Ikea owner to buy into OX2’s Swedish offshore wind portfolio

Ikea-owner Ingka Investments has agreed to buy a 49% stake in OX2’s 9GW offshore wind development portfolio in Swedish waters.

by Craig Richard 30 August 2022

Ingka Investments is the investment arm of Ikea-owner Ingka

OX2 believes the three wind farms could produce a combined 38TWh per year – equivalent to more than 25% of the electricity consumed in Sweden in 2021, according to the Swedish Energy Agency.

The wind farms could be built in the three offshore wind zones that the Swedish government unveiled earlier this year.

The developer expects to have passed all permitting obstacles by 2024, to start construction on the wind farms in the middle of the decade, and to commission them before 2030.

OX2 and Ingka have signed the deal and are now expecting competition approvals on the transaction in the next two months.

Once the transaction is closed, the Ikea owner will hold 49% of the under-development projects. 

The 400MW Galene project is planned for a site 25km off the coast of Halland in the Kattegat strait between Denmark and Sweden. It is set to use fixed-bottom foundations and 68-101 wind turbines with maximum tip heights of 370 metres, indicating an average power rating of up to 25MW. OX2 has filed all permits for the project.

The 1500MW Triton project is planned for a site 23km from Beddingestrand in the Baltic Sea. It is also set to use fixed-bottom foundations and 68-129 wind turbines with maximum tip heights of 370 metres, indicating an average power rating of up to 27.7MW. OX2 has filed all permits for the project.

The 5500MW Aurora (OX2) project is planned for a site 30km east of Öland and 20km south of Gotland in the Baltic Sea. It is planned to use fixed-bottom foundations and floating platforms, and 220-370 wind turbines with maximum tip heights of 370 metres, indicating an average power rating of up to 25MW. OX2 still has to submit one permit for the wind farm.

Ingka Investments will initially pay OX2 SEK 610 million (€57 million) for the project stakes. 

If the partners secure full permitting approval for the wind farms and agree to continue project development, Ingka will then pay up to €100,000/MW for 49% of the planned total capacity. This second payment would be €441 million if the full capacity is permitted.