Sweden based solar developer Solkompaniet has joined hands with Norwegian real estate asset manager Niam to co-develop a portfolio of 500 MW solar power parks in Sweden for an investment of more than SEK 3 billion ($266 million).
Niam has signed the framework agreement for large-scale solar power plant development with Solkompaniet through its infrastructure fund Niam Infra Fund.
Initial 2 solar parks under the arrangement have a capacity of 80 MW each and are currently underway. One of these projects Östra Eneby outside Norrköping is expected to be completed by the end of 2024 and enjoys good access to electricity network infrastructure.
The duo plans to start development on more solar parks under the agreement over the next 2 years.
Solkompaniet believes that the momentum towards rooftop solar installations in the country continues with extremely high grid electricity prices. The same reason also shows the importance of having new electricity production sources in Central and Southern Sweden where it is needed the most, especially during the day time.
"Sweden has good conditions for solar parks, plenty of land and good solar radiation in our long coastal areas," said CEO of Niam Infrastructure, Sverker Åkerblom. "Sweden's electricity demand is predicted to double through the electrification that is now taking place, and solar can relatively quickly meet part of the increased demand in southern Sweden, where the need is greatest in the near term."
While rooftop solar abounds in this part of the world, large scale solar space is growing in demand. Finland's Ilmatar has 2 large scale solar plants in the pipeline for Sweden, one with 450 MW and the other with 550 MW capacity (see Europe PV News Snippets).