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Solare Nordic AB partners with ewz

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Energy Global,

Solare Nordic AB has partnered up with ewz, Zurich Municipal Electric Utility. Together with the new funding by ewz, Solare Nordic AB has now secured in excess of SEK 1 billion for the development and construction of utility scale photovoltaic (PV) projects in Sweden.

ewz is supplementing its wind portfolio with PV as the two technologies complement each other ideally – this leads to greater security in long-term sales planning and an optimised production portfolio for ewz.

ewz (through ewz Deutschland GmbH) acquires 51% of the shares in Solare Nordic AB. In connection with the transaction ewz commits in excess of SEK 1 billion for the continued financing of the project development and construction of the PV projects in a first stage. Once the projects are in commercial operations, the assets are owned and operated by the parties, whereas ewz will be the off taker for most of the electricity produced by the PV assets.

Solare Nordic AB was set up as partnership between AxSol owned EnergiEngagemang Sverige AB and management in Solare Nordic, Fredric Blommé-Sekund, and Peter Hogren in 2021. Solare Nordic AB functions as a platform to develop, finance, construct and own PV assets, mainly utility scale PV project between 5 – 25 MW, but also installations enabled through Solare Nordic ABs solar-as-a-service offering.

“The partnering with ewz gives Solare Nordic AB, as one of the few in the Nordic PV market, the ability to own the full value chain of the project over its lifetime meaning development, construction, and long-term ownership,” said Solare Nordic ABs CEO Fredric Blommé-Sekund.

Currently Solare Nordic AB holds a portfolio of approximately 320 MWp in various stage of development. Start of construction of the first projects is anticipated to 2H24. Further, as a part of the transaction, EnergiEngagemang Sverige AB has sold a portfolio of 116 MWp to Solare Nordic AB, to be further developed and constructed by EnergiEngagemang Sverige AB and financed by ewz through Solare Nordic AB.

“We are looking forward to the cooperation with ewz. First, this gives us a truly professional partner to develop the portfolio of PV-projects with. Secondly, this is good news for our landowners with whom we have signed land leases, as it means that a well-known European utility will be the long term as owner of the PV assets,” added Jonas Helander, CEO of EnergiEngagemang Sverige AB.



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