Magnora elevates EUR11m to money renewables growth

• Programmer has likewise selected former Arise Windpower CEO Peter Nygren as executive VP of operations

Norwegian renewables programmer Magnora has elevated Nkr120m (EUR11m) in capital which will certainly fund fully commited investments as well as new projects.

The funding was raised with a personal placement which was multiple times oversubscribed, Magnora said.

The developer has also selected former Arise Windpower Chief Executive Officer Peter Nygren as executive vice head of state of operations.

Magnora CEO Erik Sneve claimed: "Magnora has made countless interesting sustainable investments in the past 18 months.

" The funds from this personal positioning will be used to create also higher worth for Magnora's shareholders with our current firm and also project portfolio, yet also to capitalise on additional financial investment possibilities.

" We have access to a strong offer flow as Magnora is considered to be an eye-catching and financially solid service companion in renewable resource sectors."