Scandinavian countries have a whole host of renewable energy assets at their disposal such as wind, hydro, solar, and biomass. Some of the key players in the renewable energy sector are headquartered in the region such as Illmatar, Fred Olsen Renewables, and Norsk Solar. Countries such as Sweden have pledged to produce no GHG by 2045 and reach 100% renewable electricity production by 2040. These countries will rely on substantial investments from government initiatives and private investors, this article will introduce five IPPs based in the region that will play a role in driving this transition. All of the IPPs included can be found on our list of the largest European IPPs.
Fred Olsen Renewables – wind and solar IPP based in Oslo
Founded in 1990, Fred Olsen has become a leading wind and solar developer with a project pipeline of 4GW from offshore and onshore wind projects to become completed in coming years. The firm owns and operates 12 wind farms that consist of over 300 turbines in the UK, Norway, and Sweden reducing GHG emissions by an estimated 800,000 tonnes. The firm is listed on the Oslo Stock Exchange and with the help of shareholders the Norwegian group aims to develop a sustainable business model. In September 2022, Fred Olsen was successful in their bid for an offshore wind off the coast of Wicklow. The Swedish group will co-develop the 1.5GW site with EDF Renewables and aims to become operational before the year 2030.
Norsk Solar – solar IPP based in Stavanger
Since its inception in 2017, Norsk has developed and operated solar projects with an installed capacity of 107MW. Norsk Solar has a workforce of 40 staff located in offices in Norway, Spain, South Africa, and Brazil. The Norwegian group is listed on the Euronext Growth Oslo stock exchange. Norsk is an IPP that aims to provide clean cost-effective power to its clients and reduce GHGs. In 2021, Norsk announced the establishment of a subsidiary firm that will operate in South Africa as part of its global expansion strategy. The Norwegian group has been active in the South African market since 2018 thanks to investments in Sustain Solar and several other solar projects under development.
Scatec – wind, solar, hydro, and hydrogen IPP based in Oslo
Based in the capital city of Norway, Scatec is a leading provider of renewable energy with a portfolio of 4.6GW of green energy in operation or construction across four continents. The Norwegian group has amassed a workforce with over 700 employees who strive towards ‘Improving our Future’. In 2023, Scatec announced the firm reached financial close for three solar parks in South Africa which have a combined installed capacity of 273MW. The electricity generated will be sold as part of a 20-year PPA once fully operational in 2025.
Alight – solar and storage IPP based in Stockholm
Alight has become a specialist solar developer and relies upon the growth of the solar sector to drive the transition to clean energy sources. The Swedish group is active across all stages of solar development, from construction, operation, and management in order to provide reliable and competitive rates. Currently, the group has 54 solar assets with an installed capacity of 108MW and a project pipeline of 1.5GW of solar parks across Europe. In 2022, the firm announced a partnership with Neoen to co-develop a 90MW solar site on behalf of retail store H&M. In addition, in June 2023 the group signed a PPA with Axfood for its 64MW solar park located on a 71-hectare site, making it three times larger than any solar park in Sweden.
Ilmatar Windpower – wind IPP based in Helsinki
Ilmatar is an ambitious renewable energy developer who aims to become the largest developer of green energy in Finland and the Nordics. Founded in 2011, the Finnish group has developed an impressive pipeline with over 20GW of green infrastructure assets across various stages of development in the Nordics. A cornerstone of this pipeline is a 2.1GW offshore wind project on the coast of Aland, named Project Sunnanvind. The group also secured an offshore research permit off the coast of Finland to secure additional sites with the aim of becoming the leading IPP in the Nordic countries. The Finnish group also announced the acquisition of a 230MW wind portfolio from Alterric Internationale Beteiligungs which when fully operational will account for 1% of Finland’s annual electricity consumption.
Image Source: Alex Eckermann via Unsplash (01.07.23)
