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Norwegian renewable energy investor Magnora has entered the UK solar and storage market, with an initial investment into a 60MW solar PV project and a 40MWh Battery Energy Storage System project.
It will develop the projects to a Ready-to-Build stage together with its local development partner, and then divest them.
While Magnora declined to disclose who its development partner is, it noted that it had a 10-year track record of developing energy projects in the UK.
Over the next 12 months, the investor will optimise the environmental and technical elements of the project, secure planning consents and cost-efficient grid connections, and prepare the sales process, it noted.
“We are very pleased to take our first step into the attractive UK solar PV and battery energy storage markets, and by that leverage on our experiences from Sweden where we successfully have built a portfolio of development stage solar energy projects through our ownership in Helios Nordic Energy AB,” said Erik Sneve, CEO of Magnora ASA.
“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."
Magnora pointed to the UK’s 2050 net zero target as well as the Committee for Climate Change’s suggestion that 40GW of solar PV by 2030 is likely, as reasons the UK market is attractive to international investors such as themselves.
Additionally, the capture prices for solar PV are expected to remain high towards 2022.
The step into the UK follows Magnora doubling it South African renewables portfolio with the acquisition of 92% of development company African Green Ventures in February, and increasing its stake in Swedish solar developer Helios Nordic Energy in September 2021.
As well as expanding its development portfolio, the company also increased its stake in Swedish solar perovskite start-up Evolar in December.