Magnora acquisition spree builds 1GW pipeline

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Developer Magnora has built a net 1GW portfolio of renewables projects in South Africa after a number of acquisitions.

The company has taken 100% of an unnamed special purpose company in South Africa, which comes with a 775MW chunk of development projects.

Magnora has also doubled to 50% its stake in the Vindr Group, which is merging with another wind and solar developer in the market.
“We believe these two investments have an excellent value-creating potential for our shareholders, and are delighted to land them both,” said Torstein Sanness, executive chairman of Magnora.

“South African authorities are highly dedicated to the development of renewable energy. Last year it was decided to deregulate the electricity market in South Africa, which has led to several positive developments that eases off-take from renewable energy plants. The political and regulatory framework is stable, and the wind and solar conditions are excellent,” added Sanness.