OX2 has agreed with IKEA owner Ingka Investments to sell a 49% stake in its three offshore wind projects in Finland.
The three sites will have a potential to reach total installed capacity of about 6000MW.
The transaction is expected to impact OX2’s operating income positively with approximately SEK300m in 2023.
The sale is expected to affect OX2’s net revenues and operating profit by SEK390m and SEK300m respectively.
Following successful permitting, and if both parties at that point in time 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 are Halla, Laine and Tyrsky located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone.
Total production could amount to up to 29TWh once operational, corresponding to more than one third of the electricity consumed in Finland 2022, OX2 said.
Halla and Laine are among the most advanced offshore wind projects in Finland and have the potential to become operational by the end of this decade, it added. OX2 chief executive Paul Stormoen said: “We believe that large scale offshore wind production will be a powerful contributor to meet the growing energy demand in the region.
“I am very happy to reinforce our partnership and we look forward to continuing to drive the transition to renewable energy together with Ingka.” Managing director of Ingka Investments Peter van der Poel added: “This cooperation is a further bold move in expanding our investment activities to address climate footprint reduction well beyond our own consumption and into our value chain.
“We are increasing our global investments and commitments in renewable energy from over €3.5bn today to €6.5bn before 2030.”
Following the completion of the transaction, the development costs for the projects will be shared according to the respective party’s ownership.
The transaction is subject to customary competition merger filing requirements and is expected to be completed within two months.