Ingka acquires stake in OX2’s Swedish offshore wind ventures

Hydrogen Renewables

Sweden – OX2 has sealed a deal with Ingka Investments, the investment arm of IKEA’s parent company, Ingka Group, to sell a substantial 49 percent stake in cutting-edge Swedish offshore wind projects.

This strategic transaction, anticipated to positively impact OX2’s operating income by around 200 MSEK in 2023, underscores the collaborative efforts to bolster the transition to sustainable energy.

The agreement encompasses offshore projects, Pleione and Neptunus, situated off the coasts of Gotland and Blekinge, contributing a substantial 2.4 GW to OX2’s development portfolio. With an initial payment of approximately 230 MSEK, OX2 stands to gain further deferred consideration based on successful permitting, aligning with the shared vision of both companies to explore additional ventures within the Swedish market.

Beyond the realm of offshore wind, OX2 and Ingka Investments are venturing into groundbreaking territory by delving into the establishment of offshore hydrogen production facilities. The ambitious goal is to leverage this technology for the artificial oxygenation of the Baltic Sea, rejuvenating marine life in regions grappling with anoxic conditions.

This collaboration marks OX2’s third offshore transaction with Ingka Investments, following earlier acquisitions in Finland and Sweden. Aligned with OX2’s strategic approach to risk diversification, these partnerships reflect a commitment to capitalizing on the value creation in offshore wind projects during various developmental phases.

Integration with hydrogen

Paul Stormoen, CEO of OX2, emphasized Sweden’s conditions for renewable energy, particularly offshore wind, envisioning a future where these ventures seamlessly integrate with hydrogen and e-fuel production, meeting the escalating demand for sustainable energy and unlocking diverse business opportunities.

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Wim Raaijen
I am a creative publisher, editor in chief, writer, vlogger and moderator with a journalistic and philosophic based view. Trying to re-invent the concept of publishing, based on platforms and partners, instead of separated media and advertisements. I am interested in industrial subjects like transition, sustainability, safety, energy efficiency, innovation and responsibility.