OX2 and the Bank of Aland Fondbolag have signed a memorandum of understanding to develop an offshore wind farm called Noatun, south of Finland’s Aland islands.
The collaboration will take place through a jointly owned company, in which OX2 is the developer and Alandsbanken Fondbolag a long-term part-owner, until the project is completed.
The intention is to offer investors and the public the opportunity to invest in the project via funds.
This is subject to the necessary permits being obtained from Aland’s provincial government for the development of offshore wind power.
Noatun is in an early phase and is expected to consist of approximately 250 turbines that will provide 20 terrawatt-hours a year.
The project also includes plans for a grid solution for the distribution of electricity to Aland, Sweden, Finland and Estonia.
OX2 Sweden country manager Hillevi Priscar said: “We look forward to working for Noatun together with Alandsbanken Fondbolag.
“The project will contribute to meeting the climate goals of Aland, Finland and Sweden while bringing local benefits to Aland such as jobs, infrastructure, education and more.”
Aland Fondbolag chief executive Tom Pettersson said: “The unique thing about the collaboration between OX2 and Alandsbanken Fondbolag is that we intend to offer funds to investors in the local area interested in large-scale offshore wind power.
“Most of the wind farms sold in Finland today, and thus also the economic benefits of wind power production, have gone to foreign buyers.
“Our concept also gives Aland the opportunity to own wind power within the Aland Sea zone.
“In this way, Aland can benefit in the long-term from the return on wind power production. Offshore wind power entails significant economic potential for Aland.”
Aland Fondbolag investment director Juha Kankanen said: “As the demand for electricity grows and the capacity situation in both Finland and Sweden becomes more acute, Aland’s offshore wind power projects will be very attractive from the electricity market’s point of view.”
In 2020, Alandsbanken Fondbolag launched the first special investment fund in Finland, which invests in wind power and is open to investments by the public.
The Aland islands are an autonomous region of Finland, where Swedish is the main language.