Ålandsbanken Fondbolag and OX2 unveil new Finnish project
Ålandsbanken Fondbolag
and OX2 have announced the expansion of their cooperation on offshore wind
power. The agreement concerns the development of a second offshore wind
power project located north of Åland, under the name Noatun Nord.
In November 2021, Ålandsbanken Fondbolag and OX2 began a collaboration
regarding a large-scale offshore wind power south of Åland. The collaboration
is now being expanded with another offshore wind power project, this time
north of Åland. The projects will be conducted according to the previous
model, via a jointly owned company where OX2 is the developer until the
project is completed and Ålandsbanken Fondbolag is a long-term partner
via the funds it manages.
The projects will henceforth be called Noatun Nord and Noatun Syd.
Noatun Nord is in an early project phase and is to consist of 360 wind
turbines that provide 20 TWh of electricity per year, expected to power
about 4 million households. Both Noatun Nord and Noatun Syd each comprise
an offshore wind farm within the Åland Sea Plan's defined areas for wind
power and grid solutions for the distribution of electricity to Åland,
Finland, Sweden and Estonia.
If both Noatun Syd and Noatun Nord get constructed, they could provide
40 TWh of electricity per year, expected to meet the annual electricity
consumption of 8 million households.
"We look forward to the expanded cooperation with Ålandsbanken Fondbolag
and additional offshore wind power in the northern part of Åland. The Noatun
projects are important steps in creating and making Åland the leading green
energy hub in the Nordic region. The projects are together with further
projects we have in the binoculars important tools to maintain a continued
high pace in the green transition and development of the Åland business
community," commented Anders Wiklund, OX2 Country Manager, Åland.
"We are pleased that investors can participate in the ongoing transition
to green renewable energy and can benefit from the long-term return from
large-scale offshore wind power in the future," said Tom Pettersson,
CEO, Ålandsbanken Fondbolag Ab.