OX2 has agreed with Ingka Investments to sell a 49 percent stake in its three offshore wind projects in Finland. The three projects will have a potential to reach total installed capacity of about 6,000 MW.
The sale is expected to affect OX2’s net revenues and operating profit by 390 MSEK and 300 MSEK 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 0.8 MSEK* per MW for the 49 percent of the planned capacity. The three projects are Halla, Laine and Tyrsky located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone. Ingka Investments, is the investment arm of Ingka Group. Last year, Ingka Investments acquired 49 percent of three of OX2’s Swedish offshore projects and OX2 has previously sold nine onshore wind farms and one solar farm to Ingka Group. 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.
