Hexicon has signed a sale and purchase agreement (SPA) with Ingka Investments and Oxan Energy to sell its 50% stake in two Italian floating offshore wind projects, the 1150MW Sicily South and 1300MW Sardinia Northwest.
The transaction is expected to close in early April.
According to the SPA, Ingka Investments and Oxan Energy will take over Hexicon’s 50% share in the two projects an upfront payment of €2.5m and conditional milestone payments at Environmental Impact Assessment approval and at offtake auction wins and/or at Final Investment Decision.
The total potential consideration is up to €20m.
Hexicon initiated AvenHexicon and the Italian project portfolio in 2021 with its 50/50 joint venture partner, Avapa Energy.
The divested projects, of which Hexicon held 1,225MW, are now proceeding with their Environmental Impact Assessment.
This is the first major cost-driving phase of a project and, therefore, requires significant capital and resource investments.
Marcus Thor, chief executive of Hexicon, said: “We are very pleased to make this announcement, as it confirms both our business model and that we have built an attractive project portfolio.
“We are confident that Ingka and Oxan are an ideal match to drive these two projects through to commercialisation.”
Following this divestment, five floating offshore wind projects will remain in AvenHexicon’s portfolio.
Hexicon will continue its project development in Italy through AvenHexicon to build value in its portfolio and support Italy on its journey towards climate neutrality.