Swedish wind farm developer OX2 and Finland’s Ålandsbanken Fondbolag have expanded an existing offshore-wind partnership with an agreement to develop an offshore-wind farm in the north of Aland, Finland, in the Baltic Sea.
The Noatun Nord project is in an early development phase and is expected to provide 20 terawatt-hours per year upon completion, representing the annual electricity consumption for about 4 million households. Financial terms were not disclosed.
In November 2021, the companies joined to develop another large-scale offshore-wind project south of Aland, known as Noatun Syd. For both projects, OX2 serves as the developer until completion and Ålandsbanken Fondbolag is a long-term partner through a fund that allows the public to invest in the projects.
“We are looking forward to the expanded cooperation with Ålandsbanken Fondbolag to realize even more offshore wind power,” said Anders Wiklund, country manager Aland of OX2.