Iberdrola signed a deal to take control of a potential 9GW of offshore wind development off Sweden, in another major move by the Spain-based global renewables giant to expand into new markets.

Iberdrola can take majority stakes in eight projects under development by Svea Vind under the terms of a deal signed with the local group.

Svea Vind is advancing the projects in two clusters, one off Gavle in the Gulf of Bothnia with six developments up to 5.1GW, and a second around Oxelosund in the Baltic south of Stockholm of two projects with 3.9GW potential.

The first Svea Vind project, the 250MW Utposten 1, is at an “advanced stage of environmental permit planning” said Iberdrola.

The projects are expected to enter service from 2029.

Svea Vind CEO Mattias Wärn told Recharge last year that Sweden has excellent technical potential for offshore wind, with good wind conditions and relatively shallow waters.

The renewable source can be a baseload option for Sweden as the country exits nuclear, he added.

Local utility giant Vattenfall – like Iberdrola a big force in European offshore wind – also has potential developments in place off Sweden.

With the move, Iberdrola adds Sweden to its current active offshore wind markets in the UK, Germany, France and the US.

The Spanish giant has also indicated it has ambitions in its own market and recently formed a loose alliance with an offshore wind developer in Poland.

That’s part of a wider agenda by Iberdrola to invest heavily in renewables as the world recovers from the coronavirus pandemic, which has also seen it launch a takeover bid for Australia’s Infigen and buy an onshore wind developer in France.

Wind

Iberdrola enters Swedish offshore wind with deal to control up to 9GW