Zurich-based utility EWZ is set to acquire a 51% stake in Swedish developer Solare Nordic AB, marking a strategic collaboration to advance solar projects in Sweden. The acquisition, sanctioned by the City Council of Zurich, reinforces EWZ's commitment to expanding its renewable energy portfolio through international investments in the solar and wind power sectors.
EWZ will join forces with Solare Nordic's management and major shareholder EnergiEngagemang Sverige AB to drive the development of solar projects in Sweden. The partnership aims to leverage the strengths of both entities, with the first project from their joint development pipeline anticipated to become operational by 2025.
The City of Zurich, endorsing the acquisition, disclosed that the planned development activities will be funded using a portion of a CHF 200 million (USD 226.4m/EUR 207.5m) framework credit, initially approved in 2017 for acquiring renewable energy facilities. In tandem, the City of Zurich has proposed a new framework credit of CHF 200 million to facilitate EWZ's ongoing project implementation.
EWZ's latest move follows its expansion into the Swedish renewable energy landscape, as announced in October with the acquisition of the 115-MW Anglarna wind farm project in central Sweden. These initiatives align seamlessly with EWZ's overarching strategy to broaden its production portfolio abroad, emphasizing investments in wind and solar power sectors and collaboration with project development companies.
The collaboration with Solare Nordic underscores EWZ's dedication to fostering sustainable energy initiatives and capitalizing on opportunities for international growth. The acquisitions, in line with the utility's strategic vision, signal a concerted effort to contribute to the global transition towards renewable energy sources.
