Magnora increases its ownership in Swedish PV developer


Helios currently holds a portfolio of 1GW solar PV development projects in the Nordics and reached this milestone capacity six months ahead of plan. As several portfolio projects are approaching ready-to-build status, Helios is now preparing to invite appropriate investors for parts of its portfolio in southern Sweden where EY has been retained as its advisor.

“As we grow our portfolio, we strengthen our internal resources and capacity to execute on opportunities to reach our next milestone of 2GW by the end of 2022. Besides the provision of funds to reach this goal, Magnora’s deep insights and competence adds extra value for our business” says CEO of Helios Andreas Tunbjer.

Magnora’s focus is on wind and solar PV projects and engages in active ownership in its portfolio companies. As reported in the second quarter of 2021, Magnora made several follow-up investments in its portfolio companies in line with achieved milestones and our business plan to grow a large portfolio of renewable projects and companies.

“We are excited to see Helios demonstrating its capacities in the development of large-scale solar farms in the Nordics by continuously adding to its portfolio and broadening its project pipeline, reaching its milestones ahead of plan. As we see the company positioning to become one of the leading players in the region attracting attention from external investors, we increase our ownership” says Magnora EVP Operations Peter Nygren.

“Solar PV has reached an inflection point. In Denmark solar PV has experienced a rapid development of installed base and production, and we see a similar development in Sweden. With current electricity prices in the Nordics and Southern Sweden in particular, solar PV is very profitable. We are pleased to further increase our holding in Helios”, says Magnora working chairman Torstein Sanness.