Swedish renewable developer Recap Energy and Finnish investment company Korkia have signed a joint venture (JV) to develop more than 200MWp of ground-mounted solar PV projects in Sweden over the next four years.
The newly formed JV will aim to sell shovel-ready projects that are backed either through the signing of corporate power purchase agreements (PPAs) or merchant-based revenue schemes.
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Marco Berggren, CEO of Recap Energy, said: “The combination of the current solar technologies, high energy prices, and straightforward development procedures makes utility scale solar in Sweden not only feasible, but an interesting business.”
Mikko Kantero, executive vice president of Renewable Energy at Korkia said the deal was a “significant step” in Korkia’s ambition to increase solar farms in northern countries, with a power development of over 4GWp in solar and wind power development across Europe and Latin America.
Sweden’s nascent solar market is expected to treble its production in the next two years to 3TWh, according to a report published last week by the Swedish Energy Agency. The country added 400MW of solar PV in 2020 and reached 1GW of installed capacity last year.