Iberdrola Agrees Deal for Stake in 9 GW of Offshore Wind Projects

Iberdrola has agreed on a deal to take “majority acquisitions” in the future development of up to 9 GW of offshore wind energy projects in Sweden.

Iberdrola has agreed on a deal to take “majority acquisitions” in the 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 in the future to take a majority stake in each of the offshore projects being developed. SVO’s first offshore wind farm, the 250MW Utposten I, is in the advanced stages of obtaining environmental permits.

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

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.

Earlier this month the company had 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 in a major offshore wind farm in France (the EUR 2.4 billion 496 MW Saint-Brieuc offshore wind farm in France, stake increased from 70 percent to 100 percent) and the acquisition of French renewable energy firm Aalto Power for EUR 100 million.

Founded in 2005 and headquartered in Marseilles, Aalto Power already has 118 megawatts (MW) of onshore wind generation operating in France and has a portfolio of onshore wind projects in the country in different stages of development to add another 636 MW.

Two separate agreements to develop 165 MW of onshore wind in central Scotland that could see an investment of over GBP 150 million was also recently completed.