Magnora and Globeleq join forces on battery and PV project
London, 12 July, 2023, (Oilandgaspress)– Magnora ASA and Globeleq Ltd. have signed and executed an agreement that paves the way for developing large-scale battery storage and renewable energy projects in South Africa. Globeleq is acquiring a permitted site from Magnora and will develop the project further. The agreement provides for an upfront payment, with additional payments on condition Globeleq reaches certain commercial and technical milestones.
The site has favorable conditions for renewable energy and the area is targeted for grid development. Magnora has several remaining projects in this cluster. The projects are in mid-to-late-stage development with significant potential for battery storage, solar PV and wind. Globeleq and Magnora have agreed to consider ways to jointly commercialize these adjacent assets and to partner more widely in South Africa.
Magnora entered the South African renewable energy market in 2021 through the acquisition of an 850 MW project portfolio. One year later, Magnora acquired African Green Ventures (AGV), a renewable project development company. The portfolio of projects under active development in South Africa currently consists of some 2000 MW. AGV sources assets and develops projects from greenfield to ready-to-bid or -build.
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