Hexicon AB agreed to acquire the remaining 50% of Mareld Green Energy AB from Mainstream Renewable Power, moving from joint venture partner to sole owner of the Swedish offshore wind developer. The deal includes SEK 1 upfront and up to EUR 4.5 million in milestone-based consideration if Mareld secures an offtake contract in a future auction. The 2.5 GW Mareld floating offshore wind project is awaiting a Swedish Government decision under the Swedish Economic Zone Act.

The shift is clear: Europe offshore wind M&A is moving from shared pipeline exposure to full control of advanced-stage assets. For Hexicon, control matters commercially because permitting, auction participation, and future farm-down optionality depend on decision speed.

Mareld was recommended for approval by the County Administrative Board of Västra Götaland in June 2024. If fully developed, the project could generate up to 12 TWh annually, supporting industrial load growth in Western Sweden.

The buyer is a listed developer, not a PE fund or utility. The asset is advanced-stage, pre-final permit, and pre-offtake. The structure limits upfront cash outlay while tying seller upside to auction success.

Enerdatics has tracked rising European buyer selectivity around de-risked assets, grid access, and milestone-based deal structures across 2025 M&A.
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The signal: offshore wind developers are consolidating control before value inflection points, not after construction risk is removed.

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