.6 million due to high activity in the quarter. -
At the end of Q1, cash and cash equivalents decreased
NOK 39.6 million toNOK 308.0 million mostly due to the Group returning capital to shareholders, funding to Magnora Offshore Wind, Kustvind and MagnoraUK PV.
On 15 April, the board resolved to substitute the periodic dividend with an extraordinary dividend: subject to AGM approval,
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
https://channel.royalcast.com/landingpage/hegnarmedia/20240412_3/
Please contact the CEO for questions.
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.comTorstein Sanness , Executive chairman, email: sanness at sf-nett.no
About Magnora ASA
Attachments
- Download announcement as PDF.pdf
Magnora ASA - Q1 24 FINAL.pdfMagnora ASA Q1 2024 Report_final.pdf
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