Hexicon has entered into an agreement to acquire the remaining 50 percent of the shares in Mareld Green Energy from its joint venture partner Mainstream Renewable Power. Following the transaction, Hexicon will own 100 per cent of Mareld Green Energy. Hexicon will acquire the shares for an upfront consideration of SEK 1 and an additional milestone-based consideration of EUR 4.5 million, payable if the project is awarded an offtake contract in a future auction.
Through the acquisition, Hexicon will take full ownership and control of Mareld, a strategically important project in the company’s Swedish offshore wind portfolio.
Mareld is currently at a critical stage in its development. The Swedish Government is expected to make a final decision on the project’s application under the Swedish Economic Zone Act (SEZ). The application was recommended for approval by the County Administrative Board of Västra Götaland in June 2024.
When fully developed, Mareld has the potential to generate up to 12 TWh of electricity annually, equivalent to the annual electricity consumption of approximately two million households. With electricity demand in Western Sweden expected to double by 2030, driven by the industrial transition, Mareld could play an important role in securing the region’s supply of renewable electricity.
'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,' says Marcus Thor, CEO of Hexicon.
The transaction is in line with Hexicon’s strategy to develop, optimize and realize value across its project portfolio. By consolidating ownership of Mareld, Hexicon increases its flexibility in the continued development of the project and in planning for its long-term value creation.
About Hexicon
Hexicon is an early project developer in floating wind, opening new markets in deep water areas, and a technology provider with a patented floating wind design – TwinWind™. The dual business model supports the world’s transition to sustainable energy. Floating wind is an important part of the future energy mix. It can be deployed quickly and at scale, contributing to the electrification of society at large. Hexicon operates in several markets across Europe, Africa and Asia. Hexicon is listed on Nasdaq First NorthMarket (ticker HEXI). Certified Adviser is FNCA Sweden AB.
Source: Hexicon
