IKEA owner buys into Finnish offshore wind pipeline

IKEA-owner Ingka Investments has agreed to buy a 49% stake in three Finnish offshore wind projects being developed by OX2.

The three projects are located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone. It will have a potential to reach total installed capacity of about 6,000 MW.

The sale is expected to affect OX2’s net revenues and operating profit by around 300 million SEK.

Following successful permitting, and if both parties agree to continue development, OX2 will receive a pre-agreed price equivalent of 0.8 million SEK per MW for the 49% of the planned capacity.

Ingka Investments, is the investment arm of Ingka Group. Last year, Ingka Investments acquired 49% of three of OX2’s Swedish offshore projects and OX2 has previously sold nine onshore wind farms and one solar farm to Ingka Group.

Source: windtech-international.com

About Miabell Mallikka

Miabell Mallikka is a journalist working with ScandAsia at the headquarters in Bangkok.

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