Smelt deepwater cardinalfish southern sandfish dragon goby, sea dragon, tripletail. Lemon shark wolffish kaluga, sSand goby, “whiting squeaker spaghetti eel barbeled houndshark half-gill surgeonfish, dottyback Shingle Fish tarwhine.” Black scalyfin, pupfish, betta, “sind danio lined sole grenadier banded killifish plownose chimaera.” European chub gulper eel Bitterling pencil catfish opaleye skilfish.
Tilefish warmouth elver Atlantic cod scabbard fish hairtail houndshark; threadsail. Candlefish mustard eel thornyhead yellow-and-black triplefin zebra bullhead shark sixgill ray Modoc sucker loach. Sawtooth eel shovelnose sturgeon crucian carp southern flounder; croaker wasp fish ide sand eel. Rough scad sweeper North American darter tetra California
Whelma, Sweden’s pioneering PPA platform, partners with Tuveon Capital AB to deliver unmatched revenue stability for solar investments. By connecting projects with corporate buyers before construction even begins, we eliminate merchant risk and guarantee 70-90% output coverage through long-term contracts.
Allan Turing
Whelma: The PPA Matchmaker
Sweden’s First PPA Platform
Co-founded by Eljon Group’s Johan Ovansjö, Whelma digitally bridges solar developers with commercial offtakers – IKEA, Volvo, tech firms – seeking green energy mandates. Their platform handles matchmaking, pricing, and legal structuring, delivering bankable 10-15 year agreements.
Tuveon’s Integration:
- Pre-construction PPA signing (development phase)
- Fixed SEK/kWh pricing with inflation escalators
- Volume commitments covering P90 production
- Corporate ESG reporting compliance
Anatomy of Predictable Revenue
The Revenue Stack:
- Corporate PPAs (70-80%): Whelma-sourced, investment-grade offtakers
- Grid Services (10-15%): Frequency response, capacity markets
- Merchant Tail (5-10%): Spot market upside (optional)
Example – 10 MW Solar Park:
textAnnual Production: 11 GWh (P90)
PPA Coverage: 8.8 GWh @ SEK 0.45/kWh fixed
Grid Services: SEK 1.2M/year
Total Revenue: SEK 4.8M (predictable)
Yield: 7.2% cash-on-cash
Risk Elimination at Each Stage
| Revenue Source | Risk Level | Duration | Tuveon/Whelma Role |
|---|---|---|---|
| Corporate PPA | Very Low | 12 years | Whelma matchmaking + legal |
| Grid Services | Low | Annual | Portfolio optimization |
| Operations | Low | 25 years | SCADA monitoring + maintenance |
Key De-Risking:
- PPA Prepayment: 10% capacity payment upfront
- Take-or-Pay: Offtaker pays regardless of production
- Change-in-Law: Price adjustments for policy shifts
- Step-in Rights: Tuveon assumes operations if needed
Case Study: Häradsbeck Solar Park
Whelma Deal Flow:
- Q4 2024: Whelma matches project with IKEA Sweden
- Q1 2025: 12-year PPA signed (82% coverage @ SEK 0.48/kWh)
- Q3 2025: Construction financing closes with revenue certainty
- Q1 2026: Grid connection – first revenues match model exactly
Result: Pension fund buyer acquires with 7.8% locked yield, zero revenue risk.
Why Pension Funds Love This Model
Institutional Requirements Met:
text✅ 85%+ revenue contracted (12+ years)
✅ Investment-grade offtakers (A-rated corporates)
✅ First-year production validated
✅ Inflation-linked pricing (2-3% annual)
✅ Complete SCADA revenue data transfer
vs Traditional Solar:
- Merchant exposure: 100% spot price risk
- PPA coverage: 0-30% typical
- Revenue volatility: ±25% annual
The Whelma-Tuveon Flywheel
- More PPAs → Lower financing costs (8% vs 12% debt)
- Higher Certainty → Institutional buyers enter earlier
- Faster Exits → Construction investors recycle capital
- Scale Effect → Whelma adds 200 MW/year to platform
Current pipeline: 45 MW with Whelma PPAs ready for Q2 2026 construction financing. This isn’t theoretical – it’s delivering SEK 4.2M/year predictable revenue per 10 MW portfolio today.?
