Permits for the project for the constriction of the 260MW Magnora solar in South Africa have been received. The permits were received by Magnora the project’s developer and a Swedish developer of renewable energy sources.
According to Magnora, the authorization shows that the 260MW Magnora solar project has the vast majority of necessary permits in place. The installation of a colocated utility-scale battery storage facility is also allowed by the solar PV project.
The 260MW Magnora solar in South Africa expected production per year
The project is situated in an area with high solar radiation. It is, therefore, expected to generate more than 2300 kW per year. This is reportedly more than twice as much as the best sites in the Nordics.
Magnora acquired an 850MW project portfolio in February 2021. This enabled it to enter the South African renewable energy market. In February 2022, the developer further boosted the investment in the country. This, it achieved by obtaining 92% of the renewable project development firm African Green Ventures (AGV).
Currently, South Africa has a portfolio of active development projects totaling approximately 1.8GW. In the market for finished projects, Erik Sneve, the CEO of Magnora, stated that there is a lot of interest. This makes them quite happy with their development in South Africa. He added that they hope that by the end of the year, they will have projects ready for divestment. This shows the market’s huge potential for attractive value creation.
Implementation of the project
The projects are being developed by Magnora South Africa through its development company, AGV. They will be developed from the greenfield phase to the ready-to-bid/build phase. AGV is reportedly constantly looking for new projects to add organically to the portfolio.
The significant milestones reached over recent months confirm the AGV team’s impressive competency and speed in the construction of solar and wind projects. This is according to Espen Erdal, vice president of business development at Magnora. Also, the vice president added that the expected yearly energy output for the solar PV plant indicates the attractiveness of renewable energy in South Africa.