By Giulia Petroni

Iberdrola SA said Tuesday that it has signed an agreement that gives it the option to acquire a majority stake in up to eight developing projects in Sweden from Svea Vind Offshore AB.

The Spanish utility company said the projects--which are in various stages of development--are expected to become operational from 2029 onwards.

The agreement will allow the company to develop up to 9 gigawatts of offshore wind energy capacity in the country, according to Iberdrola.

"In 2020 Iberdrola will make record investments of 10 billion euros ($11.23 billion), and the agreement in Sweden marks the fifth significant advance in renewables for the company during the current Covid-19 crisis," the company said. 



  Write to Giulia Petroni at giulia.petroni@wsj.com