SWEDEN Trends and Developments Contributed by: Manne Bergnéhr, Ingela Sundelin and Arvid Sundelin, Hellström Law Firm
ly near term, corporate and consortium M&A at the development platform level has been observed: site acquisitions, land/control options, and IP/technology partnerships. Commercial themes The following themes arise in the nuclear sector. • Policy-linked risk sharing – Investors structure step-in/step-out rights around regulatory mile- stones (site designation, safety case acceptance, grid integration commitments) and public support frameworks. • Supply chain and localisation – Diligence covers long lead components, nuclear fuel strategy, and localisation rights and obligations. • Interface with the grid – Newbuild must dovetail with transmission reinforcements and demand clusters (eg, south of Sweden deficits). Typical structures Structures include: consortium joint ventures with phased equit; vendor development cost recovery; and government-linked undertakings participation. Government-linked undertakings could participate at equity level in certain greenfield projects. For targets holding brownfield nuclear adjacent sites, transactions include: complex land and water rights packages; coastal zoning; and environmental baseline studies. Diligence issues Issues include: land and water rights; licensing pathway(s) and regulator interactions; decommis- sioning and waste obligations; and vendor technol-
hydropower plants to sell before clarification on the process forward is presented. Commercial themes These include the following. • Modern environmental conditions – The national plan requires upgrades (eg, fish passages, mini- mum flows) that can reduce production or increase capex. • Flexibility value – Hydro’s balancing and ancillary value is rising with wind penetration. Typical structures Structures include: carve-outs of small hydro portfo- lios from industrial owners; and joint ventures for basin level optimisation. Contractual water law diligence often dictates structure. Diligence hotspots These include: water rights; concession renewal; fish- ery and biodiversity obligations; sediment manage- ment; dam safety standards; and cybersecurity. Solar Market character After a record year in 2023, a more moderate growth was seen in 2024 and 2025, and grid access became the binding constraint in some areas. M&A activity spans rooftop portfolios and utility-scale greenfield in regions with grid headroom. Co-location with battery storage is increasingly standard in newbuild. Commercial themes The following themes arise in this area. • Tariffs and taxes – Sweden’s framework remains supportive, though buyers must diligence energy tax and billing arrangements. • Grid and land – Grid letters and interconnec- tion deposits are value drivers; for rooftops, roof condition, structural load, fire safety and landlord consent packages are central. Typical structures Structures include: share deals in SPVs for operat- ing (corporate) rooftops; asset deals/forward sale
ogy maturity. Hydropower Market character
Hydro remains Sweden’s backbone and a core hold- ing for incumbents, but portfolio optimisation and environmental modernisation capex create opportuni- ties at the margin, particularly for small/medium plants and concessions linked to industrial sites. The uncer- tainty of the funding (environmental fund on pause) for review processes is a driver for owners of small-scale
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