Sweden has experienced substantial growth in the development of wind energy in recent years.
According to the Swedish Wind Energy Association, wind accounts for 20% of Sweden’s electricity with a current installed capacity of 12.8GW. This is predicted to grow to 17GW by 2024 thanks to the Electricity Certificate System which was formed to accelerate renewable energy development.
In 2022, it was announced that the country will focus on offshore wind energy and have identified areas that are capable of producing 20-30TW per year. Therefore, it is likely we will see a huge increase in wind development in the country in the coming years.
The following three wind farm investors see the potential of investing into wind energy in Sweden and are a part of that increase in wind development.
1) Red Rock Power (Scotland)
Founded in 2004, the Edinburgh-based investment group have added 5 wind projects to their portfolio. One of their projects is located in Overturingen, in Central Sweden. The 241MW wind farm consists of 56 turbines and became operational in 2020. The project is owned by a joint venture between Red Rock Power and CapMan Infra and generates 800GW annually. The wind farm was initially acquired from Green Investment Group and represents their first wind project outside of the UK.
2) Octopus Renewables (UK)
Founded in 2000, the London-based renewables group have amassed a portfolio with an installed capacity of 2.8GW. Octopus Renewables are developing a strong foothold in the Swedish wind market and have acquired 3 wind projects to date. Their latest project is located outside of Vaxjo and has an installed capacity of 32MW. The farm was purchased from Stockholm-based wind and solar developer, OX2. Previously, the London-based group acquired the Rodene 85.8MW onshore wind project from Mirova.
3) Greencoat Renewables (Ireland)
The Irish wind and solar investor first entered the Swedish market with the acquisition of a 101MW wind farm. The project consists of 36 turbines and is located in Norrbotten County, Sweden. The wind farm was purchased from Enercon and the Irish group looks to gain a foothold in the Markbygden region, where the site is located. According to Greencoat, the area has the potential to develop further sites, with an estimated installed capacity of 4GW.
Image Source Unsplash 15.05.2022
