Iberdrola moves in on Swedish offshore wind sector

30 June 2020

Iberdrola has signed a deal to make majority acquisitions in eight offshore wind energy projects in Sweden with a combined capacity of up to 9 GW.

Under a framework agreement with Svea Vind Offshore AB (SVO), Iberdrola will close specific acquisition contracts for each project. The first of the wind farms, Utposten I, has a capacity of 250 MW and is in the advanced stages of permitting. The remaining projects are in various stages of development. All of them are in the Baltic Sea and are expected to start operating from 2029, Iberdrola said.

In a company statement it added that the projects are also located near the shoreline, in shallow waters, and in areas with high wind speeds. They are located in two geographic areas – Galve and Oxelosund. Galve comprises six projects totalling 5.1 GW of power, while Oxelosund consists of two projects totalling up to 3.9 GW.

According to Iberdrola, Sweden has “enormous potential” for renewable energy development with a 100 per cent renewable electricity target for 2040 and a commitment to abandon nuclear energy. 

The deal is the fifth acquisition made in the renewable energy sector by Iberdrola in recent weeks. In June Iberdrola launched the acquisition of Australian renewable energy company Infigen Energy, while in May it announced the purchase of two onshore wind projects in Scotland. In May Iberdrola also announced the acquisition of French company Aalto Power for just over €100 million. In March, Iberdrola acquired 100 per cent of the capital of the French Saint-Brieuc offshore wind farm, which will involve an investment of approximately €2.5 billion.

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