Targets 500 MW of Swedish solar in partnership with Solkompaniet

Targets 500 MW of Swedish solar in partnership with Solkompaniet Image

Niam has, through its infrastructure fund Niam Infra Fund, entered into a framework agreement with Solkompaniet to develop large-scale solar parks in southern Sweden. The goal is to jointly develop and build solar parks of up to 500 MW, which corresponds to an investment of more than EUR 300 million. Once commissioned, the solar parks could produce electricity corresponding to the electricity use of 120,000 households in central and southern Sweden, where there is a significant need for new electricity production.

The development of the first two solar parks under the framework agreement is already underway and comprises 80 MW each. Östra Eneby outside Norrköping is the most progressed of the two parks and is located in an area with excellent conditions for solar power, access to electricity grid and where there is strong support from local residents. It is estimated that the solar park could be completed by the end of 2024. The goal is to start the development of additional solar parks under the framework agreement over the next two years.

Niam is one of Northern Europe's leading real asset fund managers and launched its first infrastructure fund in 2021. Through the collaboration with Solkompaniet, Niam intends to finance both development and construction of the solar parks.

Sweden has great conditions for solar parks – plenty of land and good solar irradiation in our long coastal areas. Niam wants to contribute to solar becoming an important part of the Swedish energy system.
Sverker Åkerblom, CEO of Niam Infrastructure

"Sweden's electricity demand is predicted to double as a result of the electrification that is now taking place, and solar can relatively quickly meet part of the increased demand in southern Sweden, where there is significant near-term need", says Sverker Åkerblom, CEO of Niam Infrastructure.

Sweden has had a solar boom for roof-top installations for a number of years now, with homeowners accounting for half of the installed power. The expansion of large scale solar has barely started in Sweden, despite there being significant potential. The high electricity prices during the summer show the need for new electricity production in central and southern Sweden. In addition, the solar parks will produce electricity during day-time when it is needed the most.

"Solkompaniet has built solar parks since the start in 2010, but it is only now that the size of the parks means that they become an important part of our electricity supply. The first solar park that we will develop and build for Niam alone corresponds to as much as has been built historically in Sweden until 2021", says Axel Alm, CEO of Solkompaniet.