OX2 and Alandsbanken Fondbolag are developing offshore wind power in two projects near Aland in the Baltic sea. Two wind farms, one to the south and one to the north of Aland islands, will have a total capacity of 8 GW. Once completed, this will be the world’s largest offshore wind project.
The Swedish renewables developer OX2 has joined with Alandsbanken Fondbolag to develop two offshore wind projects, south and north of the Aland archipelago in the Baltic, with a capacity of 5 GW and 3 GW.
Two joint ventures in which OX2 is the developer, while Alandsbanken Fondbolag will be a long-term shareholder through its investment funds, will run the projects named Noatun Syd and Noatun Nord.
The two parties signed a binding agreement in September and began work on the environmental impact analysis and assessment. The government of the Aland autonomous region recently issued permission to carry out investigations for the projects, OX2 said.
The company included these projects in its development portfolio. The share of OX2 in these two projects estimates at about 5 GW.
In addition to offshore wind farms in Aland’s maritime zone, Noatun wind farm projects include grid solutions for electricity distribution to Aland, Sweden, Finland, and Estonia.
The planning to offer investors and the public the opportunity to invest in the project through funds
The two partners have signed a Memorandum of Understanding, planning to offer investors and the public the opportunity to invest in the project through funds. The option will be available once when all permits have been granted.
Largest offshore wind farms
Last November, the two partners signed a letter of intent regarding offshore wind energy development south of Aland. Cooperation was expanded in May this year for another project north of the archipelago.
Noatun Nord will have 360 turbines, and the total capacity will be 5 GW. When completed, this wind farm will produce about 20 TWh per year, corresponding to an annual consumption of about 4 million households.
Late last year, the two companies agreed to partner in a major offshore wind energy project south of Aland – Noatun Syd. The project south of the archipelago will have 250 turbines, with a total capacity of 3 GW.
Naotun Nord and Naotun Sud will be the largest offshore wind farms in the world when completed.
The largest offshore wind farm is Hornsea 2, which has a capacity of 1.3 GW. Danish Ørsted developed the project, and the farm started operation on 31 August. This wind farm has 165 wind turbines and is located in the North Sea, about 90 km from the coasts of the United Kingdom. The farm will supply electricity to about 1.4 million households.
The Stockholm-based company OX2 operates in eleven European countries: Sweden, Norway, Finland, Estonia, Lithuania, Poland, France, Spain, Italy, Romania, and Greece.
At the end of the second quarter of this year, OX2’s development portfolio amounted to 23,864 MW.
The company also works on developing projects based on other renewable energy technologies, such as hydrogen and energy storage.