OX2 adds 5 GW to pipeline as Aland offshore wind projects get studies permit

Swedish renewables developer OX2 AB (STO:OX2) today said it is adding 5 GW to its development portfolio, which represents its estimated share of previously unveiled two projects outside Aland, an autonomous archipelago region in Finland.

The company is including this capacity to its portfolio after the government of Aland recently granted permission for conducting investigations for the projects.

OX2 is developing the projects, called Noatun South and Noatun North as they are located to the south and to the north of Aland, with Finnish investment manager Alandsbanken Fondbolag Ab. OX2 signed a letter of intent with Alandsbanken Fondbolag for partnering on these projects in November 2021 and May 2022, respectively.

The parties inked a binding agreement in September, OX2 said.

With analysis and environmental impact assessment work now underway, OX2 is including the projects in its development portfolio, which stood at almost 23.9 GW at the end of the second quarter.

The Noatun projects include offshore wind farms in the Aland maritime zone, as well as a grid system to distribute electricity to Aland, Sweden, Finland and Estonia.

Choose your newsletter by Renewables Now. Join for free!