Magnora has established Hafslund Magnora Sol AS with Hafslund and Helios to develop large-scale solar farms in Norway. Magnora and Hafslund own 40 percent each, and Helios holds the remaining 20 percent. 

The company aims to develop 1,000 MW of solar power in Norway and will develop projects from the start until they are ready for construction. The company is co-located with Magnora ASA in Oslo, Norway. 

Hafslund is one of Europe’s largest and Norway’s second largest producer of renewable power, and wholly or partially owns more than 80 hydropower plants in Norway. The company’s own power production is approximately 18 TWh and in total the group operates a production of over 21 TWh. Hafslund has more than 100 years of experience in hydropower, owns half of Norway’s largest grid company, Elvia, and invests heavily in heating, cooling, carbon capture and offshore wind. 

During 2023, Hafslund Magnora Sol signed landowner agreements for projects with a technical capacity of more than 815 MW. Dialogue with host municipalities and other stakeholders was initiated to secure local support for the developments. Environmental surveys, permit processes and work to secure grid connections have also taken place. The first permit applications are on track to be submitted in 2024. 

The company employed a CEO and two project developers during the year, who constitute a strong and experienced development team in cooperation with seconded resources from the owners. 

“Through their extensive experience and international network in renewables, Magnora is a value-adding partner for our development of profitable solar power plants in Norway.” – Petter B. Schjelderup, CEO