Hexicon AB (publ), a Swedish developer of floating wind technology, has signed a sale agreement with Ingka Investments, the investment arm of Ingka Group, the largest IKEA retailer, and Oxan Energy. The deal covers Hexicon’s 50% interest in two offshore wind projects located off the Italian coasts, South Sicily and Northwest Sardinia. The transaction, set to close in early April, includes an upfront payment of €2.5mn and conditional milestone payments linked to regulatory and commercial progress.
The projects, South Sicily (1,150 MW) and Northwest Sardinia (1,300 MW), together account for a total installed capacity of 2,450 MW. Hexicon held a 1,225 MW share through its Italian joint venture AvenHexicon, established in 2021 with Avapa Energy. The projects are currently undergoing the Environmental Impact Assessment phase, which is considered the most capital-intensive stage of development.
Financial terms of the divestment
Under the terms of the sale agreement, the total price may reach €20mn, depending on the approval of the Environmental Impact Assessment, success in offtake auctions, or reaching the Final Investment Decision. Further payments are directly tied to the regulatory and commercial advancement of the projects.
Hexicon Chief Executive Officer Marcus Thor stated that the deal reflects the strength of the company’s business model. He also noted that the buyers are equipped to steer the projects towards commercialisation.
Continued operations in Italy
Hexicon will maintain its presence in the Italian market through AvenHexicon, which retains five floating wind projects in its portfolio. The company aims to develop these assets further through advanced project phases. This strategic focus comes as Italy seeks to expand its offshore renewable energy infrastructure as part of its European energy commitments.
Hexicon’s Italian portfolio remains a key growth avenue for the company, which intends to sustain long-term engineering and investment efforts in the country.
