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    Ingka is set to obtain a share in OX2’s offshore locations

    Ingka Investments, the investment arm of Ingka Group, is set to acquire a 49% ownership stake in OX2’s upcoming Swedish offshore wind initiatives. This move is anticipated to have a positive impact on OX2’s operating income, contributing approximately SEK 200 million (€17.6 million) in 2023.

     

    The deal encompasses the Pleione offshore project located east of Gotland and the Neptunus offshore project situated southeast of Blekinge, totaling 2.4GW within OX2’s development portfolio in the third quarter of 2023. As per the agreement, an initial payment of around SEK 230 million (€20.2 million) will be made to OX2.

     

    Upon successful permitting, OX2 will also receive a pre-agreed deferred consideration of approximately SEK 0.7 million (€0.06 million) per MW for 49% of the planned capacity.

     

    Beyond the current transaction, OX2 and Ingka Investments are exploring future opportunities in the Swedish market, including the Ran project near Pleione. Post-transaction completion, the development costs for the sites will be shared based on each party’s ownership.

     

    In addition to offshore wind ventures, both parties are delving into the establishment of offshore hydrogen production facilities. The aim is to enable artificial oxygenation of the Baltic Sea, rejuvenating marine life in areas afflicted by anoxic conditions.

     

    Notably, this marks OX2’s third offshore collaboration with Ingka Investments. Previous agreements involved Ingka Investments acquiring a 49% stake in three offshore projects in Finland in June 2023 and three offshore projects in Sweden in 2022. These strategic moves align with OX2’s strategy of risk diversification and capitalizing on value creation in offshore wind throughout the development phases.

     

    Paul Stormoen, OX2 chief executive, commented “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, Ingka Investments managing director, said “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 €4bn into renewable energy projects in wind and solar power.”

     

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