The portfolio
Magnora provides business planning, governance, capital management, risk management, and strategic support to its portfolio companies to assist their development and growth. We look for, and establish, companies with result-oriented and humble teams, with high integrity and a proven track record. Below is an overview of the Group’s operations per country, including companies where Magnora holds at least 40 percent of the shares.
Norway: Data center, solar, battery energy storagePortfolio of data center and solar PV projects in Norway
- Operational data center in Halden and one site in development (94 MW of which 66 MW net to Magnora as of 31 December 2025).
- More than 20 active data center dialogues (about 600 MWs)
- Projects’ expected go-to-market varying from 2026 to 2030
- 70-100 per cent ownership
- Solar PV portfolio of 51 option agreements corresponding to a technical capacity of more than 2000 MW
- Consenting in progress for 7 projects submitted in 2025
- Battery storage considered on certain sites
Data center
In Q3 2025, Magnora established a data center business area, entering a rapidly expanding Norwegian market expected to grow 250% by 2030. The business focuses on developing hyperscale data centers (20–150 MW) to Ready-to-Build stage through a greenfield strategy and strong partnerships.
Magnora acquired Storespeed AS to strengthen customer insight and grid-related competence. Storespeed operates an up to 1 MW co-location facility in Halden with expansion potential to 5 MW. A strategic partnership with Blix Solutions further enhances operational and connectivity capabilities.
Magnora aims to scale Storespeed and leverage operational synergies to support near-term performance and its long-term ambition to become a leading Nordic developer of grid-connected, data-center-ready sites.
Solar PV
Magnora, Hafslund and Helios jointly own Hafslund Magnora Sol AS, which develops large‑scale solar PV farms in Norway. Magnora and Hafslund each hold 40%, with the remaining 20% held by Vinci Concessions through Helios. Hafslund’s position as Norway’s second largest power producer provides a strong industrial base for the partnership.
In 2025, rising electricity demand driven by data centers and other energy‑intensive industries shifted market conditions and increased the strategic importance of new solar capacity. Throughout the year, Hafslund Magnora Sol advanced its portfolio, expanding to 51 signed project agreements. Key activities included stakeholder engagement, environmental assessments, permitting, and securing grid connections, building a pipeline of high‑quality, shovel‑ready solar PV assets.
More details are available on the company’s website www.hafslundmagnorasol.no.
Sweden: Data center, offshore wind
- Experienced team
- 17 data center project leads, total exceeding
1,000 MW - 67 per cent ownership
- Offshore wind project with capacity of 500 MW
- 8–15 km from shore, with 25–30 m water depth
- 48 per cent ownership
Data center
There is a rapidly increasing demand for data center capacity in Sweden. Its cold climate, extensive district‑heating networks, and excellent connectivity to continental Europe make it an attractive location for large‑scale developments. Operational capacity is projected to grow by 150 percent by 2030.
Our team is focused on developing AI‑ready sites tailored for hyperscalers, with targeted commercial operation dates in 2026, 2027, 2028, and 2029.
Offshore bottom-fixed wind
Kustvind is a shallow‑water offshore wind project situated in an area with highly favourable wind conditions off Sweden’s southern coast. Located in the SE4 price region, the project benefits from attractive electricity prices. With an installed capacity of 500 MW, Kustvind has the potential to generate approximately 2 TWh of renewable electricity per year.
Environmental impact assessments for both the wind farm and the grid connection route have been completed. However, the long‑term regulatory framework for offshore wind in Sweden remains uncertain and further steps toward submitting the consent application are therefore paused until greater clarity on the regulatory outlook is possible.
More details are available on the project’s website www.kustvind.se.
South Africa: Solar, onshore wind and battery energy storageSolar, onshore wind and battery energy storage project development
- Greenfield project portfolio of 6,400 MW
- More than 600 MW of projects sold
- Office in Cape Town with 21 employees
- 100 per cent ownership
Magnora has been active in South Africa since 2021, developing solar PV, onshore wind, and battery storage projects. Its local development company, AGV, reached a major milestone in 2023 with the sale of its first two projects to Globeleq, a leading IPP owned by British International Investment and Norfund. In July 2025, Globeleq achieved financial close on the Red Sands project (153 MW / 612 MWh), awarded under the ESIPPPP programme. Once operational, Red Sands will become Africa’s largest standalone battery energy storage system, which is an important achievement for AGV and a meaningful contribution to South Africa’s energy transition. Magnora has now received the final milestone payment for the project.
Throughout 2025, Magnora continued to scale and mature its South African portfolio. The team expanded to 20 employees by year‑end, and the development pipeline reached 6,400 MW, with the most advanced projects securing Environmental Authorisation. Market conditions remain highly favourable, driven by energy aggregators, direct PPAs with industrial off‑takers, and public auctions (REIPPPP and BESIPPPP), offering multiple routes‑to‑market for high‑quality renewable projects. Several large project clusters are now approaching commercial readiness, and active sales processes are underway.
Germany: Battery energy storage, solarRenewables project development, established in 2024 by Magnora together with the local management team
- Project portfolio of 800 MW
- Local team of 6
- Initial focus on large-scale BESS projects
- Project capacity from 50 to 500 MW
- 100 per cent ownership
Germany remains one of Europe’s most attractive renewable energy markets, supported by strong policy frameworks and robust market fundamentals. With nuclear power fully phased out in 2023 and coal scheduled for phaseout by 2030, the country faces ambitious deployment targets for intermittent renewable energy. This momentum is evident in the 16 GW of solar capacity installed in 2024 alone, bringing total installed solar capacity to 100 GW. As a result, the need for utility-scale battery energy storage systems (BESS) is substantial and growing, supported by strong policy frameworks and robust market fundamentals.
Our aim is to deliver high-quality BESS projects at pace and scale. Throughout the year, our development company in Germany, Emernor, has worked intensively to identify and originate strong project opportunities, and has evaluated close to 9GW of opportunities. The team is organised to deliver all key capabilities in-house and is now focused on rapidly maturing the portfolio to meet significant unmet demand for large scale BESS projects in the German market. The portfolio is at the end of the year at 800 MW of high-quality projects with land agreements close to strong points in the German grid.
Italy: Battery energy storage, solarRenewables project development, established in 2024 by Magnora together with the local management team
- Project portfolio of 920 MW
- Local team of 4
- Focus on large scale BESS projects
- Project capacity from 50 to 300 MW
- 100 per cent ownership
Italy is one of Europe’s largest electricity markets, with annual power consumption exceeding 250 TWh. The country benefits from strong onshore wind and solar PV resources, enabling large‑scale renewable deployment. More than 30 GW of solar PV is already installed, and capacity is expected to more than double by 2030. As this transformation accelerates, energy storage is becoming essential. In 2025, Italy launched MACSE, a dedicated public auction system for battery energy storage. The first auction in October awarded 10 GWh, and annual auctions are planned annually in the coming years, targeting a total of 50 GWh (10–15 GW) of storage capacity. This framework is set to create highly attractive market conditions, combining long‑term, stable revenue contracts with a rapidly expanding commercial and tolling market.
Since entering Italy in 2024, Magnora has made strong progress. The company has built an advanced project pipeline of more than 700 MW in southern Italy, with additional early‑stage development underway in the north. The first projects are nearing sales‑ready stage, with a target to complete the first divestment in 2026. Magnora Italy operates with a team of four highly experienced professionals.
Scotland: Offshore windOffshore 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 per cent ownership
Magnora Offshore Wind (80% Magnora, 20% TechnipFMC) is developing Project Talisk, a 495 MW floating offshore wind farm north of the Isle of Lewis, Scotland. The project benefits from strong wind resources and an early grid connection route from 2030. Talisk is expected to produce around 2.4 TWh annually at an estimated 56% capacity factor. The team operates across Oslo and Scotland, supported by TechnipFMC’s extensive Aberdeen organisation.
In 2025, MOW strengthened the project’s technical and commercial platform, securing a Gate 2 Offer under the UK Connections Reform, advancing consenting activities, completing key site investigations, and progressing engineering and supply chain work, including installation studies, mooring and cabling concepts, and early supplier preparations. Talisk targets commercial operation in 2031, with MOW will be developed, delivered and owned through strategic partners as the project moves toward construction to optimise risk sharing, financing, and long‑term value creation.
England: Battery energy storage, solarStorage 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 per cent ownership
Magnora and its UK partner established a 50/50 joint venture in 2022, expanding Magnora’s solar PV and BESS development activities. Regulatory support strengthened in 2025 under the new Labour government, but the UK’s Net‑Zero‑driven shift from “first come, first served” to “first ready, first served” temporarily slowed new grid connections from late 2024 to late 2025, ultimately favouring Magnora’s more advanced projects.
By autumn 2025, investors approached Magnora with unsolicited offers for its fully permitted 158 MW portfolio. With a grid offer secured in December 2025, Magnora expects to conclude a sales process in 2026. The broader UK pipeline now totals 545 MW of solar PV and BESS projects progressing toward ready‑to‑build maturity with confirmed market interest.