Hexicon has moved to take full ownership of the Mareld floating offshore wind project in Sweden after reaching an agreement to acquire the remaining 50% stake from its joint venture partner Mainstream Renewable Power.
Under the terms of the deal, the Stockholm based developer will pay an upfront consideration of SEK 1 (around $0.11), with an additional €4.5m ($5.26m) in milestone-based payments linked to the project securing an offtake contract in a future auction. Once completed, the transaction will give Hexicon full control over the development.
The project now awaits a final decision from the Swedish government under the Swedish Economic Zone Act (SEZ). The application has already received a positive recommendation from the County Administrative Board of Västra Götaland, issued in June 2024, but final approval still rests with national authorities.
If fully developed, Mareld is expected to generate up to 12 TWh of electricity annually, which is roughly equivalent to the yearly consumption of around two million households. The project is seen as increasingly relevant in the context of rising demand, with electricity consumption in western Sweden forecast to double by 2030.
“By taking full ownership, we strengthen our ability to advance the project and realise its long-term value. We now look forward to the Government’s decision on the remaining permits,” said Marcus Thor, CEO of Hexicon.
With the transaction, Hexicon consolidates its position in the floating wind sector at a time when European developers are racing to secure large-scale renewable capacity and grid-ready projects capable of supporting future demand growth.
