Welcome to Magnora's third quarter presentation 2022. My name is Erik Sneve, and I'm the CEO of the company. In the third quarter, we saw strong interest in doing business with all our portfolio companies than in all previous quarters. Today, I'll take you through some of the key operational highlights from the quarter, our strategy and targets, our financials, and brief outlook. I would like to thank our team, our portfolio companies, and corporate advisors for an incredible quarter. I know many have worked long hours in order to get where we are today. The presentation will be followed by a Q&A, and you can already now submit your questions in your web browser. Repeat from last quarter, Magnora is a pure-play renewable developer with a focus on early-stage investments.
We're growing an attractive portfolio of projects, including onshore and offshore wind, solar and energy storage, and most recently, hydrogen and ammonia development with Troms Kraft in Tromsø, where we established Neptun AS. The development is supported by a strong team of professionals, cash flow from our legacy business, where there are no costs associated or people after the sale to XEM Corp. It's pure royalty. From the third quarter, 2022, also dividends from our portfolio company, Helios. Magnora has been a driving force for energy development for decades. We sold all our assets related to oil and gas and restarted our company in 2019 to start originating, developing, and investing in clean energy companies and projects that can benefit from the combination of our funding and support for development and growth. Now, less than three years later, we have 10 companies in our portfolio.
The latest additions to the portfolio are Hafslund Magnora Sol AS, where we will pursue development of solar parks in Norway together with Hafslund and Helios. Neptun, where we're venturing into the development of green hydrogen and ammonia with Troms Kraft and Prime Capital in the Bay Area around Tromsø. In March 2020, we started out with 58 million NOK in cash on our balance sheet. From our first investment in the first half of 2020, our net share of portfolio capacity has grown more than tenfold over the two years until the first half of 2022. In the third quarter 2022, we continued our momentum and ended with a total net share of 3,300 MW, of which 150 MW of solar PV projects so far has been realized, close to 150.
The key operational highlights from our portfolio companies in the third quarter includes Magnora South Africa was granted environmental authorization for one of its solar PV and battery storage projects in South Africa. The project will have a total installed capacity of 260 MW, and the company in South Africa continues to explore expansion opportunities. Magnora Offshore Wind is progressing through the consenting phase for its 495 MW ScotWind area, according to plan and preparing for the leasing rounds for the Celtic Sea and for Utsira Nord in Norway. Solar and battery storage in U.K. and a JV with Helios and Hafslund in Norway.
At the end of the third quarter, we raised NOK 200 million in a private placement of which NOK 100 million was pre-allocated to Hafslund, one of the biggest green utilities in Europe, and the remaining NOK 100 million was oversubscribed 7x . This will support our continued development based on our now proven business model. We continue to monitor new projects with an ambition to invest early stage, cooperate with strong partners, de-risk and mature the projects all the way through farm downs or sale. At Ready-to-Build phase, we seek to optimize the ownership of the assets to suitable owners for long-term ownership and operations. We have some guiding criteria for the investment being that we want to invest generally between NOK 2 million-NOK 20 million. I want to see at least 5x return potential when venturing into new projects.
For most of the projects we've sold so far, the multiples have been much higher than that. To give you an example, together with the founders of Helios, we invested 30 million in the company in 2020, and now two years later, we've sold off 376 MW of projects for close to SEK 300 million. Our current 3.3 GW portfolio is spread across technologies and regions. Our solar development projects represents more than half of our portfolio. This is currently the fastest-growing renewable segment, and we're present in South Africa, Sweden, England, Scotland, looking into Wales and Norway. In Norway, we have an ambition together with Hafslund to reach 1,000 MW of solar PV projects. Offshore wind remains highly attractive.
In addition to the current projects, Magnora Offshore Wind has also already entered into cooperation agreement with Hiraeth Energy in Wales for the upcoming leasing round for floating offshore wind in the Celtic Sea. We're targeting an exclusivity of 1,000-MW project. It's instrumental that we partner with a few other partners to land a potential license agreement similar to what we did in ScotWind. Energy storage is going to become an important part of the renewable shift to provide stability, and more variable energy sources are being connected to the grid. We're currently developing 20 MWh with a strong partner in the U.K., and we see an attractive opportunity going forward. In addition, this morning we announced a new 160 MWh battery storage project also in England.
Our onshore wind exposure in South Africa is mostly in South Africa, and that's where we see the lowest risk for onshore wind currently. The region represents an attractive opportunity as South Africa plans to develop minimum 20-30 gigawatts of renewable projects over the next decade to decrease the current power shortage. The government is continuing to invite private investments with a 100-MW limit for corporate and industry projects now being removed and permitting processes under evaluation to become more efficient. High interest from investors is experienced, and different strategies for South Africa are under consideration. We anticipate that full deregulation will happen in South Africa over the next few years and are quite positive towards the outlook in the country. We have a proven model with clear opportunities for future growth.
The continued growth will be supported by dividends from project sales in our portfolio companies and cash from our legacy business. We've set a target to reach 150-200 MW of projects for the full year 2022. So far, we have sold net 132 MW. We've set the price range for these sales between NOK 500 thousand and NOK 1.5 million per MW based on what we've seen in the market so far. We see higher prices in some markets and lower prices sometimes. For 2023, we have planned to sell another 200-325 MW net to Magnora. We aim to be in the same price range, but acknowledge that this is subject to unit economics and other factors.
So far in 2022, prices for electricity have risen much more than equipment, so it'll be interesting to see developer margins in 2023. Our two licensing agreements have delivered NOK 27 million and NOK 14 million in 2020 and 2021 respectively. Our contract with Shell will deliver approximately $16 million over the next 12-18 months. We've hedged more than half of this amount at around NOK/USD 10.50. This will support our efforts to reach 5,000 MW net share of a portfolio at the end of 2025. As we soon approach the 5,000 MW range, we have to look into this target. We have a very strong team to support our development. To give you an example, in Norway with Hafslund, we work with Bjorn and Trond. Bjorn was the country manager for Statkraft in U.K.
He knows very well the business of negotiating with landowners. He has tremendous experience in that area. Trond was supporting Bjorn in U.K. on Sheringham Shoal, Dudgeon, and also Fosen project in Norway. We have the right people for many of the opportunities we see in this market. This is an interesting slide from NVE, the Norwegian Water Resources and Energy Directorate. Here you see the marginal cost of new supply in the coming years. You see that floating wind, where there's a lot of activity in the licensing rounds, has a quite high levelized cost of energy compared with other technologies. As onshore wind is not possible to expand in Europe, basically in most markets, we see that the marginal cost for new energy is above EUR 50 per MWh .
All our projects are meant to be profitable below EUR 50 per MWh . Floating wind is an exception, and we're working hard with TechnipFMC and other partners to get to the right cost level for these projects. We think that floating wind will be the marginal cost for new energy in Europe. Solar projects, where our prime focus is now, will be very profitable at these levels we see today. We see a large and growing return potential in the developing market. In this favorable environment, we're eager to get in early and develop the project to the ready-to-build stage, as I mentioned, where we find suited owners to hold these assets through the operations. Like in ScotWind, there'll be a 60-year lease agreement with Crown Estate, so 60-year revenue stream.
In the development phase, we have limited financial risk as we do not have operating assets on our balance sheet. We add value through de-risking our projects through land origination, grid connection agreements, energy yield assessments, and continue into procurement management, project unit economic assessments, and contract management. That's our core competence, what our team delivers to our investors of our projects. After sell down at the ready-to-build, we know the projects very well, and we can offer services like construction supervision and technical management of the operations. We have good news regarding Evolar. We're very happy with the development over the last six months after they launched at the Intersolar fair in Munich in May. They've received the first payments from customers in their joint development agreements. They've secured first and second-line vendors for its solutions and experienced increased interest in solutions.
It's currently working with one client in the design process of a pilot plant, and they're also in discussions with several new potential customers. They continue to beat milestones in terms of cell efficiency, cost, and durability, which is core to the success of perovskite. Magnora has entered into a convertible loan agreement with Evolar to fund further development amid ongoing commercial and financial discussions. Currently, we are considering various strategic and financial alternatives for the company due to external interest as of the last few months. We've talked about an IPO of the company for a long time, and we're currently considering that with all the other options we have. Over to financials. Before we jump to the numbers, I would like to clarify the following.
Companies where we own more than 50% ownership will show up with 100% of the results in our P&L, which makes our P&L difficult to judge at the current time. With the rest of the companies, they will be recognized on group level by the share of the financial results according to the ownership, where we own between 20%-50%. Adjusted EBITA for the quarter was -NOK 1.6 million. In the third quarters, we have revenues of NOK 3.5 million, mainly from the royalty income from Dana. The decrease in the quarter is due to slightly lower offloading volumes, but we believe this will rise in the short to mid-term. We also provide professional services to our portfolio companies, which in the first quarter gained NOK 0.3 million.
Our adjusted EBITA came in at -NOK 1.6 million, down from NOK 1 million in Q2 2022. The deviation from our reporting EBITA of -NOK 1.6 million was the development and M&A expense of NOK 15 million and non-cash option expense of NOK 1 million. Our operating loss was -NOK 20.5 million, negative impact by NOK 2.3 million loss from associated companies. Pre-tax profit came in at NOK 18.4 million. Looking at the cash flow from the quarter, we have operating activities accounting for approximately NOK 18.9 million. This was to a large extent impacted by development and M&A activities in our portfolio companies, Evolar, Magnora Offshore Wind, and Magnora South Africa. On the investment side, purchase and associated companies offset by dividend received from Helios.
As I started this presentation, we conducted a private placement of NOK 200 million in the third quarter, of which half was pre-committed by Hafslund, and the remaining NOK 100 million was oversubscribed 7x . A little over to the outlook. This was new in Q2, and we continue to guide for 2023. We have high ambitions for future growth. Our net share of the development portfolio is currently at 3,300 MW, well on our way to the 5,000 MW ambition we set out last year. Solar PV is the fastest-growing renewable source, and we have foothold both in the Nordics and Europe through Helios and in South Africa through African Green Ventures, Magnora South Africa. Adding to that, we're now venturing into Norway with Hafslund.
We have a large and growing opportunities in global offshore wind market, which we already have made our mark with Magnora Offshore Wind and Kustvind. Our onshore wind development portfolio in South Africa is well underway with wind met masts on several sites in South Africa. South Africa lack good wind projects. There are a lot of solar projects, but our team in South Africa has worked many years with site development of wind projects. Adding to that, in the growing solar PV market, we're confident that the perovskite technology and Evolar will play a significant role. We've seen a lot of new players in the quarter enter the perovskite market on the research and the development side. To support these claims, we have set out a handful of financial targets in addition to the net zero ambition in 2025.
Namely, we target to sell a net share of 150-250 MW through our portfolio companies in 2022. There's already two months left of the year, and we have expectation that we'll close at least one interesting deal before Christmas. We raise the guidance for 2023 from 200 MW to 325 MW from 2022. We see a price range for sales of onshore wind and solar PV of around NOK 500,000-NOK 1.5 million per MW. We will receive $16 million from Shell based on milestone payments from our legacy FPSO assets. Yesterday, we learned that the Solheim team is in China preparing for the sail away from China.
That will release the first $7.5 million of the $16 million payment. We expect to see the revenues from the Dana contract between $1 million-$2 million for 2022, 2023. We see several of our portfolio companies set for expansion. Thank you for listening in. With that, I open for a Q&A. Okay, first question is from Jørgen Lande in Danske Bank. Good morning, Jørgen. Just to understand your sales guidance in terms of geography, the implied approximate 100-MW sale in Q4, is it fair to expect the sales to be from Helios, U.K., or South Africa? For 2023, can you guide and indicate the rough split for expected sale between Helios and South Africa?
Well, I think there's limited time for the remaining part of the year, and it's hard to say exactly where the sale will come from at the current time. I think we've come very far in Sweden with Helios and there is also a possibility in South Africa. Maybe we'll see the first sale in Sweden. Next question from Jørgen. Assuming you collect outstanding dividends from 2022 sales in full by 2023, 100% of Penguins FPSO, we believe there is NOK 100-300 million of incoming cash in 2023. How will such cash flow be spent? 100% growing portfolio, do you see any imminent M&A needs? Can investors expect any form of dividends?
I think you're quite right regarding the potential incoming cash, NOK 160 million from Penguins. With our current guiding for 2022, most of the cash will come in early 2023, maybe late 2022 and 2023. You're pretty right regarding the NOK 300 million. How will it be spent? I mean, we've said before, and we've returned already NOK 517 million in dividend. If we have substantial surplus cash, it's very reasonable to believe that it will be returned to shareholders if we don't see any good growth opportunities. As you know, our model is to invest NOK 2-20 million in early-stage projects. We try to stay in the non-capital intensive side of the development market.
We don't really see any need to do any M&A to buy smaller developers. That's not a thing we have spent time on so far. Maybe we could do that in the future, in a few years, but this is not something we spend our time on exactly now. We see plenty of organic opportunities with our current business model and business plan. A third question from Jørgen. You maintain your sales price range versus previously, and you state in the report that if electricity prices remain at current levels, there is upside to developer margin. In this context, does that mean that project owners and operators also see upside to project margins, or is it a reflection of that there continues to be few Ready-to-Build projects out there, a consistently low supply?
I think there is a problem with supply in the short to midterm because of congested grid in many markets, in particular for large projects. That's why we try to stay in parcels around 100 MW or less in both South Africa and Sweden and U.K. They're easier to get on the grid. Regarding the price expectations and developer margins, we've seen some of our competitors in Sweden in onshore wind with huge uplifts in their developer margins. I think solar PV in the Nordic and U.K. merchant is a new market, and we've seen price increases over the last year since, in particular since it was a non-existing market just two, three years ago.
I think there is substantial upside if there was an efficient futures market for electricity, and I think long-term price assumptions are rising for most owners of electricity. You have to take into consideration realized price, the possibility for storage, how much quantity unregulated power, but I think there is upside to developer margins. It's hard to quantify exactly, but it will also be a little bit offset by equipment prices. On Kustvind, you expect to submit permit application this quarter. Can you share any information on the expected timeline for this regulatory process? Is it similar to Norway or faster? I guess this project was never qualified for Sweden's previous subsidy scheme for wind power. Sweden has never had an offshore subsidy scheme, so that's correct. The permitting process in Sweden is a little different.
You do that in the domstol, different type of process. We have all the paperwork ready to submit the application, and there's been an election recently, and we're just considering timing and a few other business development efforts around this process, and we'll get back to this next quarter. Next question. Good morning, Turner Holm at Clarksons. Is the potential sale of the 260-MW project in South Africa included in the project sales guidance? We have targeted sales in all markets next year, also potentially Norway. Highly most likely Sweden, South Africa and U.K. and we've used the probability model and I think South Africa is definitely on the plate. How we've done the guiding is that we've done probabilities.
If we sell in each market, I think we might have a beat on the guiding. What's different from the summer, really, and the discussions we have now compared with last year and first half, is that we have more bundles of projects and bigger deals. That makes it a little harder to give the exact guidance, because if sales slip one quarter, it's a large volume that slip. But we have initiated the sales process, as I mentioned before, in South Africa already. It takes some time to prepare a sale and to conclude it. With the Helios, we spent around 10-11 months on the first sale. It was hampered by the Ukraine-Russia situation.
The sales guidance includes we expect to sell in all three markets, Turner, and maybe also Norway. What should we expect for development and M&A expense next year? Will it rise together with project sales or are current levels representative of the level we should expect ahead? If we sell out Evolar or spin it off, the development expense will go down. I think, like I mentioned to Jørgen's question, is that we'll continue do the affordable origination and focus mostly on that part. Regarding Magnora Offshore Wind, we see that we're continuing the development level we have this year into next year.
We'll be interested to learn what potential partners would be interested to do with the project going down further. We'll look into that a little later in mid 2023, late 2023, I think. South Africa, we'll continue to expand the portfolio geographically with land lease agreements. That's something we can do within the existing team members. We might add a few people in South Africa. The price level for staff there is much lower than in the Nordics. I don't think it will make any big impact. Turner Holm, another question. Have you seen any changes in price per MW multiples in recent quarters due to the high level of power prices?
Like I mentioned, a competitor had a project out, one and a half year ago, and I think they were not able to sell and they closed the deal around EUR 360,000 per MW. That was onshore wind in SE2, I think. We've definitely seen an increase in multiples because of lack of supply. In Sweden there is definitely lack of supply of new project as permits for onshore wind has stalled in recent years. What you see now is sort of a catch-up effect of what's in the land banks of these companies. Turner Holm, with regards to the strategic interest mentioned last quarter, has that played out with Hafslund or are there other potential strategic interests remaining in Magnora or the portfolio companies? I think in all our businesses we have strategic discussions.
I think it has played out with Hafslund. Hafslund was one of the parties we had discussions with in the quarter and that materialized in a deal with Hafslund. We see a lot of movement in the market and interest from international banks and others. What will exactly happen in the next quarter, in two quarters, very hard to say. What has happened through the year has been amazing, regarding the development of Magnora. At the start of 2022, we were hoping maybe Helios could close up to 200 MW, and now they've closed 375. Potential for more sales. The development is going really fast, and this really piques the interest of the larger companies.
We've seen a lot of blue chip companies move into solar PV merchant and also in CfD markets. Definitely solar is sort of black swan and we have focused on this for quite some time. I don't think it's possible for me to add anything more regarding that topic now. Magnus Solheim. Good morning. Can you comment a little bit on recent developments in offshore wind? What's your latest take on the Norwegian round for 2023? I don't think I have anything to add really, Magnus, other than that it's a little smaller than we anticipated and that it's not going faster than we hoped for. We've had our eyes on Celtic Sea and Scotland for some time, and that was really good because it stalled here in Norway for various reasons.
Next question from Magnus Solheim is, you have a solid cash position currently and more coming in soon from the Penguins FPSO. Can you comment a little bit on what you can expect in terms of cost and investments for fourth quarter and next year? I think fourth quarter will be a little less active on the cost and investment side than the first half of the year and maybe a little lower than Q3. I need to look into the exact numbers, and we can follow up on that later. Next year, I think there is a potential opportunity that we do something with Evolar, so that will make a reduction. We might add a few more people in Magnora on staff level.
I think we run it very efficiently, but we might add a few people here. Regarding the investments, we have an opportunistic approach. As long as we think we can generate return for our shareholders within our business model, which is to invest NOK 2-NOK 20 million in each team. We've said no to a lot of investment opportunities over the last few years. We don't regret so many, maybe a few, but I think still there is a lot of profitable opportunities. The best way for us is to do that organically because then you put a small amount at risk. It takes a little longer time, but we've spent three years now to develop a portfolio with a strong cash generation from 2022 and next year.
I think we'll continue doing this as long as we don't see any major regulatory risk in the markets we're in. Next question is from Ola Ekanger. Good morning. How are you? How long until 260 MW PV solar project ready to be sold in South Africa? Is that a 2023 event? It doesn't seem like this project is included in the guided range. Like I mentioned, we've done a risked model regarding each geography and like I said, if we sell in all markets, I think we will do a bit on the guiding. Next question from Ola: What are your plans in South Africa? Is it to continue to develop project or is it to become a vertical that you're looking to partly divest pursue an IPO?
I think, we're gonna continue to do exactly what we've done in South Africa. We're gonna try to cover the most interesting areas of the country with solar wind battery projects. I see a lot of global infrastructure and energy companies, Saudi Arabian, Middle Eastern, Japanese, Americans, European funds entering the market. I think, what they need is a local developer, and we have a team of six to seven people together with our team in Magnora. It's a team of 10 people. There might be a combination of selling a few projects and might do some platform deal potentially.
We think we have many years to develop projects in South Africa, and we're curious to see when they open South Africa also for spot market, which we think will really be a catalyst for the South African market. You saw some news on Reuters on Friday regarding potential NOK 85 billion investment need in South Africa over the next five years, and that can't happen without even further deregulation. We have a good process and a good team in South Africa and working with local advisors. We have good expectations to sell projects in South Africa with the current model. Next question from Ola Ekanger: Can you tell us anything about expected selling price in Evolar on the perovskite technology per MW and the expected EBITDA margin? What are you expecting in terms of annual MW turnover?
What do you expect to be EBITDA breakeven in Evolar? That's information we can't provide since Evolar is a private company working with high technology and a few customers, and I would put Evolar in an unfortunate situation. I can't guide on that, Ola. Sorry. Next question from Ola: The price range on solar project is now NOK 500,000-NOK 1.5 million. Previously, this has been communicated NOK 500,000-NOK 4 million per MW. What is the reasoning behind the new price range? I don't think we've ever guided on 4 million, but we've shown slides that you've seen transactions of NOK 5 million, NOK 6 million, NOK 7 million, NOK 8 million on several offshore wind projects that were part of the appendix in last quarter.
We would naturally accept such high prices, but we don't guide on most of our portfolio in that range because I think it might relate to mostly offshore wind licenses, and we have the ScotWind license. In onshore offshore wind, I think the range we've seen with a combination of South Africa, Norway, Sweden, U.K. is, and it's covered in that range. We've also mentioned that we've seen prices higher and lower than this range in our guiding. In the U.K., we've seen prices close to NOK 3 million on a few projects per MW for solar. I think that's the explanation. If you've seen anything else, please send me an email and I'll find out where you saw this. Good morning, Halvor Strand Nygård (. How are you?
Of the 200-335 MW asset sales guided for 2023, what kind of visibility do you have? How much of that do you have concrete leads at the moment? I think we have leads for much more than that currently. We see huge appetite for solar and battery storage projects across all our geographies. I think if we sell in each market, we'll do a bit. As I mentioned, we had a few hopes for really more than 100 MW at the start of Q1. We're currently guiding between 150 and 250. We have a few term sheets in place in discussions.
I feel quite comfortable with the range we've guided for here, Halvor. Question from Trond Haugen. Good morning, Trond. When will we see the first Helios solar park with perovskite solar panels utilizing the Evolar technology? When we sell these projects, we sell permits, we sell procurement management, we sell contract management, various items. The customer decides on which panels they want to have in the solar park. Typically, there are human rights issues they're concerned about. It's durability issues that it's proven. They have other modules in some parts. They have preferences to some manufacturers. We don't decide on which panels, Helios or South Africa or U.K., what the buyers choose. It's their prerogative to choose whatever they want.
I think some of these pension funds are the last one to select the new technology if it's not the bank guarantee associated with it. It's more the innovative part that will use perovskite technology in the first few years. Next question from Trond Haugen. Will Magnora in South Africa be able to conclude sales of projects at solar parks in 2022? As I mentioned previously, we guide on the whole portfolio. We have processes in all countries except from Norway. We stick to our guiding 150-250 MWs for 2022. Good morning, Daniel Fredrik Myrdal Mandrella. Do you see green hydrogen, ammonia, and maybe other green fuels becoming a larger focus for Magnora going forward, also beyond the Neptun project in Tromsø?
I think we have a good collaboration with Troms Kraft regarding a few projects. This was one project that came up in our discussions, and it's interesting around their potential new renewable projects in Tromsø. We see it as an extension of the renewable development of Tromsø, and we might see some initiatives in South Africa as well related to headline news of what's coming up. Our prime focus is really solar and battery storage, and we do selectively offshore wind, onshore wind and storage projects like this if we see that the setup is really good. Good unit economics, good potential to get all permits in place to make an interesting project for energy company or infrastructure company.
I don't think this will be a large focus for Magnora going forward, but it's an interesting add-on in the energy ecosystem we work in. Also in ScotWind, there might be an interesting opportunity for a ScotWind project to offset some of the output there with hydrogen. The U.K. government is quite keen on looking into hydrogen and potentially ammonia. Important competence to have, but not a major growth factor for Magnora. Good morning, Jørgen Andreas Lande. Have there been many inquiries about the South Africa portfolio, and when do you expect that first sale to take place? Are you assuming that the price range will be around 500,000-NOK 1.5 million here also. We have many discussions already about the South African portfolio starting in really late part of Q2.
We see a lot of new interesting players entering the market, and we see also incumbent players, existing players in the market who are looking for development pipeline for the next decade. Most companies we speak to have a good long-term vision to decarbonize the South African economy. We have a price range for the whole portfolio, and I think South Africa is within that range. So that's what we'll stick to. Good morning, Sven Ogeberg. Regarding the Celtic Sea, there is talk about the award of an agreement for lease for each site will be based on the price offered. Can you comment on this? If this will and then still be opportunity for Magnora Offshore Wind will chase. Thank you for the question.
With the Celtic Sea, we have a little different approach than in Scotland, where we're only with TechnipFMC. I think realistically, we're discussing with a wider consortium, similar to what you see in the Norwegian round. As far as we understand it will be a little different than U.K. Round 4 and a little different than ScotWind. It will be a mix and a potential final consortia will depend on the outcome of our discussions. Our business model is not really to participate in any license fee rounds. Thank you. I don't think I see any further questions here in the audiocast web box. Feel free to send me an email anytime you have any questions for us.
If you're in Oslo in the Skøyen area, feel free to come by for a coffee, and we'll be happy to sit down. Thank you very much for the support for Magnora and our business model. We think we have very exciting times ahead of us, even before Christmas this year, and 2023 will be very exciting. Based on the current interest for renewable projects, I think we need to get back to midterm target for our sales. We see quite huge interest for solar PV projects, battery projects, and also good wind projects. We also have very exciting times ahead with Hafslund as one of our owners. We're looking into a few potential growth initiatives with them, and it will be exciting to see what's gonna happen in 2023.
The future is definitely electric, as we mentioned in our strategy launch in 2020, and we're very happy that we've come and developed a portfolio of 3,300 MWs in a little over 2.5 years. With that, I'd like to thank you and wish you a wonderful day. Speak to you soon.