Ingka Investments – the investment arm of Ikea owner Ingka Group – and French offshore wind developer Oxan Energy have agreed to buy Hexicon’s 50% share in two Italian floating wind projects.
They will work alongside Hexicon’s 50:50 partner Avapa Energy to develop the 1.15GW Sicily South and 1.3GW Sardinia Northwest projects.
The partners aim to secure contracts for difference (CfDs) in Italy’s upcoming first offshore wind tender, which they expect to take place this year.
Ingka Investments and Oxan Energy will make an upfront payment of €2.5 million for the stake. However, they could eventually pay up to €20 million, pending further milestones being reached, including the environmental impact assessment being approved, an offtake agreement being secured at auction, and a final investment decision being made.
Oxan Energy will own a 25.5% stake in each of the projects, Ingka Investments will take a 24.5% stake, while Avapa Energy will retain its 50% stake.
Swedish developer Hexicon had developed the projects alongside 50:50 partner Avapa Energy since 2021.
The two projects are currently proceeding with their environmental impact assessments. Hexicon noted that this is the “first major cost-driving phase of a project” and, therefore, requires “significant capital and resource investments”
Hexicon and Avapa Energy are still developing a further five floating projects in Italian waters.
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