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.