OX2, together with Ålandsbanken Fondbolag, is developing offshore wind power in two projects: one to the south and one to the north of the Åland Islands in Finland.
The government of Åland recently issued a permission to carry out investigations for the projects; OX2 is, therefore, including its share of the projects – estimated at about 5,000 MW – in its project development portfolio.
In November 2021, OX2 signed a letter of intent with Ålandsbanken Fondbolag regarding the development of offshore wind power south of Åland. This cooperation was extended in May 2022 to include an additional project north of Åland, and in September a binding agreement was signed between the parties. Analysis and environmental impact assessment work has already begun.
The projects, named Noatun South and Noatun North, are being run via two joint ventures in which OX2 is the developer and Ålandsbanken Fondbolag is a long-term shareholder via its investment funds.
In addition to offshore wind farms in the Åland maritime zone, the Noatun projects also include a grid solution for the distribution of electricity to Åland, Sweden, Finland and Estonia.
At the end of the second quarter of the year, OX2’s total project development portfolio amounted to 23,864 MW.