Sweden's Magnora sets foot in UK solar, battery storage markets

August 9 (Renewables Now) - Norway’s Magnora ASA (OSL:MGN) said on Monday it has entered the UK market with plans to develop 60 MW solar and 40 MWh of battery energy storage projects, together with a local partner.

The Oslo-based renewable energy investment company intends to execute the specific schemes until they reach the read-to-build status and then sell them. It has joined hands in the initiative with an unnamed party, which has been developing energy projects across the UK for 10 years.

In the next 12 months, the companies will work on the environmental and technical details of the proposed projects, apply for planning and grid-connection permissions and will also prepare the future sale.

"We will continue to monitor further opportunities, and subject to a successful development in this first step, we will consider further investments in the UK solar PV and BESS market," said Erik Sneve, CEO of Magnora.

Magnora operates through a portfolio of renewable energy companies in the onshore and offshore wind, solar and energy storage segments in the Nordics, the UK and South Africa. It previously had an oil and gas-related business, which was divested in 2018.