Spanish electric utility company, Iberdrola has agreed to acquire majority stakes in up to 9GW of developing offshore wind projects in Sweden from Svea Vind Offshore (SVO).
The portfolio comprises eight projects, which are in various stages of development are estimated to commence operations from 2029 onwards.
The projects are grouped around two geographical clusters, with six wind farms of a total capacity of 5.1GW in Gavle and two offshore wind projects with a total capacity of 3.9GW in Oxelosund, Sweden.
Iberdrola said that the framework agreement will allow it in the future to take the majority stake in each of the projects.
SVO’s first offshore wind farm in advanced stages of securing environmental permits
It also said that the 250MW Utposten I, SVO’s first offshore wind farm, is in the advanced stages of obtaining environmental permits.
The Swedish government intends to have 100% of its electricity to come from renewable energy sources by 2040.
Iberdrola said: “In 2020 Iberdrola will make record investments of 10 billion euros, and the agreement in Sweden marks the fifth significant advance in renewables for the company during the current Covid-19 crisis.”
Recently, Iberdrola has signed a bid implementation agreement (BIA) with Australian renewable energy company Infigen Energy to acquire 100% stake in the company for AUD828m ($569m).
Infigen Energy’s portfolio consists of 670MW of wind generation assets, 268MW of firming assets, 246MW of additional renewable capacity via offtake power purchase agreements (PPAs) alongside a development pipeline of projects.
The project, which was developed jointly by Iberdrola and Caja Rural de Navarra, features 32 Siemens Gamesa 3.4-132 wind turbines.
Located in the municipalities of Cadreita and Valtierra, the wind farm is claimed to be the company’s largest wind farm built in the country since 2012.
