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Ingka Acquires 9,000 MW of OX2

Swedish company OX2 has sold assets from its offshore wind development portfolio to Ingka Group.
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Ingka Investments invests in renewable energies, and more specifically in offshore wind projects. The ongoing transaction between OX2 and Ingka Investments represents, for the latter, important development prospects in the Baltic.

In addition, the profits generated by this operation will result in a revaluation of OX2’s revenues for the year 2022. The case will be concluded after the verification of competition requirements within a probable period of two months.

Ingka invests in 3 projects in Sweden

The portfolio to be divested by OX2 includes three wind projects with an initial combined capacity of 8,300 MW. This value has been increased to 9,000 MW in order to comply with the requests issued by Ingka. Thus, the three main sites that make up this offer are:

  • Galatea-Galene in the Kattegat area (6 to 7 TWh/year).
  • Triton in the Baltic Sea (7.5 TWh/year).
  • Aurora between the islands of Öland and Gotland (24 TWh/year).

The cumulative potential of these projects is thus estimated at nearly 38 TWh. However, they are not at the same stage of development. While Triton and Galatea-Galene are already awaiting permit validation, Aurora is still in an early phase of development.

Eventually, the installations at the three sites will provide the equivalent of 25% of the energy consumed in Sweden in 2021.

Renewing the cooperation with OX2

The two companies have been partners since 2010, Ingka has since acquired 10 projects sold by OX2 in Sweden, Finland, Lithuania and Poland. The latest being the Recz and Wysoka solar farms in June 2022.

The development and installation is done by OX2. In addition to the contractual payment of 56 million euros, the company will receive a premium of 100,000 euros per MW upon sale.

The transaction is expected to have a positive impact on OX2’s revenues in the second half of 2022. The operating results for the year 2022, after revaluation, are estimated at MSEK 1,000.

Ingka Investments’ managing director Peter van der Poel announces:

“This cooperation is a bold move in expanding our investment activities to address climate footprint reduction far beyond our own consumption and into our value chain. We are increasing our global investments and commitments in renewable energy from more than €3 billion today to €6.5 billion in 2030.”

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