Swedish state forest owner Sveaskog has partnered with solar park developer Alight to develop solar energy projects with a combined capacity of 2GW up to 2029.
The collaboration aims to tackle Sweden’s electricity deficit by utilising Sveaskog’s vast land holdings for renewable energy production.
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The partnership’s initial phase includes the development of two solar parks, one spanning 150 hectares (ha) in central Sweden and another covering 70ha in the southern part of the country.
These areas, known as SE3 and SE4, are currently facing electricity shortages and require renewable energy infrastructure.
Alight will be responsible for the development, construction and co-ownership of the solar parks situated on Sveaskog’s land.
Alight CEO Harald Överholm stated: “Solar power is a fast and affordable solution to combat the climate crisis, especially given Sweden’s increasing demand for renewable electricity.
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By GlobalData“We are impressed by Sveaskog’s high ambitions in sustainability and look forward to jointly building and managing solar projects that strive for the best balance of ecological, economic and social values.”
Sveaskog has committed to co-investing between 30% and 49% in these ventures and will also implement sustainable management practices throughout the development process.
The development of the first two solar park projects is already underway.
Sveaskog, owning 14% of Sweden’s forests — around 3.4 million hectares, including three million hectares of productive forest land — has the potential to greatly enhance Sweden’s renewable energy capacity.
If just 0.2% or 10,000ha of Sveaskog’s land were transformed into solar parks, it could yield 5GW of renewable energy, effectively more than doubling the nation’s current solar capacity.
Sveaskog CEO Erik Brandsma stated: “Sveaskog’s mission is to create value from forest and land. Investing in solar power on our land is natural for us as a large landowner and a way to contribute to the energy transition and the future need for fossil-free energy sources.
“Alight will be a stable partner for us in this work.”
In November 2022, DIF Capital Partners agreed to acquire a significant stake in Alight for €150m.
