OX2

So far, OX2 was sort of a develop-and-flip business, and now we want to stand on two legs. Offshore wind made up a fifth of OX2's project development portfolio, but going forward the company will narrow its focus to onshore wind, solar, and batteries.

“I will do my utmost to support the company as we strive to become one of the most reputable global developers, with an outstanding and high-performing IPP portfolio.”

“Today's decision affects not only developers but also investors and in the long run industry in southern Sweden, because the Baltic offers some of the most cost-effective places in Swedish waters to build offshore wind farms. Tens of millions of euros have been put into these four projects that have now been rejected.”

“Aurora is a wind farm that can really make a real difference and act as a motor in the net zero transition in the southern parts of Sweden.”

“The energy hub Neptunus is one of the first of the next generation of wind farms. By producing renewable energy and hydrogen, Sweden will be able to secure energy for sectors that cannot be electrified. The oxygen from the hydrogen production can also be used to oxygenate the bottom water in the Baltic Sea and improve biodiversity.”

My guess is that Galene will be among the earlier European offshore sites to announce a final investment decision. We are doing well operationally — I think there is a bit of a misunderstanding of what we can do to create value.

“Sweden has excellent conditions for renewable energy, especially offshore wind. We look forward to further strengthening our partnership with Ingka Investments.”

“We are very happy to see the fast pace of the authorities' handling of the applications. We are doing everything we can to secure a fast start of construction. With a construction time of three years, Triton could deliver electricity before 2030.”

“It is very positive that the government takes initiative to build out the offshore wind power in Sweden.”

“We believe that large scale offshore wind production will be a powerful contributor to meet the growing energy demand in the region. I am very happy to reinforce our partnership and we look forward to continuing to drive the transition to renewable energy together with Ingka.”

OX2 presented updated financial targets including a CAGR for operating income of more than 25% during 2023-2027, with offshore wind making up about half of the project development portfolio. The partnership model for offshore wind involves selling ownership stakes during the permitting phase to enable continued diversification and expansion.

“Offshore and onshore wind remain our main drivers. This is where the biggest addition for renewables will come from in the Nordic grid. Since 2018, we have seen the opportunity to build offshore without subsidies.”

“We have received great interest from the market to join us on the important mission of introducing large scale offshore wind production to the Swedish energy system. I am happy and proud that we have now concluded the agreement with Ingka Investments and based on our history of having realized 10 wind and solar projects together, we are confident that this partnership will be successful. Once established the wind farms will create long-term jobs and business opportunities both locally and regionally as the access to electricity increases.”

“We have now arrived at the next phase and are looking forward to the next steps. Galatea-Galene would bring a significant amount of new Swedish renewable electricity to southern Sweden. The project is important for industry, business, households and the labour market. And it will also contribute to achieving Sweden's ambitious environmental goals.”