Encavis, Solgrid buying 14-MW Swedish solar project
Solar park Krumbach, Germany. Image by Encavis AG.
November 24 (Renewables Now) - German wind and solar farm operator Encavis AG (ETR:ECV) today said it is in the process of acquiring a 14-MW solar project in Sweden under its partnership with Norwegian solar developer Solgrid AS.
To be installed in the Vastervik municipality of eastern Sweden, the photovoltaic (PV) project will be the second scheme of a larger portfolio that the two companies plan to realise without subsidies. At end-2021, the duo agreed to jointly work on an over 100-MWp pipeline and market the electricity under long-term power purchase agreements (PPAs).
The 14-MW project will be owned by EnSol Nordic, a joint venture of Solgrid and Encavis and 90%-controlled by the German firm. The plant is slated to be connected to the grid in the third quarter of next year. It will join the 5-MW Varberg Norra solar park on the western Swedish coast, which is already in operation.
Until bundling several projects to sign a long-term PPA, Encavis will sell short- and mid-term hedged electricity contracts, it said.
As agreed in 2021, EnSol Nordc will acquire ready-to-build PV projects in Sweden and Norway, secure project financing and take care of their construction, operation and maintenance (O&M).
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.