OX2, Alandsbanken tie up in 250-turbine offshore wind project in Finland

Swedish renewables developer OX2 has joined hands with commercial lender Alandsbanken Fondbolag Ab in a 250-turbine offshore wind project near Finland's Aland islands.

The collaboration will take place through a jointly owned company, OX2 said last week, adding that it will handle the project development. Alandsbanken, through one of its special investment funds, will be a co-owner of the scheme until it is completed.

The partners have signed a Memorandum of Understanding (MoU), planning to offer investors and the public the opportunity to invest in the project via funds. The option will be available once all permits have been secured.

The so-called Noatun project is currently in the early stages. Planned to use 250 turbines, the wind park is expected to produce around 20 TWh of electricity annually, which will be enough to cover the annual power demand of roughly four million homes.

The scheme also includes a grid solution plan for distributing electricity to Sweden, Finland and Estonia, in addition to the Aland archipelago.

“As the demand for electricity grows and the capacity situation in both Finland and Sweden becomes more acute, Aland’s offshore wind power projects will be very attractive from the electricity market’s point of view,” said Juha Kankanen, investment director of Aland Fondbolag.

Choose your newsletter by Renewables Now. Join for free!