Norwegian energy company Magnora has obtained the environmental permit for a 260 MW solar and battery storage project to be implemented in South Africa. The solar power plant will be able to produce 600 GWh of clean electricity per year. The location of the project site and starting date of construction were not yet disclosed.
Magnora is investing in the clean energy project through developer African Green Ventures (AGV), in which it now holds a 92% stake through a deal announced in February 2022. In February 2021, Magnora made its entry into the South African renewables market through the acquisition of an 850 MW project portfolio. Currently, its portfolio of projects under active development currently consists of approximately 1.8 GW in the country.
South Africa targets the addition of 16 GW of wind and solar by 2030 (from 2018 levels), made up of 9.5 GW of wind and 6.5 GW of solar. In 2021, solar accounted for 11% of the country’s installed capacity with 6.2 GW (+1.4 GW since 2018).