Magnora ASA: Globeleq reaches financial close for the 153MW Red Sands BESS project which triggers a final milestone payment to Magnora

1.7.2025 08:15:00 CEST | Magnora ASA | Non-regulatory press releases

01 July 2025 - Magnora is pleased to announce that Globeleq, together with itslocal partners, has successfully reached financial close for the 153 MW / 612MWh Red Sands battery storage (BESS) project, developed originally by AfricanGreen Ventures (AGV), the South African development arm of Magnora. Globeleqacquired the Red Sands project from Magnora in 2023 and it was awardedpreferredbidder status in 2024 as part of South Africa's Energy Storage CapacityIndependent Power Producer Procurement Programme.

The Red Sands site is located in the Northern Cape region, about 100kmsouth-east of Upington and will span approximately five hectares. With theproject now reaching financial close, this triggers the last and final paymentto Magnora. There is further potential for implementation of battery storageandsolar PV in the project area, which Magnora and Globeleq hope to exploretogether.

"This is a fantastic achievement for Globeleq and not least for the SouthAfrican population, industry and economy," says Erik Sneve, CEO of Magnora."With its massive size, the largest standalone battery storage project toreachfinancial close in Africa to date, the project is at the forefront of batterystorage implementation globally. This will be a landmark project and supporttheimplementation of even more clean renewable energy in the South African grid.For Magnora South Africa, this is also a massive milestone, with its firstproject reaching financial close and proceeding towards construction. We arefurther very satisfied with the co-operation with Globeleq and look forward toexplore further opportunities together "

Jonathan Hoffman, Chief Executive Officer of Globeleq, comments: "Financialclose on Red Sands BESS is a pivotal step in delivering Africa's largeststandalone battery storage project. With strong backing from ABSA and StandardBank, and support from our public and private partners, we're advancing a moreresilient, low-carbon power system. This project builds on our renewableenergyleadership and reflects our commitment to sustainable growth across thecontinent."

About Globeleq

Globeleq, owned by British International Investment, the UK's developmentfinance institution, and Norfund, Norway's development finance institution, isthe leading developer, owner and operator of electricity generation in Africa.Since 2002, its experienced team of professionals have built a diverseportfolioof independent power plants, generating 1,794 MW in 17 locations across sevencountries, with a further 485 MW in construction and more than 2,000 MW ofpowerprojects in development. More details at www.globeleq.com -http://www.globeleq.com.

CONTACTS

* Erik Sneve, CEO, email: es at magnoraasa.com

ABOUT MAGNORA ASA

Magnora ASA (OSE: MGN) is a renewable-energy group developing wind, solar andbattery storage projects. Magnora has operations in Europe and Africa throughthe portfolio companies Hafslund Magnora Sol AS, Magnora Offshore Wind AS,Magnora Germany, Magnora Italy Srl, Magnora Solar PV UK, Magnora South Africa,and AGV. Magnora also has earn-out revenues related to the former portfoliocompanies Helios Nordic Energy and Evolar. Magnora is listed on the main listofthe Oslo Stock Exchange under the ticker MGN.

ATTACHMENTS

Download announcement as PDF.pdf -https://kommunikasjon.ntb.no/ir-files/17847805/18585880/6269/Download%20announcement%20as%20PDF.pdf

https://newsweb.oslobors.no/message/650434