Commerz Real is entering the Swedish photovoltaic market, acquiring two solar park projects for its Institutional Renewable Energies Fund II.

The assets comprise solar park Kings Roar, which has installed capacity of 21.7 MWp in the municipality of Västerås, about 100km west of Stockholm, and Tierpark, which as 47.3 MWp in Tierp, about 130km to the north of the Swedish capital.

According to Swedish developer Helios Nordic Energy, which is selling the assets but will continue to operate them, it is one of the biggest transactions to date in the Swedish solar energy market.

When completed in 2023, the two parks are designed to avoid approximately 295 tonnes of carbon dioxide emissions every year.

The generated electricity is to be marketed on the Scandinavian energy exchange Nord Pool at the respective daily price and according to figures from EUROSTAT, the Statistical Office of the EU, will meet the annual electricity requirements of about 8,500 Swedish households.

“The Swedish market for photovoltaic offers attractive framework conditions in selected regions,” said Yves-Maurice Radwan, head of green deal infrastructure at Commerz Real.

“As grid parity was achieved some years ago already, we are able to further diversify our portfolio for our institutional investors geographically and in terms of electricity generation types in a growing solar market.”

Commerz Real, which has been investing in solar energy since 2005, manages more than 50 solar power plants and more than 30 onshore and offshore wind farms with a total installed capacity of more than 1.4 gigawatts.