Renewables investor Magnora has increased its stake in Helios Nordic Energy as the Swedish solar developer looks to add 1GW to its pipeline by the end of next year.
Magnora exercised an option included within the investor’s initial purchase of a 25% stake, struck in February this year, to increase its position in Helios to 40%.
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Helios had previous set itself the target of amassing a 1GW portfolio of solar PV development projects in the Nordics. Having reached that capacity milestone six months ahead of schedule, the company is now preparing to invite investors to finance parts of that portfolio in southern Sweden.
Andreas Tunbjer, CEO at Helios, said the business was now working to meet its next capacity milestone target of 2GW by the end of next year.
“Besides the provision of funds to reach this goal, Magnora’s deep insights and competence adds extra value for our business,” he said.
As well as its interest in Helios, Magnora also owns a 40.7% stake in perovskite specialist Evolar. Having initially invested in the upstream tech company in November last year, Magnora increased its stake earlier this summer.
Torstein Sanness, working chairman at Magnora, said solar PV had “reached an inflection point”.
“In Denmark solar PV has experienced a rapid development of installed base and production, and we see a similar development in Sweden. With current electricity prices in the Nordics and Southern Sweden in particular, solar PV is very profitable. We are pleased to further increase our holding in Helios,” Sanness added.