Swedish solar developer Solkompaniet and investment firm Niam, through its infrastructure fund Niam Infra Fund, have entered into a framework agreement to invest €300 million (US$289 million) in utility-scale solar PV in Sweden.
The companies will jointly develop and build up to 500MW of solar parks in the central and southern parts of the country, with the first two solar plants already underway and with a capacity of 80MW each.
One of the utility-scale projects with the most advanced progress is located near Norrköping, in an area with “excellent” solar conditions, according to Niam. That project is expected to be operational by the end of 2024, with the goal to start development on further projects in the coming two years.
“Sweden’s electricity demand is predicted to double as a result of the electrification that is now taking place, and solar can relatively quickly meet part of the increased demand in southern Sweden, where there is significant near-term need,” said Sverker Åkerblom, CEO of Niam Infrastructure.
Sweden’s solar output is set to triple over the next two years, according to recent research.