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OX2 Increases its Portfolio by 5000MW

OX2, in collaboration with Ålandsbanken Fondbolag, is undertaking an offshore wind energy development project.

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OX2, in collaboration with Ålandsbanken Fondbolag, is undertaking an offshore wind energy development project in Finland. The government of the province of Åland issues a permit to conduct investigations for the projects. Two projects are therefore in place, one to the south and one to the north of Åland.

A wind power project in partnership

OX2 signed, in November 2021, with Ålandsbanken Fondbolag for an offshore wind energy development project south of Åland. This cooperation extended in May 2022 to include an additional project in the north of the region. In September 2022, the parties signed a binding agreement.

These two wind energy development projects are called Noatun South and Noatun North. Work on the analysis and evaluation of the environmental impact is underway. OX2 now includes Noatun South and Noatun North in its project development portfolio.

Two joint ventures in which OX2 is the developer and Ålandsbanken Fondbolag a shareholder through its investment funds, manage the projects. OX2 has an estimated share of 5,000 MW in these projects. Noatun’s projects also include a network for electricity distribution in Åland, Sweden, Finland and Estonia.

A company with a European dimension

OX2 develops, builds, and sells onshore and offshore wind and photovoltaic farms, and then offers the management of these farms. OX2’s project development portfolio includes wind and solar projects developed in-house. The company also has projects in various stages of development.

The company also runs projects based on other renewable energy technologies. Thus, OX2 is also involved in projects related to hydrogen and energy storage. At the end of the second quarter of the year, OX2’s total project development pipeline was 23,864 MW.

OX2 is a company with European influence operating in eleven markets. The company, based in Stockholm, went public this year. In addition, its turnover in 2021 exceeded SEK 5 billion.

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