Zurich-based utility EWZ is acquiring a 51% stake in Swedish developer Solare Nordic AB as part of a collaboration on the development of solar projects in Sweden.
The acquisition has been approved by the City Council of Zurich, the City of Zurich has announced.
EWZ will partner with Solare Nordic’s management and the company’s shareholder EnergiEngagemang Sverige AB, with the first project from the joint development pipeline expected to be operational by 2025. According to the statement, the planned development activities will be financed with a portion of a CHF 200 million (USD 226.4m/EUR 207.5m) framework credit approved in 2017 for the acquisition of renewable energy facilities.
In parallel, the City of Zurich announced that it has proposed for voting a new framework credit of CHF 200 million, which will enable EWZ to continue to implement its projects.
The company’s latest transaction further expands its renewable energy portfolio in Sweden after EWZ announced in October the acquisition of the 115-MW Anglarna wind farm project in the central parts of the country.
The deals are in line with EWZ’s strategy to expand its production portfolio abroad through investments in the wind and solar power sectors and project development companies.
(CHF 1 = USD 1.132/EUR 1.037)
Source : Renewables Now