OX2 and Alandsbanken Fondbolag have signed an agreement to develop an offshore wind farm in the north of Aland in the Baltic Sea, consisting of 360 turbines.
The Noatun Nord project is in an early phase of development and once completed will generate about 20 terawatt-hours annually, which corresponds to the yearly consumption of about 4 million households.
This agreement expands on a previous deal in November, when the two companies agreed to partner of another large-scale offshore wind power project south of Aland, Noatun Syd.
Naotun Nord will be run in accordance with this earlier arrangement, in a joint venture where OX2 is the developer until the project is completed and Alandsbanken Fondbolag will be a long-term part owner via a fund that makes it possible for the public to invest in the project.
The two projects, Noatun Nord and Noatun Syd, will require all necessary permits from the local government of Aland and other relevant authorities.
Both sites are part of the defined areas for wind power in the maritime planning of Aland as well as grid solutions for the distribution of electricity to Aland, Sweden, Finland and Estonia.
They will produce 40 TWh annually when completed, which corresponds to the yearly consumption of 8 million households.
OX2 Aland country manager Anders Wiklund said: “We are looking forward to the expanded cooperation with Alandsbanken Fondbolag to realize even more offshore wind power.
“The Noatunprojects are important steps to make Aland the leading green energy hub in the Nordics.
“Together with other projects we are planning the Noatun projects are important to keep a high pace in the green transition and the development of the business at Aland.”
Alandsbanken Fondbolag chief executive officer Tom Pettersson said: “The fund makes it possible for investors to participate in the ongoing transition to green, renewable energy and take advantage of the long-term return from large-scale offshore wind power.”