The Swedish government is to take a 60% stake in Videberg Kraft, a dedicated nuclear project company established by the state-owned energy utility Vattenfall in April 2025 to serve as the corporate entity responsible for financing, constructing, and operating Sweden’s new NPPs. In November 2025, a newly formed private industrial consortium, Industrikraft i Sverige AB (backed by 17 major industrial companies such as the Volvo Group, Saab, and Alfa Laval), acquired a 20% equity stake in Videberg Kraft, which plans to build reactors at Ringhals on the Värö Peninsula.
The state’s acquisition will take place through a purchase agreement which means that Vattenfall’s share is reduced to 20%. The formal transfer of the shares to the state is expected to take place in the second half of 2027. Industrikraft retains its 20%. The state has also negotiated the main conditions for the state support to the company.
Building new nuclear power is expensive and complicated, but important for us to have a better functioning energy system, said Sweden’s Financial Markets Minister, Niklas Wykman. “That the state, Vattenfall and the large industrial companies in Industrikraft now agree is a statement of strength for Sweden. The agreement allows for new nuclear power while safeguarding taxpayers’ money and securing order in public finances. We can now go ahead and take this to the European Commission’s attention.”
In the spring amendment budget for 2026, the government sought authorisation from the Riksdag (parliament) to acquire 60% of Videberg Kraft for a maximum of SEK1.8bn ($187m) together with a framework for future capital contributions. The Riksdag approved this in early June.
As an appendix to the purchase agreement, there are also the main conditions for state support and nuclear waste management negotiated between the government and Videberg Kraft earlier this year. The support consists of government loans, price hedging in the form of so-called bidirectional contracts for difference and a risk and profit-sharing model.
With the agreements on state ownership in place, the Government Office will submit a notification of state aid to the European Commission (EC) with a decision expected in autumn 2027.
Anna Borg, President and CEO of Vattenfall, noted: “It is completely unique for an energy company to join forces with industry and the state in a shared ownership structure. “These have been tough negotiations. But we have arrived at a solution in which risks are shared between commercial actors and the state, based on the principle that the party best able to control a risk is also responsible for it. It has been a thorough process, with a strong shared commitment to enabling new nuclear power in Sweden.”
Desirée Comstedt, acting CEO of Videberg Kraft said the government’s announcement that it will become the majority owner “is very welcome and gives us all the conditions needed to enable new nuclear power on the Värö Peninsula”.
Sweden’s parliament last year passed legislation to finance a new generation of reactors, the first built in Sweden for more than 40 years and which the government says is necessary for energy security and achieving net zero emissions by 2045. In August 2025, the Act on state aid for investments in new nuclear power entered into force under which companies can apply for financial support that is provided at different stages of a project.
The state aid is limited and is planned to include investments of up to a total installed capacity of approximately 5,000 MWe, which is equivalent to four large-scale reactors. In December 2025, Videberg Kraft applied for state aid to support proposals for either five GE Vernova Hitachi BWRX-300 small modular reactors (SMRs) or three Rolls-Royce SMRs to provide about 1,500 MWe at the Ringhals site. The location was prioritised because it hosts the existing Ringhals NPP, enabling Videberg Kraft to tap into existing high-voltage grid infrastructure, leverage local industrial knowledge, and directly address severe transmission congestion and high electricity prices in Sweden’s southern grid. In June, Vattenfall selected Rolls-Royce SMR to supply the SMRs.
