Iberdrola has agreed a deal to take majority acquisitions in the projects with the renewables company Svea Vind Offshore (SVO) for the future development of up to 9GW of offshore wind energy capacity in Sweden. Eight projects in total are in various stages of development, and are expected to begin operations from 2029 onwards.
They are grouped around two geographical clusters: Gavle (six wind farms with a total of 5.1 GW) and Oxelosund (two offshore wind farms with a combined capacity of 3.9 GW). The framework agreement will allow Iberdrola in the future to take a majority stake in each of the offshore projects being developed. SVO's first offshore wind farm, the 250MW Utposten I, is in the advanced stages of obtaining environmental permits.