MAGNORA ASA
Sector unknown·MGN · Oslo Børs·Fiscal year to 31/12/2024
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Solar power
Technology
DriverPositive impact: strengthens
“According to the International Energy Agency (IEA), power sector investment in solar photovoltaic technology was expected above USD 500 billion in 2024, surpassing all other generation sources combined.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Buying and installing solar panels is currently the largest single category of investment in electricity generation.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora is well positioned in this market for the long term. Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora is pragmatic regarding technology in its projects. Magnora has chosen to specialise in the development phase, which is competence intensive and where the right teams make a difference and a decent profit if industrial size and diversified portfolio.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets and investments are evaluated continuously.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets, technologies and opportunities are regularly being evaluated.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The strategy of building a robust portfolio across several segments and geographical areas has proven effective.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora started building its portfolio of renewable companies and projects in 2020 with (a) Kustvind, a shallow water offshore wind project company, and (b) Evolar AB, a solar-power technology company. In 2021 Magnora (a) established Magnora Offshore Wind, together with TechnipFMC, and was awarded a licence in ScotWind following a licence application tender process, (b) acquired a stake in the solar-energy developer Helios Nordic Energy, (c) entered the South African market through acquiring a South African developer within wind and solar project portfolio, and (d) increased its ownership in Evolar to 50 percent.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora sells before the physical construction of powerproducing assets, which are capital intensive and with often lower return on capital than in the development space.”
Annual report 2024A · The company itself
Market
“Contents This is Magnora 3 The portfolio 12 Strategy 17 Corporate governance 19 Senior management and Board of Directors 25 The Board of Directors’ report 27 Sustainability 35 Alternative performance measures 41 Financials - consolidated 43 Financials - parent company 78 Remuneration report 99 Responsibility statement Purpose Magnora accelerates the shift to greener and more available energy through developing highquality, profitable projects within wind, solar and battery energy storage.”
Annual report 2024A · The company itself
Market
“Magnora focuses on medium and large solar, battery and wind projects.”
Annual report 2024A · The company itself
Market
“Solar PV Storage hafslundmagnorasol.no The portfolio The portfolio Scotland: Offshore wind Offshore wind development in collaboration with TechnipFMC • Developing 495 MW floating offshore wind capacity in Scotland, project Talisk (ScotWind, N3 area) • Project Talisk is one of the earlier ScotWind projects to connect to grid (in 2030) • 80 percent ownership England: Battery energy storage and solar Storage and solar PV development in the UK Partnership for development of solar PV and battery storage projects with a local developer in the UK, Active portfolio of 545 MW at different stages of development 50 percent ownership Offshore Floating Wind Solar PV Storage magnoraoffshorewind.com Magnora established Magnora Offshore Wind AS (“MOW”) in partnership with TechnipFMC (which owns 20 percent), and the company submitted its application for license to develop a floating offshore wind farm in the ScotWind leasing round, in 2021.”
Annual report 2024A · The company itself
Market
“The proceeds received this year represent a value multiple of 15.7 on Magnora’s investment in Helios in 2021 before potential additional (earn-out) payments.”
Annual report 2024A · The company itself
Market
“In 2023 Magnora (a) sold all its holdings in Evolar to First Solar for approximately USD 29 million (with additional earnouts of USD 18.7 million depending on milestone achievements), (b) sold its two first projects in South Africa, and (c) significantly increased its focus on battery energy storage systems.”
Annual report 2024A · The company itself
Market
“The Group’s local development company, AGV, sold its first two projects in 2023, both to Globeleq which is a leading independent power producer (IPP) owned by British International Investment and Norfund. Globeleq was successful in April 2024 in South Africa’s Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP) with the award of the 153 MW / 612 MWh Red Sands project, one of the projects sold in 2023, meaning the project is progressing towards financial close and the last milestone payment to Magnora, expected by H2 2025.”
Annual report 2024A · The company itself
Batteries and energy storage
Technology
DriverPositive impact: strengthens
“Magnora expects the auction program to provide attractive fundamentals with long term, stable, revenue contracts, and award 50 GWh (10-15 GW) of battery energy storage projects over the coming years.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Installed BESS during 2024 was about 1.5 GW, bringing total installed BESS capacity in UK to 5 GW, with an estimated 24 GW targeted by 2030 (Rystad Energy).”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“However, we see some examples of decision making in e.g. Italy (BESS), UK (sea grid) and South Africa (significant grid investments).”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“As the need for renewable energy and flexibility in the energy systems steadily grows, a period of generally lower investments in the industry may be followed by even stronger demand in the following years.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora is well positioned in this market for the long term. Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora is pragmatic regarding technology in its projects. Magnora has chosen to specialise in the development phase, which is competence intensive and where the right teams make a difference and a decent profit if industrial size and diversified portfolio.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets and investments are evaluated continuously.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets, technologies and opportunities are regularly being evaluated.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The strategy of building a robust portfolio across several segments and geographical areas has proven effective.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora sells before the physical construction of powerproducing assets, which are capital intensive and with often lower return on capital than in the development space.”
Annual report 2024A · The company itself
Market
“Contents This is Magnora 3 The portfolio 12 Strategy 17 Corporate governance 19 Senior management and Board of Directors 25 The Board of Directors’ report 27 Sustainability 35 Alternative performance measures 41 Financials - consolidated 43 Financials - parent company 78 Remuneration report 99 Responsibility statement Purpose Magnora accelerates the shift to greener and more available energy through developing highquality, profitable projects within wind, solar and battery energy storage.”
Annual report 2024A · The company itself
Market
“Magnora focuses on medium and large solar, battery and wind projects.”
Annual report 2024A · The company itself
Market
“Solar PV Storage hafslundmagnorasol.no The portfolio The portfolio Scotland: Offshore wind Offshore wind development in collaboration with TechnipFMC • Developing 495 MW floating offshore wind capacity in Scotland, project Talisk (ScotWind, N3 area) • Project Talisk is one of the earlier ScotWind projects to connect to grid (in 2030) • 80 percent ownership England: Battery energy storage and solar Storage and solar PV development in the UK Partnership for development of solar PV and battery storage projects with a local developer in the UK, Active portfolio of 545 MW at different stages of development 50 percent ownership Offshore Floating Wind Solar PV Storage magnoraoffshorewind.com Magnora established Magnora Offshore Wind AS (“MOW”) in partnership with TechnipFMC (which owns 20 percent), and the company submitted its application for license to develop a floating offshore wind farm in the ScotWind leasing round, in 2021.”
Annual report 2024A · The company itself
Market
“The Group’s local development company, AGV, sold its first two projects in 2023, both to Globeleq which is a leading independent power producer (IPP) owned by British International Investment and Norfund. Globeleq was successful in April 2024 in South Africa’s Energy Storage Capacity Independent Power Producer Procurement Programme (ESIPPPP) with the award of the 153 MW / 612 MWh Red Sands project, one of the projects sold in 2023, meaning the project is progressing towards financial close and the last milestone payment to Magnora, expected by H2 2025.”
Annual report 2024A · The company itself
Wind power
Technology
StrategyPositive impact: strengthens
“Magnora is well positioned in this market for the long term. Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora is pragmatic regarding technology in its projects. Magnora has chosen to specialise in the development phase, which is competence intensive and where the right teams make a difference and a decent profit if industrial size and diversified portfolio.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets and investments are evaluated continuously.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“New markets, technologies and opportunities are regularly being evaluated.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“The strategy of building a robust portfolio across several segments and geographical areas has proven effective.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora started building its portfolio of renewable companies and projects in 2020 with (a) Kustvind, a shallow water offshore wind project company, and (b) Evolar AB, a solar-power technology company. In 2021 Magnora (a) established Magnora Offshore Wind, together with TechnipFMC, and was awarded a licence in ScotWind following a licence application tender process, (b) acquired a stake in the solar-energy developer Helios Nordic Energy, (c) entered the South African market through acquiring a South African developer within wind and solar project portfolio, and (d) increased its ownership in Evolar to 50 percent.”
Annual report 2024A · The company itself
StrategyPositive impact: strengthens
“Magnora sells before the physical construction of powerproducing assets, which are capital intensive and with often lower return on capital than in the development space.”
Annual report 2024A · The company itself
Market
“Contents This is Magnora 3 The portfolio 12 Strategy 17 Corporate governance 19 Senior management and Board of Directors 25 The Board of Directors’ report 27 Sustainability 35 Alternative performance measures 41 Financials - consolidated 43 Financials - parent company 78 Remuneration report 99 Responsibility statement Purpose Magnora accelerates the shift to greener and more available energy through developing highquality, profitable projects within wind, solar and battery energy storage.”
Annual report 2024A · The company itself
Market
“Magnora focuses on medium and large solar, battery and wind projects.”
Annual report 2024A · The company itself
Market
“Solar PV Storage hafslundmagnorasol.no The portfolio The portfolio Scotland: Offshore wind Offshore wind development in collaboration with TechnipFMC • Developing 495 MW floating offshore wind capacity in Scotland, project Talisk (ScotWind, N3 area) • Project Talisk is one of the earlier ScotWind projects to connect to grid (in 2030) • 80 percent ownership England: Battery energy storage and solar Storage and solar PV development in the UK Partnership for development of solar PV and battery storage projects with a local developer in the UK, Active portfolio of 545 MW at different stages of development 50 percent ownership Offshore Floating Wind Solar PV Storage magnoraoffshorewind.com Magnora established Magnora Offshore Wind AS (“MOW”) in partnership with TechnipFMC (which owns 20 percent), and the company submitted its application for license to develop a floating offshore wind farm in the ScotWind leasing round, in 2021.”
Annual report 2024A · The company itself
Market
“In April 2022, MOW signed an Option Lease Agreement with the Crown Estate Scotland for area N3. The planned development will have a total capacity of 495 MW which is estimated to produce 2.4 TWh per year. The Project is named Talisk, and the project team is decentralised with part of the team in Oslo, Norway, and part of the team at various locations in Scotland and the UK.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens, Energy security strengthens
Chains out: this strengthens Steel, strengthens Rare earths and critical raw materials, strengthens Renewables auctions and subsidies, strengthens Power grid expansion
Utilities
End markets
Market
“I expect increasing demand for ready-to-build projects from industrial companies, utilities and infrastructure investment funds.”
Annual report 2024A · The company itself
Market
“The technical capacity of the portfolio was by year end 1.7 GW split between more than 40 projects. established Hafslund Magnora Sol AS with Hafslund and Helios to develop large-scale solar PV farms in Norway. Magnora and Hafslund own 40 percent each, and Vinci Concessions holds the remaining 20 percent through Helios Nordic Energy AB. Hafslund is Norway’s second largest power producer and wholly or partially owns more than 80 hydropower plants, producing approximately 18 TWh.”
Annual report 2024A · The company itself
Equity and capital markets
Macro
Market
“I expect increasing demand for ready-to-build projects from industrial companies, utilities and infrastructure investment funds.”
Annual report 2024A · The company itself
Industrial manufacturing
End markets
Market
“I expect increasing demand for ready-to-build projects from industrial companies, utilities and infrastructure investment funds.”
Annual report 2024A · The company itself
M&A and consolidation
Macro
StrategyPositive impact: strengthens
“Magnora, demonstrating profitability in also such a market, views this situation as an opportunity to continue investing in organic growth and acquisitions, still with a focus on early-stage projects.”
Annual report 2024A · The company itself
Real estate
End markets
StrategyPositive impact: strengthens
“Our service is fundamental: We provide a landbank, grid applications and the management of environmental studies and government approvals in order for our customers to get a head start.”
Annual report 2024A · The company itself
Chains in: Interest rates weakens
Artificial intelligence
Technology
DriverPositive impact: strengthens
“Macro drivers are CO2 neutrality, business and consumer demand for cleaner technologies, and growth of capital-intensive industries like AI.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“It will take at least two decades to approach a carbon-neutral economy, and this will together with the growth of artificial intelligence drive demand for solar cells, wind turbines and battery storage projects to new heights.”
Annual report 2024A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Carbon tax and ETS prices
Regulation
DriverPositive impact: strengthens
“Macro drivers are CO2 neutrality, business and consumer demand for cleaner technologies, and growth of capital-intensive industries like AI.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“It will take at least two decades to approach a carbon-neutral economy, and this will together with the growth of artificial intelligence drive demand for solar cells, wind turbines and battery storage projects to new heights.”
Annual report 2024A · The company itself
Chains out: this weakens Shipping and logistics, strengthens Energy efficiency, weakens Cement and building materials
Consumer spending
Macro
DriverNegative impact: weakens
“Another industry challenge, for the climate and for the consumers, is that many large corporations and some smaller companies were scaling down their renewableenergy investments in 2024.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“For Magnora, these developments mean more opportunities, and maybe an even higher expected demand for our projects in a medium-term perspective when large corporations need to catch up on their renewable-energy ambitions.”
Annual report 2024A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Electrification
Technology
DriverPositive impact: strengthens
“There will be a need for a project development company like ours for multiple decades if the world is to be provided with green electricity.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“The UK market continues to present significant development opportunities with political consensus to attain Net Zero by 2050 and reduce UK’s reliance on imported energy.”
Annual report 2024A · The company itself
Chains out: this strengthens Electricity, strengthens Power grid expansion, strengthens Copper
EU climate and energy policy
Regulation
DriverPositive impact: strengthens
“This leads to large deployment ambitions for intermittent renewable energy sources – ambitions proven by the 16 GW of solar PV and portfolio growth.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Strategy Attractive industry segments, technologies and geographies typically have features like: Growth market; demand for more climatefriendly, affordable, secure and/or stable energy Technology with low cost per energy unit Predictable regulations and effective concession processes New regulations and deregulation, and availability of customers and suppliers Sustainability; more positive impact opportunities than negative impact risks Match with Magnora’s operational capabilities Upcoming auctions Strategy Developing projects to Ready-to-Build phase (“asset-light”) with limited balance sheet risk Magnora’s current portfolio reflects the corporate strategy.”
Annual report 2024A · The company itself
Chains out: this strengthens Circular economy and recycling, strengthens Energy efficiency
Power grid expansion
Technology
DriverNegative impact: weakens
“On the other hand, if I should mention a difficulty Magnora observed during the year, I would point at the long timespan for commissions and grid connections in general, which is a shared challenge among the participants in this market.”
Annual report 2024A · The company itself
DriverPositive impact: strengthens
“Hafslund also owns half of Norway’s largest grid company, Elvia, and invests in heating, cooling, carbon capture and offshore wind.”
Annual report 2024A · The company itself
Chains in: Electricity strengthens, Electrification strengthens, Energy security strengthens, Wind power strengthens, Reconstruction of Ukraine strengthens
Electricity
Raw materials and inputs
DriverPositive impact: strengthens
“The project is close to relevant infrastructure and in a region with attractive electricity prices. Environmental impact assessments for the wind farm and for the grid connection route are finalised without any red flags.”
Annual report 2024A · The company itself
Chains in: Data centres strengthens, Electrification strengthens
Chains out: this strengthens Power grid expansion
ESG and sustainability reporting
Regulation
DriverPositive impact: strengthens
“Revision of Magnora’s sustainability framework Magnora revised its framework for sustainability in dialogue with stakeholders.”
Annual report 2024A · The company itself
Natural gas
Raw materials and inputs
DriverNegative impact: weakens
“Nuclear was phased out in 2023 and coal is planned phased out by 2030.”
Annual report 2024A · The company itself
Oil
Raw materials and inputs
DriverNegative impact: weakens
“Fossil fuels still comprise approximately 80 percent of the global energy mix.”
Annual report 2024A · The company itself
Chains out: this strengthens Plastics and polymers
Europe
Geography
Geography
“South Africa Since 2021 Wind, solar, batteries 100% ownership England Since 2022 Solar, batteries 50% ownership Sweden (Kustvind) Since 2020 Offshore wind (bottom-fixed) 48% ownership Sweden & Finland earn-out payment from Helios and Evolar Solar, batteries Scotland Since 2021 Offshore wind (float) 80% ownership Norway Since 2022 Solar, batteries 40% ownership Main office Italy Since 2024 Batteries, solar 100% ownership Germany Since 2024 Batteries, solar 100% ownership Geographically diversified and expanding Activities and deliveries Magnora develops projects mainly within four renewable technology segments: • Onshore solar photovoltaic (PV) energy • Onshore wind energy • Battery energy storage systems (BESS) • Offshore wind energy The projects are normally in early phases, until the construction phase, but Magnora can also deliver subsequent project management and support.”
Annual report 2024A · The company itself
Geography
“The project team is decentralised, with project management and support functions located in Trelleborg, Sweden.”
Annual report 2024A · The company itself
China
Geography
Geography
“South Africa Since 2021 Wind, solar, batteries 100% ownership England Since 2022 Solar, batteries 50% ownership Sweden (Kustvind) Since 2020 Offshore wind (bottom-fixed) 48% ownership Sweden & Finland earn-out payment from Helios and Evolar Solar, batteries Scotland Since 2021 Offshore wind (float) 80% ownership Norway Since 2022 Solar, batteries 40% ownership Main office Italy Since 2024 Batteries, solar 100% ownership Germany Since 2024 Batteries, solar 100% ownership Geographically diversified and expanding Activities and deliveries Magnora develops projects mainly within four renewable technology segments: • Onshore solar photovoltaic (PV) energy • Onshore wind energy • Battery energy storage systems (BESS) • Offshore wind energy The projects are normally in early phases, until the construction phase, but Magnora can also deliver subsequent project management and support.”
Annual report 2024A · The company itself
Denmark
Geography
Geography
“South Africa Since 2021 Wind, solar, batteries 100% ownership England Since 2022 Solar, batteries 50% ownership Sweden (Kustvind) Since 2020 Offshore wind (bottom-fixed) 48% ownership Sweden & Finland earn-out payment from Helios and Evolar Solar, batteries Scotland Since 2021 Offshore wind (float) 80% ownership Norway Since 2022 Solar, batteries 40% ownership Main office Italy Since 2024 Batteries, solar 100% ownership Germany Since 2024 Batteries, solar 100% ownership Geographically diversified and expanding Activities and deliveries Magnora develops projects mainly within four renewable technology segments: • Onshore solar photovoltaic (PV) energy • Onshore wind energy • Battery energy storage systems (BESS) • Offshore wind energy The projects are normally in early phases, until the construction phase, but Magnora can also deliver subsequent project management and support.”
Annual report 2024A · The company itself
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“In November 2024 Sweden rejected applications to build 13 offshore wind farms, from the Åland Island to Öresund, citing security concerns.”
Annual report 2024A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0 bn NOK |
| Revenue growth vs. the year before, same method | -81 % |
| EBITDA reported by the company | 0.28 bn NOK |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 8.9 NOK |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.
Figures are in the report's currency (NOK), not converted to DKK. Quotes are shown as the company's own words in the report's original language.