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Iberdrola announces framework agreement for Swedish offshore wind projects

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Energy Global,

Iberdrola has agreed a deal to take ‘majority acquisitions’ in projects with the renewables company Svea Vind Offshore AB (SVO) for the future development of up to 9 GW of offshore wind energy capacity in Sweden.

Eight projects in total are in various stages of development, and are expected to begin operations from 2029 onwards. They are grouped around two geographical clusters: Gavle (six wind farms with a total of 5.1 GW) and Oxelosund (two offshore wind farms with a combined capacity of 3.9 GW).

The framework agreement will allow Iberdrola to take a majority stake in each of the offshore projects being developed.

SVO's first offshore wind farm, the 250 MW Utposten I, is in the advanced stages of environmental permit planning.

The Swedish government aims to have 100% of its electricity coming from renewable energy sources by 2040.

In 2020 Iberdrola will make record investments of €10 billion, and the agreement in Sweden marks the fifth significant advance in renewables for the company during the current COVID-19 crisis.

In June, the company announced the launch of a friendly bid to acquire the Australian renewable energy company Infigen Energy. This followed the company’s decision to increase its stake from 70% to 100% in the €2.4 billion 496 MW Saint-Brieuc offshore wind farm in France, and its acquisition of French renewable energy firm Aalto Power for €100 million. Two separate agreements to develop 165 MW of onshore wind in central Scotland that could see investment of over £150 million was also recently completed.

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