Country focus Sweden relies on wind and water. Solar will be next. 

Sweden: Tradition by wind, dynamics by solar power

What drives this change is the need for electricity. It is growing strongly. According to the Swedish Energy Agency’s short-term forecast, electricity generation will grow significantly by 2028³ - driven by industrial electrification, steel industry, battery production and data centres. Wind and water alone will not be able to fully meet this need.

This is where solar power comes in. By the end of 2025, Sweden had 5,541 megawatts of installed solar power¹, still a modest share of the total mix, but with significant growth. Especially striking: The expansion of open-plant facilities larger than 1 megawatt increased by 128 percent in 2025 compared to the previous year. According to the Swedish Energy Agency’s forecast, solar power generation is expected to grow to around 9 terawatt hours by 2028. An increase of around 190 percent compared to 2023.³ 

Geographically, Southern Sweden in particular offers surprisingly good solar conditions. The countries of Västra Götaland and Södermanland, where Wingfields and Gas Light are built, are on a similar latitude to northern Germany. This is no coincidence: Southern Sweden combines hours of sunshine with grid infrastructure and industrial power demand.

The growth of small rooftop and household installations slowed down noticeably in 2025. The total expansion of all plants was only +15 percent compared to 2024, after 70 percent between 2022 and 2023.¹ The growth driver is changing: away from the roof, towards the open area. Exactly where klimaVest is active. 

klimaVest in Sweden: two southern Swedish plants under construction

In Sweden, klimaVest invests exclusively in photovoltaic project developments. Commerz Real secured its entry into the market at the end of 2022 with the rights to purchase a total of five solar projects with over 270 megawatt peaks in southern Sweden. The developer is Swedish Helios Nordic Energy, a Nordic and Baltic project developer with around 70 ongoing projects.²

Two plants are currently under construction: Wingfields in Södermanland, about 100 kilometres south of Stockholm, and Gas Light in Västra Götaland near Gothenburg. Both are scheduled to go into operation in the first quarter of 2027. 

Sweden in context: Growth market in the European portfolio  

klimaVest invests in Sweden in a targeted manner in the fastest-growing segment: Utility-scale solar. As the demand for electricity increases due to industrial electrification, southern Sweden’s structural demand for this electricity is growing.

In the overall European portfolio, Sweden complements the existing wind and solar sites in Germany, Finland, France, Spain and Ireland. Geographically and technologically, this results in a broad spread: from onshore wind in Ireland to utility-scale solar in southern Sweden.

The Swedish Energy Agency’s forecasts show: Solar will become a much larger factor in Sweden’s electricity mix by 2028.³ Wingfields and Gas Light are scheduled to go into operation during this period.