Magnora has signed an option agreement with RWE Renewables with the intention of developing a 98MW onshore wind project in southern Norway.
The Oddeheia and Bjelkeberg wind farm in Agder county is expected to be ready-to-build in 2021 and operational in 2022.
Magnora’s share in the project will be approximately 34%.
Magnora chairman Torstein Sanness said: “The South Norway region has a fantastic opportunity to take a leading position within development of green technologies, such as battery production, supported by a local renewable green energy industry.
“There are plenty of Norwegian regions that want to claim the yellow jersey for such industry development, but we understand that Birkenes municipality council is highly ambitious about their green industry plans, which is why we want to invest here.”
RWE Renewables has applied to Norway’s Ministry of Petroleum and Energy for a one-year permit extension.
This would mean that the wind farm must be in operation by 31 December 2022.
A decision on the matter is expected shortly.
Magnora’s participation in the project is conditional upon approval of permit extension.
All agreements that have already been entered into between RWE Renewables, local suppliers and local authorities will remain in force after Magnora’s investment in the project.
Sanness added: “Realising the Oddeheia and Bjelkeberg wind farm would not only create substantial values and positive ripple effects for the local community, but also position Birkenes and South of Norway for future green industry development that could potentially generate hundreds if not thousands of jobs in the coming decades.
“We hope to play a part of this.”