The Nordic region is set to become a European renewables powerhouse, according to Rystad Energy. It says Finland, Sweden and Denmark could collectively install up to 12.8 GW of new solar by 2030.

NOVEMBER 29, 2022 
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Denmark, Sweden, and Finland could add a total of 12.8 GW of PV by 2030, according to a new study by Norwegian research company Rystad Energy. The Nordic region is set to become a renewables powerhouse in Europe, with onshore wind accounting for most of the growth at 61.5 GW.

Denmark is expected to lead solar development in the region. Rystad Energy predicts that the country will add 9 GW of PV by 2030, followed by Sweden with 3 GW, and Finland with 0.8 GW. By 2030, Sweden aims to source 65% of its power generation capacity from renewables. Finland has set its target at 51% and Denmark at 55%.

“The Nordics at present produce over 90% of their power (including nuclear) via renewables and are significant electricity exporters to the rest of Europe,” said Francesca Bjørnflaten, senior analyst at Rystad Energy. “That trend will intensify as geography, technology and managerial experience in the region will see renewable investment and generation increase.”

Green hydrogen projects are also poised for substantial growth in the region. Denmark, Sweden and Finland have announced almost 40 separate hydrogen projects, with operations scheduled to start in 2030 or earlier.
“The combined share of electrolyzer capacity for green hydrogen production in the three countries will comprise about 18% of the European market by 2030,” said the report.

Denmark will also lead the uptake of green hydrogen, accounting for 12% of the European market by 2030. Sweden will follow with a 5% share, as it is looking to use green hydrogen to decarbonize its steel industry.

According to the latest statistics, Denmark had an installed PV capacity of more than 2 GW by the end of 2021, while Sweden and Finland stood at 1.59 GW and 395 MW, respectively.