Iberdrola arrives in Sweden with the signing of a majority acquisition option for eight projects of the company SVO

To develop 9 GW of offshore wind capacity

The company continues to lead the global energy sector, with a fifth operation during the pandemic that follows those carried out in Australia, France and the UK.

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Iberdrola has agreed with the Swedish company Svea Vind Offshore AB (SVO) a majority acquisition option for the future development of the largest portfolio of projects in offshore wind energy in Sweden.

 

It is expected that all of these projects, which total 9 gigawatts (GW) of capacity and are in different stages of processing, may come into operation starting in 2029. Basically, they are grouped around two geographical areas, considered of national interest for the development of wind power: Gavle (six parks totaling 5,1 GW of power) and Oxelosund (two marine parks with 3,9 GW of combined power)

 

The objective of the framework agreement is to close specific contracts for each project, thanks to which Iberdrola will take a majority stake in each of the marine facilities that SVO has promoted since 2013, the year since which it has managed to accumulate one of the largest offshore wind portfolios. important of the European continent and the most important of the Baltic Sea.

 

The first of offshore wind farms promoted by SVOs, Utposten I, with a capacity of 250 MW, is in the advanced process of obtaining environmental permits. Among the additional advantages provided by SVO's project portfolio is that the parks are located near the coast, in shallow waters, and in areas with high wind speeds.

 

In addition, they will be located near areas with relevant industrial activity and good transmission network infrastructure, which will facilitate the distribution and commercialization of the clean energy generated.

Sweden: A new market with a high renewable potential

 

Thanks to this operation, Iberdrola bursts strongly into a new European market in which until now it had no presence, the Swedish market, which has enormous development potential in the field of renewable energies, strategic for the Spanish group.

 

Not in vain, the Swedish government aims to ensure that by 2040, 100% of its electrical energy comes from renewable energy sources. Given that it is in the process of abandoning nuclear energy - which currently contributes about 66 TWh, 42% of the total -, the country will have to develop at least 70 TWh renewable energy to achieve its goals[i], with about 30 TWh from offshore wind.

 

The company led by Ignacio Galán, which will make record investments of 10.000 million this year distributed in different projects, is thus carrying out its fifth corporate operation so far this year to continue consolidating its global leadership position in the energy sector. renewables and, specifically, in offshore wind, where it already has almost 1.200 MW operational in United Kingdom (East Anglia ONE and WoDS) and Germany (Wikinger).

 

With this transaction Iberdrola continues to lead the international energy sector, with a fifth corporate operation in just one semester, also marked by the Covid-19 pandemic, which follows the four previously announced in Australia, France and the United Kingdom.

 

On the one hand, on June 17 it notified the launch of a friendly takeover bid for the acquisition of 100% of the Australian renewable energy company Infigen Energy, which has the support of the Board of Directors and the company's main shareholder (TCI Fund Management, with 33% of the shares), for 840 million Australian dollars (about 510 million euros).

 

Thanks to the purchase of this company, which has more than 670 MW of operational wind power - seven parks - and a portfolio of 1 GW wind and solar projects in different phases of development, Iberdrola will become the market leader in the region of South Australia by installed capacity, with almost 1.000 MW. The acquisition of Infigen Energy It will allow Iberdrola to consolidate its entry into a new and relevant market, such as the Australian market, which it considers a priority and where this year it announced its arrival.

 

The company is currently developing the renewable hybrid project port-augusta, located in the South Australian region, which will have 320 MW of capacity: a 210 MW wind farm and a 110 MW photovoltaic plant.

 

On the other hand, on May 12 it announced the purchase of two onshore wind projects in Scotland, which total 165 MW of capacity and whose development will involve an investment of around 190 million euros.

 

Thanks to this transaction, Iberdrola's subsidiary in United Kingdom, ScottishPower, will be able to develop its third largest wind complex in the country, with 220 MW of capacity, given that, to the 165 MW now acquired, it will add the 55 MW of another neighboring park that it was already promoting and that is now being reactivated. This enclave, whose development will require a global investment of around 250 million euros, will be capable of supplying green energy to almost 135.000 homes.

 

Likewise, on May 6, he notified the CNMV the acquisition of the French company Aalto Power for just over 100 million euros. Founded in 2005 and headquartered in Marseille, Aalto Power contributes to Iberdrola 118 MW of onshore wind operational in France and a portfolio of onshore wind projects in said country that totals another 636 MW, which are in different phases of development.

 

The integration of Aalto Power, property until a few days ago Aiolos, y Fund deposits and Consignment, reinforces the company's growth plans in the French renewable generation area, thanks to the projects that the company has and its team of professionals.

 

Finally, Iberdrola On March 9, 100% of the capital of the French offshore wind farm was acquired Saint Brieuc, which will involve an approximate investment of 2.500 billion euros. The 496 MW of power of this complex, which will begin construction in 2021, will come into operation in 2023, generating enough clean energy to satisfy the electricity consumption of about 835.000 people. Located in Brittany, about 16 kilometers from the coast , the park Saint Brieuc will have 62 turbines Siemens Gamesa, of 8 MW of unit power, which will extend over an area of ​​75 square kilometers. The wind turbines will have a total height of 207 meters.