Yoo Energy, an investor in early-stage renewable energy projects across Western Europe and the Nordics, and Earendel Energy, a developer of renewable energy projects in Sweden, have announced a new joint venture to fund the development of a 130 megawatt (MW) solar project in Västerbotten, 700km North of Stockholm. The location enjoys similar solar yields to Dusseldorf, Germany and Sheffield in the UK.
Once operational, the solar farm will be the largest in Sweden, significantly contributing to the country’s renewable energy goals. Sweden has committed to achieving 100% renewable electricity generation by 2040, making investments in large-scale solar critical to meeting this target.
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“We are excited to be partnering with the talented team at Earendel Energy to work on delivering this landmark solar project for Sweden,” said John Hitchcox, CEO of Yoo Energy. “As we continue to invest in renewable energy across Europe, identifying driven, experienced local partners has been key to our investment strategy. Earendel’s impressive track record in the Swedish market makes them an ideal collaborator. Investments in renewable energy infrastructure are crucial to tackling the global climate crisis, and we’re proud to be supporting Sweden’s clean energy transition.”
The 130MW solar farm will be situated on over 150 hectares of land in southern Lapland. Construction is targeted to commence in 2026, with the project slated for completion by 2027. Construction and operation will bring local jobs to the region, and once operational, the solar farm will produce enough clean electricity to power over 30,000 households annually, displacing tens of thousands of tons of carbon emissions.
“We are delighted to be working with an experienced investor in Yoo Energy on this landmark project, which will be a major step forward for renewable energy in Sweden,” said Samuel Brissman, CEO of Earendel Energy. “Sweden has immense potential for large-scale solar development, and our partnership with an experienced investor like Yoo will help us capitalize on this opportunity. Together, with our local community’s engagement, we are committed to delivering clean, affordable energy to support Sweden’s decarbonization efforts and pave the way for a more sustainable energy future. This is the first stepping stone to growing Earendel into a regional developer across the Baltics.”
The joint venture between Yoo Energy and Earendel Energy underscores the growing importance of renewable energy investment, particularly in Nordic countries like Sweden that are leading the global transition away from fossil fuels. This project represents a significant milestone in Sweden’s renewable energy journey and a model for future large-scale solar developments across the region.
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By GlobalDataThe transaction is subject to customary regulatory approval
