OX2 and Alandsbanken Fondbolag have singed an agreement to develop an offshore wind farm in the north of Aland in the Baltic Sea, consisting of 360 turbines.
The Noatun Nord project is in an early phase of development and once completed will generate about 20 terawatt-hours annually, which corresponds to the yearly consumption of about 4 million households.
This agreement expands on a previous deal in November, when the two companies agreed to partner of another large-scale offshore wind power project south of Aland, Noatun Syd.
Naotun Nord will be run in accordance with this earlier arrangement, in a joint venture where OX2 is the developer until the project is completed and Alandsbanken Fondbolag will be a long-term part owner via a fund that makes it possible for the public to invest in the project.
The two projects, Noatun Nord and Noatun Syd, will require all necessary permits from the local government of Aland and other relevant authorities.