Magnora today and going forward
Over the last years, Magnora has successfully and profitably transitioned into the green energy sector and the data center industry, expanding its portfolio across multiple countries, platforms, and technologies.
Magnora’s market presence
Countries, segments and owner shares for Magnora ASA and its subsidiary Magnora Data Center ASA, respectively:
A project portfolio diversified across technologies and regions
¹ MW presents Magnora’s proportional ownership share of project capacities, including projects that have been divested where future earn-out and milestone payments are anticipated
The portfolio across technologies and stages
Building the data center business
An addition to Magnora’s track record of innovation and financial performance was the establishment and first stage of growth for its data center business. The Group’s first investment in this segment was made in September 2025 and nine months later Magnora Data Center was listed with a market cap of NOK 1.3 billion.
Magnora-developed project in construction: Red Sands BESS project
The Red Sands BESS project, developed from early stage by Magnora’s South African subsidiary AGV, is progressing well under its new ownership. Exited projects are relevant for Magnora due to earn-outs, as well as the learning effect of following their continued path towards operations.
Before exiting in 2023, AGV took it through the early stage which included a comprehensive environmental assessment and permitting process, which is a prerequisite for all subsequent approvals in South Africa. Originally a solar PV project, it was amended to permit BESS instead, to participate in the Battery Energy Storage Independent Power Producers Procurement Programme. The environmental authorisation for the BESS was granted in May 2023. An environmental assessment for the associated BESS gridline commenced in July 2024 and concluded in November 2024 upon issuance of the Environmental Authorisation. The water use authorisation for the associated gridline was obtained in October 2024.
Beyond its contribution to grid stability, the project is expected to deliver measurable socio-economic benefits including employment during the construction phase and during operations. Further, it enables renewable integration, contributing to the cumulative effect of existing solar PV, concentrated solar power, and power transmission infrastructure around the project area. The project reduces emissions that contribute to climate change, supports national and international climate goals, and reduces fossil fuel reliance. The project includes significant upgrades to national grid infrastructure and will help ease transmission and distribution congestion in the region.