OX2, a leading renewable energy company, has been granted permission by the Swedish Government to construct a 400MW offshore wind farm off the western coast of Sweden. This approval marks a significant step forward for OX2 and the renewable energy sector in Sweden.
The project, named Galatea-Galene, is part of a larger initiative undertaken by OX2. The Galatea-Galene project itself encompasses an impressive total capacity of 1.7GW. OX2 has also been actively involved in the development of two other offshore wind projects in Sweden, namely Triton and Aurora, which are awaiting government decisions. Triton, located in the southern region of Sweden, has a projected capacity of 1.7GW, while Aurora, situated between the islands of Öland and Gotland, is expected to reach a capacity of 5.5GW.
In a significant strategic move, OX2 sold 49% of its ownership stake in the three Swedish offshore wind projects to Ingka Investments, a prominent player in the renewable energy investment sector. The agreement between OX2 and Ingka Investments ensures that once all permits have been obtained and both parties agree to proceed with project development, OX2 will receive approximately Skr1m/MW (€89,000/MW) for the 49% of the planned total capacity. This partnership not only strengthens the financial position of OX2 but also reinforces the commitment to achieving Sweden's renewable energy goals.
Paul Stormoen, the Chief Executive Officer of OX2, expressed enthusiasm for the government's support and stressed the significance of expanding offshore wind power in Sweden. He stated, “It is very positive that the government takes initiative to build out the offshore wind power in Sweden. We look forward to a constructive discussion on how the projects can be realized in the fastest and most cost-efficient way to secure that Sweden can have a considerable addition of emissions-free electricity by 2029.”
In addition to the Swedish projects, OX2 is actively involved in the development of offshore wind projects outside the Åland region, which have a potential capacity exceeding 5GW. Furthermore, OX2 has also set its sights on Finland, where it aims to develop projects with a potential capacity of 6GW. Recently, OX2 announced the sale of 49% of its Finnish projects to Ingka Investments, further cementing its position as a key player in the Nordic renewable energy market.
With the approval of the Galatea-Galene project and the ongoing development of other offshore wind initiatives, OX2 continues to make significant strides in expanding renewable energy sources and contributing to a sustainable future for Sweden and the Nordic region.
