Progress in offshore wind power projects by OX2

DKCO advises OX2 AB (publ) in the development of the offshore wind power projects Noatun South and Noatun North, which OX2 carries out together with Ålandsbanken Fondbolag. In November 2021, OX2 signed a letter of intent with Ålandsbanken Fondbolag regarding the development of offshore wind power south of Åland. In May 2022, the cooperation was extended to include an additional project north of Åland, and in September 2022 the parties entered into a binding agreement.

The Government of Åland recently issued a permit to carry out surveys for the projects. OX2’s share of the projects amounts to approx. 5 000 MW. In addition to offshore wind farms in the Åland maritime zone, the Noatun projects also include a grid solution for the distribution of electricity to Åland, Sweden, Finland and Estonia. Since the analysis and environmental impact assessment work has started OX2 now includes the projects in its project development portfolio.