Ingka Investments, the investment arm of Ingka Group, is set to secure a 49% stake in OX2’s advanced Swedish offshore wind projects, signaling a significant move in the renewable energy landscape. The transaction, encompassing the Pleione and Neptunus offshore projects, is anticipated to positively impact OX2’s operating income by approximately SEK200 million (€17.6 million) in 2023.
As part of the agreement, OX2 will receive an initial payment of around SEK230 million (€20.2 million), with the potential for additional deferred consideration, contingent on successful permitting, amounting to approximately SEK0.7 million (€0.06 million) per megawatt for 49% of the planned capacity.
This venture marks the third collaboration between OX2 and Ingka Investments, following the acquisition of a 49% stake in offshore projects in Finland in June 2023 and Sweden in 2022. Aligned with OX2’s strategy to diversify risk and harness value creation in offshore wind development, this partnership extends to exploring opportunities in the Swedish market, including the Ran project near Pleione.
Post-transaction completion, development costs for the sites will be shared based on the respective parties’ ownership stakes. Beyond offshore wind, both entities are actively investigating the establishment of offshore hydrogen production facilities. This initiative aims to facilitate the artificial oxygenation of the Baltic Sea, revitalizing marine life in areas suffering from anoxic conditions.
Paul Stormoen, CEO of OX2, highlighted the promising prospects in Sweden’s renewable energy landscape, stating, “Our next-generation project pipeline, where we can combine offshore wind with hydrogen and e-fuel production, will meet the growing demand for renewable energy and enable business opportunities.”
Peter van der Poel, Managing Director of Ingka Investments, emphasized their commitment to renewable energy, stating, “The future of energy is renewable. Our continued partnership with OX2 reaffirms our commitment to address climate footprint reduction well beyond our own consumption and into our value chain. So far, Ingka Investments has invested and committed €4 billion into renewable energy projects in wind and solar power.”
