Iberdrola has agreed to take majority investments in ventures with the renewable energy company Svea Vind Offshore (SVO) to build up to 9GW of offshore wind energy in Sweden in the future.
A total of eight projects are in different stages of development, and operations are expected to begin in 2029. They are clustered around two regional clusters: Gavle (six wind farms with 5.1 GW in total) and Oxelosund (two offshore wind farms with 3.9 GW combined).
The framework agreement would allow Iberdrola to take a majority stake in each of the offshore projects under construction in the future.
SVO’s first offshore wind farm, the 250MW Utposten I, is in the advanced stages of obtaining environmental permits.