OX2, a developer of renewable energy projects, has sold its 49 per cent stake in three offshore wind projects in Sweden with a combined capacity of 9 GW to Ingka Investments, the investment division of the Ingka Group. OX2 will receive an initial payment of $56 million in accordance with the provisions of the agreement. The three projects that are a part of the agreement are Galatea-Galene, which is situated off the coast of Halland, Triton, which is located off the shore of Skne, and Aurora, which is situated off the coast of Gotland and land. According to the company’s statement, the projects have reached the development stage and have submitted their primary wind farm permission applications.

OX2 will be given a pre-agreed sum equivalent of up to €100,000 per MW for 49 per cent of the estimated total capacity after the permits for the three projects have been obtained and if the two companies agree to continue the construction of the projects. The combined output of the three projects could total up to 38 TWh of clean energy. OX2 has already invested close to $18 million on the three projects’ development. The agreement will enable the company to increase its offshore organisation and capabilities through additional expenditures. The development expenditures will be shared after the deal is completed according to each party’s ownership.

In April 2022, OX2 signed an agreement with TMV Green to build 500 MW of onshore wind facilities in Estonia. For the wind facilities in the project portfolio, TMV Green would be responsible for land use, licensing, and grid connection. Since 2020, the company has been developing wind power projects in Estonia.

REGlobal’s Views: The two companies have previously realised 10 wind and solar projects together. This transaction will help OX2 to raise its future operating income for more development activities and take Ingka a step further towards 100% renewable energy across the value chain.