Norwegian developer Magnora is acquiring 92% of South African wind and solar project development company African Green Ventures (AGV), which will effectively double its portfolio in the country to close to 1.7GW.
The remaining 8% will be owned by AGV management, and Magnora simultaneously is selling its shares in the Vindr green field development joint venture.
AGV holds project rights of more than 800MW of wind and solar PV projects after recently signing land lease option agreements, which will be added to Magnora's existing portfolio of 850MW.
