OX2 and Euroports Group have signed a letter of intent to develop Koverhar Harbour in Hanko into a strategic offshore wind hub for the 4GW Noatun North project in Finland.
Euroports and Noatun project companies, jointly held by OX2 and Ålandsbanken Offshore Wind 1 LP, a fund managed by Ålandsbanken Funds Ltd, have signed the letter to establish the harbour as a logistics hub for Noatun North, including an option for Noatun South.
OX2 said the collaboration marks a significant step in strengthening Finland’s offshore wind infrastructure and securing essential port capacity to support the industry’s expansion.
The Noatun North project is expected to comprise of up to 250 turbines with a total capacity of up to 4GW.
The use of Koverhar Harbour for this project is planned to start in 2030, requiring a significant port capacity to accommodate the storage, assembly, and transport of key wind turbine components.
OX2 said Koverhar Harbour already possesses the fundamental infrastructure needed for the offshore wind logistics and can be quickly optimised to serve the industry, requiring only limited adaptations and targeted investments.
The parties involved will now need to assess and develop the necessary port infrastructure.
The letter of intent outlines a framework for evaluating storage, assembly and logistical needs.
In addition, the Port of Hanko and Euroports have a separate exclusive agreement to explore the long-term development of Koverhar Harbour to meet the growing demands of offshore wind projects.
Euroports chief executive and vice chairman Frédéric Platini said: “This agreement cements Koverhar Harbour’s role as a vital node in the offshore wind supply chain in the Baltics.
“Our expertise in port operations and logistics will be instrumental in ensuring the seamless execution of these projects, and we look forward to working alongside OX2 to bring this vision to life.”
OX2 regional manager and chairman of the board of directors of the Noatun project companies Anders Wiklund said: “Our project represents one of the most significant offshore wind initiatives in the Baltic Sea.
“Partnering with Euroports and leveraging the strategic location of Koverhar Harbour ensures that we have the necessary infrastructure and expertise to make this project a success.”
Port of Hanko chief executive Anders Ahlvik added: “The development of Koverhar Harbour into a hub for offshore wind logistics aligns perfectly with our long-term vision for the Port of Hanko.
“This collaboration strengthens our role as a key enabler of Finland’s renewable energy transition and will drive significant economic and infrastructure development in the region.”
Noatun South and Noatun North are being run via two joint ventures in which OX2 is the developer and Ålandsbanken is a long-term shareholder via its investment funds.