Renewable energy developer OX2 has sold a 49% stake in its three offshore wind projects in Finland to IKEA owner Ingka Investments.
The three projects will have the potential to reach a total installed capacity of about 6GW. The transaction is expected to impact OX2’s operating income positively with around SEK300m ($28m) in 2023.
Now that the buy has been completed, the development costs for the projects will be shared according to the respective party’s ownership.
The sale is expected to affect OX2’s net revenues and operating profit by SEK390m and SEK300m respectively in the second quarter of 2023. Following successful permitting, and if both parties agree to continue development, OX2 will receive a pre-agreed price equivalent of SEK0.8m per MW for the 49% of the planned capacity.
The three projects in question are Halla, Laine, and Tyrsky located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone. Total production from the three projects could amount to up to 29TWh once operational, corresponding to more than one-third of the electricity consumed in Finland in 2022.
According to OX2, Halla and Laine will be among the most advanced offshore wind projects in Finland and have the potential to become operational by the end of this decade.
The buyer, Ingka Investments, is the investment arm of the Ingka Group. Last year, Ingka Investments acquired 49% of three of OX2’s Swedish offshore projects and OX2 has previously sold nine onshore wind farms and one solar farm to the company.
Earlier this month OX2 and Ingka got permission from Swedish authorities to build its Triton offshore wind project while another project in the country – a 400MW wind farm, which is part of a 1.7GW Galatea-Galene project – was given the green light in May.
