Magnora doubles South African renewables portfolio with developer acquisition

Facebook
Twitter
LinkedIn
Reddit
Email
A 258MW solar project in South Africa’s Northern Cape province. Image: Scatec.

Renewables investor Magnora has acquired 92% of South Africa-based solar and wind project development company African Green Ventures (AGV).

The deal will bring Norway-based Magnora’s South African renewables portfolio to around 1.7GW as it takes on AGV’s project rights of more than 800MW of solar and wind capacity. The remaining 8% of AGV will be held by the company’s management.

This article requires Premium SubscriptionBasic (FREE) Subscription

Unlock unlimited access for 12 whole months of distinctive global analysis

Photovoltaics International is now included.

Not ready to commit yet?
  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Unlimited digital access to the PV Tech Power journal catalogue
  • Unlimited digital access to the Photovoltaics International journal catalogue
  • Access to more than 1,000 technical papers
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

With more than 10GW of coal energy capacity expected to be decommissioned in South Africa by 2030, Magnora touted the potential for developing solar and energy storage projects in the country.

“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 Erik Sneve, CEO of Magnora.

Operational synergies are expected through the AGV deal as the company has already carried out some of Magnora’s development activities in South Africa.

As part of the transaction, Peter Nygren, Magnora’s EVP of strategies, will step down from his position and become an active owner in AGV to pursue opportunities in South Africa.

Magnora’s portfolio of renewables investments also includes Evolar, a solar cell technology company that it owns a 50% stake in, and Swedish solar developer Helios Nordic Energy.

South Africa’s commercial and industrial solar segment has been boosted by a reform announced last year that has increased the country’s licensing exemption threshold for embedded generation projects from 1MW to 100MW.

Read Next

August 28, 2025
Venture capital firm Pacific Channel has launched Fund V, which targets 10GW of solar, wind, and energy storage in New Zealand.
August 26, 2025
Investment in utility-scale solar fell by 19% in the first half of 2025, as global investment in all renewable energy projects grew by 10%.
August 26, 2025
India installed 14.3GW of new utility-scale solar capacity in the first half (H1) of 2025, marking a 49% increase year-on-year.
August 22, 2025
Saudi developer ACWA Power has started commercial operations of a 2.7GW solar PV portfolio in its home country.
August 20, 2025
Italy’s cumulative solar installations have exceeded 40GW, with more than two million solar systems now in operation in the country.
August 19, 2025
Scatec has reported stable financial results in the second quarter of 2025, with revenue holding steady at NOK2.3 billion (US$220 million).

Subscribe to Newsletter

Upcoming Events

Solar Media Events
September 16, 2025
Athens, Greece
Solar Media Events
September 30, 2025
Seattle, USA
Solar Media Events
October 1, 2025
London, UK
Solar Media Events
October 2, 2025
London,UK
Solar Media Events
October 7, 2025
Manila, Philippines