Ingka Completes Transaction to Acquire 49 Pct of OX2’s Finnish Offshore Wind Projects

Business & Finance

June 21, 2023, by Adnan Memija

Ingka Investments has completed its acquisition of a 49 per cent stake in OX2’s Finnish offshore wind projects that have a potential capacity of about 6 GW.

On 12 May, the Swedish developer OX2 revealed that an agreement had been inked with Ingka Investments for the sale of 49 per cent of three offshore wind projects in Finland, with a potential capacity of about 6 GW.

The deal was subject to customary competition merger filing approval. Merger clearance has now been obtained, said OX2, and the transaction has been closed.

The transaction is expected to affect OX2’s net sales and operating profit by about SEK 390 million (EUR 33.6 million) and SEK 300 million (EUR 22.5 million), respectively, in the second quarter of 2023.

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

The three projects are Halla, Laine, and Tyrsky located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone.

Last year, Ingka Investments acquired 49 per cent of three of OX2’s Swedish offshore projects with a combined capacity of 9 GW, and OX2 has previously sold nine onshore wind farms and one solar farm to Ingka Group.