Hexicon has entered into a sale and purchase agreement (SPA) with Ingka Investments and Oxan Energy to divest its 50% stake in two Italian floating offshore wind projects, the 1,150MW Sicily South and 1,300MW Sardinia Northwest. The transaction is expected to close in early April.
Under the terms of the SPA, Ingka Investments and Oxan Energy will acquire Hexicon's 50% share in the projects for an upfront payment of €2.5 million, with additional milestone payments contingent on obtaining Environmental Impact Assessment (EIA) approval, securing offtake auction wins, and/or achieving Final Investment Decision (FID). The total potential consideration could reach up to €20 million.
Hexicon, in collaboration with its joint venture partner Avapa Energy, initiated the AvenHexicon and Italian project portfolio in 2021. The projects, totaling 2,450MW, are currently progressing with their Environmental Impact Assessment phase, which is a key step in offshore wind project development requiring significant capital and resources.
Marcus Thor, CEO of Hexicon, commented, “We are very pleased to make this announcement, as it confirms both our business model and that we have built an attractive project portfolio. We are confident that Ingka and Oxan are an ideal match to drive these two projects through to commercialisation.”
Following the divestment, Hexicon will retain five floating offshore wind projects in its portfolio. The company also plans to continue developing projects in Italy through AvenHexicon to further enhance its portfolio and support Italy's transition to climate neutrality.
