Industrial group Soltech has signed an agreement with Norwegian PV developer Solgrid to construct a 300MW solar portfolio in Sweden.
The agreement will represent around SEK2 billion (US$185 million) in investment if all of the projects are approved, and will see Solgrid act as financier and owner, whilst Soltech will handle development and operations & maintenance (O&M). The portfolio will predominantly be in the south of the country.
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The minimum forecast for projects under the agreement – pending approvals from regional administrations and network owners – would amount to between SEK700 million and SEK1 billion in the first 3-4 years for Soltech.
Christoffer Caesar, CEO of Soltech Energy Solutions said: “This project development agreement confirms the strategic movement we are making towards becoming a large-scale project developer that attracts investors that want to contribute to and accelerate the green transition. Solgrid is a highly competent partner who has seen the advantages in Sweden’s solar energy conditions as well as in our quality processes and experience within the team.”
Another Swedish PV partnership was signed last month for 118MW split over two projects between developers GreenGo and Hydro Rein.
Though fairly small, the Swedish PV market saw the third highest installation increase in Europe last year according to data from Ember, a thinktank. The market grew 50% in 2022, beaten only by Lithuania and Poland.