May 23 (Renewables Now) - Swedish renewables developer OX2 and Finnish investment manager Alandsbanken Fondbolag Ab on Friday unveiled plans for a 360-turbine offshore wind project in the north of Aland archipelago in the Baltic Sea.

Dubbed Noatun Nord, the project adds to the companies’ initial partnership from last November when they presented plans for a 250-turbine offshore wind park in the south of Aland Islands. Both schemes will be implemented through a jointly owned company between OX2 and Alandsbanken.

Under the arrangement, Stockholm-based OX2 will handle the project development. Alandsbanken, through one of its special investment funds, will be a long-term partner in the Noatun Nord and Noatun Syd schemes until their completion.

Noatun Nord is in the currently in the early phases, the partners said. When built, the wind farm will be capable of producing around 20 TWh of electricity per year.

The two projects need to be approved by the Aland provincial government and other authorities. Both of them include a grid solution plan for distributing electricity to Sweden, Finland and Estonia, in addition to the Aland archipelago. When fully operational, the two plants’ combined capacity of 40 TWh per year will be enough to supply around 8 million homes.

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