OX2 obtains permit to build 400MW offshore wind farm in Sweden

Stockholm-based renewable energy firm OX2 has secured a permit from the Swedish government to build a 400MW offshore wind farm in the west coast area.

The Galatea-Galene project, located outside Falkenberg and Varberg, plans to install between 68 to 101 turbines. The 1.7GW farm will generate approximately 6-7 TWh of renewable electricity annually, equivalent to the average yearly energy consumption of over a million Swedish households.

“It is very positive that the government takes initiative to build out the offshore wind power in Sweden,” CEO Paul Stormoen said.

He explained that the company looks forward to a “constructive discussion” regarding the realisation of the project, especially related to time and cost efficiency. According to the OX2 executive, this project will support Sweden’s mission to run on emissions-free electricity by 2029.

In addition to Galatea-Galene, OX2 has proposed two other offshore wind farm projects in Sweden, the 1.7GW Triton and the 5.5GW Aurora. As of now, the government has not issued permits for these projects.

OX2 claims that offshore wind power will play a vital role in the future of Europe’s electricity supply, growing to 60GW by the end of this decade.

OX2 sells stake in projects to Ingka Investments

OX2 divested 49 percent of its stake in the three Swedish offshore wind projects to Ingka Investments, the financing arm of the Netherlands-based Ingka Group.

Based on the agreement, the Swedish company will receive around 1 million SEK (approximately €87,291.00) per megawatt for 49 percent of the total capacity once all three projects receive permits.

Ingka Investments CEO Peter van der Poel said Sweden’s geographical landscape made it suitable for offshore wind power. Van der Poel said these projects would benefit consumers and various industries in Sweden.

Last week, OX2 also agreed to sell a 49 percent stake in its three wind energy projects in Finland to Ingka Investments. These three projects will have a combined capacity of around 6,000 MW.

OX2 is expected to generate 390 million SEK (approximately €34.36 million) in net revenues from its Finnish projects this year.