Stockholm-based renewable energy developer OX2 has agreed with Ingka Investments, the investment arm of Ingka Group, which is the biggest IKEA retailer, to sell a 49% stake in next generation Swedish offshore wind projects.
The transaction includes the offshore projects Pleione located east of Gotland and Neptunus located southeast of Blekinge which amounted to 2.4 GW in OX2’s development portfolio in the third quarter of 2023.
According to the agreement, OX2 will receive an initial payment of around SEK 230m.
Following successful permitting OX2 will in addition receive a pre-agreed deferred consideration of approximately 0.7 MSEK (million Swedish kroner) per MW for 49% of the planned capacity.
OX2 and Ingka Investments are also exploring future opportunities in the Swedish market including the project Ran located near Pleione.
The transaction is expected to impact OX2’s operating income positively with approximately SEK 200m in 2023. Following the transaction OX2 expects operating income for the full year 2023 to be approximately 1,000 MSEK.
Paul Stormoen, chief executive of OX2, said: “Sweden has excellent conditions for renewable energy, especially offshore wind. We look forward to further strengthening our partnership with Ingka Investments. Our next generation project pipeline, where we can combine offshore wind with hydrogen and e-fuel production, will meet the growing demand for renewable energy and enable business opportunities.”
Peter van der Poel, managing director of Ingka Investments, noted: “The future of energy is renewable. Our continued partnership with OX2 reaffirms our commitment to address climate footprint reduction well beyond our own consumption and into our value chain. So far Ingka Investments has invested and committed EUR 4 billion into renewable energy projects in wind and solar power.”
Note: photo Paul Stormoen, CEO OX2 / image credit: Christian Gustavsson
