Renewable energy developers GreenGo and Hydro Rein have signed a partnership agreement to develop large-scale photovoltaic (PV) projects in Sweden. The first two projects, with a combined capacity of 118MW, have already been signed over to Hydro Rein. GreenGo will handle the development aspect of the projects, while Hydro Rein will be responsible for construction, operations, and contractual setup.
The projects are expected to generate 143GWh of electricity per year, with grid connection applications already filed. This partnership marks GreenGo's first agreement in the Swedish market, as they aim to expand their footprint in the country and help support the transition to 100% renewable energy.
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This is the second partnership between GreenGo and Hydro Rein in the Nordic region, with the first being in Denmark where Hydro Rein acquired 362MW of GreenGo's PV projects in November 2022. The CEO of GreenGo Energy, Karsten Nielsen, stated that the partnership with Hydro Rein will provide a great and scalable platform for both companies.
The agreement is significant for the Swedish market, as it adds a substantial amount of generation capacity. While Sweden's market is not the largest in Europe, it saw the third-highest comparative increase in PV capacity last year, after Lithuania and Poland, according to a report by energy thinktank Ember.
Hydro Rein's CEO, Olivier Giradot, sees the partnership as a step towards diversifying the company's Nordic portfolio, both geographically and technologically. He noted that with a significant pipeline of wind projects in Sweden and new green industrial development planned in the region, combining wind and solar would help decarbonize Swedish industry.
