Stockholm-based renewable energy developer OX2 has sold a stake in two Swedish offshore wind projects to IKEA owner Ingka Investments.
The transaction includes a 49% stake in the Pleione project located east of Gotland and the Neptunus project located southeast of Blekinge which amounted to 2.4 GW in OX2’s development portfolio in the third quarter of 2023.
According to the agreement, OX2 will receive an initial payment of around SEK 230m ($22.2m). Following successful permitting OX2 will in addition receive a pre-agreed deferred consideration of approximately 700,000 SEK per MW for 49% of the planned capacity.
OX2 and Ingka Investments are also exploring future opportunities in the Swedish market including the Ran project located near Pleione.
The transaction is expected to impact OX2’s operating income positively with approximately SEK 200m in 2023. Following the transaction OX2 expects operating income for the full year 2023 to be approximately SEK 1bn.
This is OX2’s third offshore transaction with Ingka Investments. The previous agreements include Ingka Investments’ acquisitions of a 49% stake in three offshore projects in Finland in June 2023 and in three offshore projects in Sweden in 2022.
