Swedish renewables developer OX2 AB (STO:OX2) has entered into an agreement to sell a minority stake to Ingka Investments in its portfolio of three offshore wind projects in Finland representing a total installed capacity potential of 6 GW.
The buyer, which is the investment arm of Ingka Group, in turn, the largest franchisee of Swedish furniture retailer IKEA, will acquire a 49% stake in the portfolio that includes the Halla, Laine and Tyrsky projects located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone. According to OX2, Halla and Laine are among the most advanced offshore wind projects in Finland and could become operational by 2030.
Ingka Investments has agreed to pay a pre-agreed price equivalent of about SEK 800,000 (USD 79,000/EUR 71,000) per megawatt of planned capacity if the projects obtain the necessary permits and the two partners decide to proceed with their realisation.
The stake sale itself is seen to be completed within two months, subject to customary competition merger filing requirements. The transaction is expected to add some SEK 300 million to OX2’s operating income this year.
“This cooperation is a further bold move in expanding our investment activities to address climate footprint reduction well beyond our own consumption and into our value chain. We are increasing our global investments and commitments in renewable energy from over EUR 3.5 billion today to EUR 6.5 billion before 2030,” commented Peter van der Poel, managing director of Ingka Investments.
Last summer, OX2 agreed to sell a 49% stake in its Swedish offshore wind portfolio of up to 9 GW to Ingka Investments. Before that, Ingka Group had also purchased onshore wind and solar farms from the same developer.