RWE has signed an agreement to sell its Swedish wind portfolio to Aneo, marking a clean exit from the Swedish market. The transaction goes beyond asset transfer. It includes RWE’s onshore service business, development, operations, maintenance, and offshore teams tied to the projects. Closing is expected in Q1-2026, subject to conditions precedent.

The single insight is structural: RWE is reallocating capital away from smaller Nordic positions, while Aneo is acquiring a fully integrated platform, not just megawatts. This is a strategic retreat versus a scale-driven entry, executed through a carve-out that preserves execution capability.

The portfolio totals 1.97 GW, comprising 124 MW of operational onshore wind across 11 projects, a 48 MW operational offshore asset, and a ~1.8 GW onshore development pipeline. Operational assets generate roughly 500 GWh per year, largely in SE4, one of Sweden’s tighter price zones.

Revenue structures are mixed but visible. The Orken project sells power under an 8-year PPA with Carlsberg. Karehamn benefits from Green Certificates until 2028. Villkol is merchant, offering direct price exposure.

Commercially, this signals that scale in the Nordics now favors integrated operators over capital-heavy multinationals. Aneo gains assets, people, and pipeline in one transaction. RWE frees capital and management bandwidth for larger international bets.

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