Sweden Goes Green: Soltech and Solgrid to Develop MW Solar Plant

By Sophia Francise

June 21, 2023
Photovoltaic Solar Cells

Industrial conglomerate Soltech and Norwegian PV developer Solgrid have inked a contract to build a 300MW solar portfolio in Sweden.

Soltech Energy Solutions, a division of the Soltech Group, will develop and operate around 300 MW of ground-mount solar projects in southern Sweden in collaboration with Solgrid of Norway.

Under the conditions of the collaboration agreement, Solgrid will invest in several solar projects that Soltech Energy Solutions designs, builds, and manages.

If all of the projects are authorized, the partnership will represent an investment of about SEK2 billion (US$185 million/EUR 171.4m), with Solgrid serving as lender and owner and Soltech handling development, operations, and maintenance (O&M).1

Most of the portfolio will be in the southern part of the nation.

In the partnership’s first three to four years, Soltech’s baseline prediction for projects is between SEK700 million and SEK1 billion, subject to permission from regional governments and network owners.

Christoffer Caesar, CEO of Soltech Energy Solutions, says, “This project development agreement confirms the strategic moves 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 and our quality processes and experience within the team.”

Another Swedish PV cooperation with 118MW spread over two projects was agreed to last month by the companies GreenGo and Hydro Rein.

Despite being relatively modest, the Swedish PV sector recorded the third-highest increase in installations in Europe last year, per the think tank Ember statistics. 

In 2022, the market saw growth of 50%, second only to Lithuania and Poland.

References

  1. Ivan Shumkov, ‘Soltech to develop 300 MW in Sweden for solar investor Solgrid’, Renewables Now, 20 June 2023, https://renewablesnow.com/news/soltech-to-develop-300-mw-in-sweden-for-solar-investor-solgrid-826323/[]
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