Norwegian developer tracking offshore licensing rounds

The company is in discussions with potential industrial partners, project developers and renewable companies to explore partnership opportunities that enable growth in and outside its core markets. Working with industrial partners, it is considering new wind development projects with storage opportunities.

“In addition,” said Magnora, “we have identified some interesting project development portfolios available to make the route to monetisation shorter than our first two investments.”

As part of its diversification, Magnora plans to enter at least one new country in 2020 to further grow geographically.

“In the future, we will also consider farm-down in our current assets if an industrial partner can add value to our projects or give us access to their own portfolios,” the company said.

“The combination of these various deals will further help us reduce risk and broaden our portfolio.”

Reporting Q2 results, the company highlighted good progress on the 500 MW Sydkustens Vind project offshore Sweden, including completion of numerous studies that have validated the commercial and technical feasibility of the project.

With new ventures in mind, Magnora has strengthened its management team and appointed Theis Hanang Pedersen as head of business development and strategy and Haakon Alfstad as investment director. Bjørn Sund becomes director of industrial projects and offshore.

The developer has also engaged two consultants enabling it to strengthen its offering offshore and outside Norway and Sweden.

Magnora chief executive Erik Sneve said, “Business development activity in the second quarter reflects the many opportunities we see in the wind sector, culminating in our announcement on 3 July to accelerate the development Sydkustens Vind, our shallow water offshore wind project in Sweden.”

The Norwegian company acquired part of Kustvind, its development partner in Sydkustens Vind in Q1 2020. The project is located approximately 8 km offshore the southern coast of Sweden.