Business World of Renewable Energy

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Transaction: OX2 Sells Stake in Finnish Offshore Wind Farms to Ingka Investments

Stockholm, Sweden - Swedish project developer OX2 has agreed with Ingka Investments, the investment company of IKEA's largest retail group Ingka, to sell a 49 per cent stake in its three offshore wind projects in Finland.

The three projects are the planned Halla, Laine and Tyrsky offshore wind farms, located in the Gulf of Bothnia in Finland's exclusive economic zone. Halla and Laine are among the most advanced offshore wind projects in Finland and have the potential to be commissioned by the end of this decade. The total installed capacity of the three projects could reach an order of magnitude of 6,000 megawatts (MW) and 29 billion kWh of electricity generation upon completion.

Upon completion of the transaction, the development costs for the projects are to be shared in accordance with their respective ownership structures. The transaction is subject to customary merger control rules and is expected to close within two months.

Source: IWR Online, 16 May 2023