Hexicon has agreed to acquire the remaining 50% stake in Mareld Green Energy from Mainstream Renewable Power.
The deal will make Hexicon the sole owner of the Mareld offshore wind project in Sweden.
Hexicon said it will acquire the shares for an upfront consideration of SEK1 and an additional milestone-based payment of €4.5m if the project secures an offtake contract in a future auction.
The company described Mareld as a strategically important project in its Swedish offshore wind portfolio.
Hexicon said the Swedish Government is expected to make a final decision on the project’s application under the Swedish Economic Zone Act.
The application was recommended for approval by the County Administrative Board of Västra Götaland in June 2024.
When fully developed, Mareld could generate up to 12TWh of electricity annually, according to Hexicon.
The company said this is equivalent to the annual electricity consumption of about two million households.
Hexicon chief executive Marcus Thor said: “Mareld has the potential to become one of Sweden’s largest offshore wind farms and to play an important role in meeting growing electricity demand in Western Sweden and supporting the industrial transition.
“By taking full ownership, we strengthen our ability to advance the project and realize its long-term value.
“We now look forward to the Government’s decision on the remaining permits.”
Hexicon said the acquisition is in line with its strategy to develop, optimise and realise value across its project portfolio.