Norwegian developer Magnora has acquired a 92% stake in South African counterpart African Green Ventures. The purchase price was not disclosed.
AGV is a project developer in large scale solar PV and onshore wind and holds project rights of more than 800MW.
As part of the transaction, Peter Nygren, EVP Strategies in Magnora, will step down from his current position and become an active owner in AGV, pursuing the opportunities in South Africa.
The acquisition will bring Magnora’s South African portfolio to a total of around 1.7GW.
The remaining of the South African company will be 8% owned by AGV management.
“We see great opportunities in South Africa, both in the short- and long term, and we expect increased power consumption due to economic development and green electrification,” said Magnora chief executive Erik Sneve.
“AGV’s approach to sourcing attractive projects is complementary to our methods and capabilities, and we look forward to having them as a part of the Magnora team.”