Iberdrola is expanding its presence in the Swedish energy market by acquiring a majority stake in eight projects that are set to be developed in the country.
Iberdrola will be acquiring the stakes from Svea Vind Offshore AB.
The eight wind energy projects are in various stages and are expected to come online as from 2029.
Six of the eight projects are in Gavle and have a total capacity of 5.1GW, whilst the remaining two are in Oxelosund and have a total capacity of 3.9GW.
The framework agreement will allow Iberdrola in the future to take a majority stake in each of the offshore projects being developed.
Sweden has set a goal of producing 100% of its energy from renewables by 2040.
The acquisitions are part of Iberdrola’s attempt at a record investment of 10 billion euros in 2020.
The deal is Iberdrola’s fifth significant advance in renewables for the company during the current Covid-19 crisis.