Magnora has entered into an agreement to acquire a 25% ownership stake in a share issue in Swedish solar developer Helios.

Despite being a relatively new company, Helios has already developed a project portfolio that currently consists of 11 projects with a total of approximately 300MW installed capacity.

Magnora has the option to acquire a further 15% ownership share of Helios, under the agreement’s terms.

The share purchase option may be exercised by Magnora from the completion of the first investment and no later than by 15 September 2021.

If the option is exercised, Magnora’s ownership in Helios will be 40% of all issued shares.

The company has a “highly experienced” management team and board of directors, including former CEO of NASDAQ Stockholm-listed Arise Windpower, Peter Nygren, among its board of directors.

Magnora executive chairman Torstein Sanness said: “With the investment in Helios, Magnora expands its exposure to greenfield renewable project development, through a company that consists of a highly competent team and board.

Following the transaction, Magnora CEO Erik Sneve will join the Helios board of directors.

Helio CEO Andreas Tunbjer said: “We are excited to bring the Magnora team on board.

“We see a good strategic fit and complementary skillset across the companies, which we believe will open further opportunities for Helios.

“We do believe in the future of solar PV in the Nordics and expect that the market is about to take off as we have seen in other European markets.”

Sanness added: “Helios has high growth ambitions and intends to take a significant share of the solar PV industry in the Nordics.

“Magnora see utility scale solar PV as an interesting strategic investment opportunity in the Nordics, supported by technology development and further cost reductions expected in the industry.”