Aker Offshore Wind and Hexicon have entered into a joint development agreement to explore opportunities to develop floating wind projects off Sweden that could generate several gigawatts of power.
The two companies have agreed to jointly work to mature early phase prospects in Sweden.
“Working with Hexicon presents an opportunity to actively take part in shaping the Swedish offshore wind market, and to support the country’s energy transition towards net zero,” said Aker Offshore Wind CEO Astrid Skarheim Onsum.
“In Hexicon, we see a strong cultural fit and a partner with complementary skillset in local project development.”
Stockholm-based Hexicon was founded in 2009 and is developing floating offshore wind projects with other established industry partners in countries such as South Korea and Scotland.
Offshore wind in Sweden is an early stage market with large potential, and Hexicon is the only dedicated floating wind developer in the domestic market.
Hexicon CEO Marcus Thor added: “As a Swedish company, we want to take an active part in the domestic energy transition. Sweden has large energy needs, and the Swedish industry is dependent on a stable energy supply.
“Together with the great team at Aker Offshore Wind, we will be able to accelerate the work to develop Sweden’s first floating wind projects.”
Both parties are technology agnostic for the purposes of the project and will work together to identify the optimal technology solutions for each project.
The Swedish offshore wind market is expected to grow, as the country implements plans to boost renewable energy generation and reach net zero greenhouse gas emissions by 2045.
Sweden aims to phase out nuclear power, which currently accounts for 40% of the energy mix, to be replaced by renewables. At the same time, energy demand is increasing from population growth, electrification of infrastructure and industry.
Sweden has a well-established corporate power purchasing agreement (PPA) market, in which several international companies have signed onshore wind PPAs in recent years.
Aker Offshore Wind and Hexicon will explore a range of opportunities to secure attractive offtake partners for renewable power.
Aker Offshore Wind was supported on the agreement by Green Giraffe (financial advisor) and Advokatfirmet BAHR (legal advisor).