OX2 to close 9-GW offshore wind stake sale to Ingka in 2 weeks

Swedish renewables developer OX2 AB (STO:OX2) today said it has secured regulatory clearance to shed a 49% stake in an up to 9-GW portfolio of offshore wind projects to Ingka Investment, expecting the deal to close within two weeks.

Under the deal announced in August, the investment arm of Ingka Group, the biggest retailer in the IKEA franchisee system, will buy a minority interest in three projects under development in Sweden. Namely, these are the Galatea-Galene project off the coast of Halland, western Sweden, the Triton scheme in the waters off the country’s southernmost county of Skane, and the Aurora scheme off the coast of Gotland and Oland.

As agreed, OX2 will receive an initial payment of EUR 58 million (USD 58.4m) for the stake. Once the projects receive the needed approvals, it will get up to EUR 100,000 per MW for 49% of the overall capacity.

OX2 expects the deal to add SEK 584 million (USD 54.2m/EUR 53.9m) to its second-half operating profit and help it bring its full-year operating profit to slightly above SEK 1 billion.

(EUR 1.0 = USD 1.006)

(SEK 10 = USD 0.0929/EUR 0.923)

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