Magnora has entered the UK solar and battery storage services market by investing in the development of a 60MW solar PV project and a 40MWh Battery Energy Storage System (BESS) project.
Together with an unnamed local development partner, Magnora intends to develop the projects to a Ready-to-Build stage, at which point the projects will be divested.
Magnora’s local development partner has a 10-year track record of developing energy projects in the UK, including PV and BESS projects.
The main activity over the next 12 months is to optimize the projects from an environmental and technical perspective, secure planning consents, cost-efficient grid connections and prepare the sales process, it said.
Magnora chief executive Erik Sneve said: “We are very pleased to take our first step into the attractive UK solar PV and battery energy storage markets, and by that leverage on our experiences from Sweden where we successfully have built a portfolio of development stage solar energy projects through our ownership in Helios Nordic Energy AB.
“We will continue to monitor further opportunities, and subject to a successful development in this first step, we will consider further investments in the UK solar PV and BESS market.”