We advised Ingka Investments, the investment arm of Ingka Group, on the Finnish law aspects of its investment in three offshore wind development projects in Finland. Pursuant to the investment, Ingka Investments will acquire a 49 % ownership stake in the projects from the leading Nordic renewable energy developer OX2.
The projects called Laine, Halla and Tyrsky are located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone, and are aimed at reaching a total planned capacity of 29 TWh per annum. Such capacity would correspond to a more than one third of the electricity consumed in Finland 2022 or two Olkiluoto 3 type nuclear reactors. Halla and Laine have the potential to become operational already by end of this decade.
This landmark investment is the first of its kind to a Finnish offshore wind development portfolio and is subject to customary regulatory approvals.