Already well established in the Swedish wind project development and solar distribution market, BayWa r.e. will now drive forward its solar projects business in Sweden, with the securing of this latest parcel of land anticipated to be the first of many.
100% renewable electricity production by 2040
Sweden is targeting 100% renewable electricity production by 2040. The ability to build projects without or with minimal subsidies and its economic stability make the country attractive for developers and investors. Solar currently makes up only 1.7% of the Swedish capacity, versus the more mature wind industry at 20.6% according to Global Data, but the Swedish Energy Industry predicts major growth in solar over the next few years.
Enable the easing of grid capacity
Southern Sweden, where the land has been acquired, faces the additional challenge of grid capacity due to the natural location of hydro production and majority of wind farms being established in Northern Sweden. The future creation of this solar park, and others, will enable the easing of grid capacity for the growing energy demand in this area.
„Sweden is an important market for us“
Håkan Wallin, Managing Director of BayWa r.e. Scandinavia AB, commented: “Securing this land, and with plans to secure much more in the future, marks a significant milestone for us in Sweden and is just the start of our solar projects journey. Sweden is an important market for us and one that carries enormous potential for a renewable future“.
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„Through our wind projects business, we have become a trusted partner for landowners, developers and investors. Now, with the growth of our solar business, we expand our business offering and our role in helping to drive forward Sweden’s renewable transition and achieve its 2040 targets“, Wallin said. (hcn)
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