OX2, a Swedish renewable energy company, said it would develop offshore wind projects amounting to 1.4 GW in the Gulf of Bothnia in the Finnish economic zone.

The wind farm will be located southwest of Vaasa, about 30 kilometers northwest of Kaskinen. It will comprise about 100 turbines and have an annual production of about 6TWh.

OX2 received a research permit for the Tyrsky wind farm from the Finnish government in 2022.

The licensing period is estimated to be about four years, and the wind farm is expected to be operational around 2030.

Paul Stormoen, CEO of the company, said that offshore wind farms are the fastest and most cost-effective way to build large-scale electricity production.

“The shift towards hydrogen, fossil-free industries, and general electrification demands huge amounts of renewable energy… I am happy to announce we have included another project in our portfolio of great projects,” Stormoen added.

OX2 currently has two major offshore wind farms in Finland and is also developing offshore wind farms outside Åland and Sweden. At the end of the third quarter, the portfolio of offshore wind projects was at 18.3 GW.

The current project will be included in the company’s project development portfolio for the first quarter of 2023.

OX2’s project development portfolio consists of both in-house developed as well as acquired wind and solar projects in various phases of development. The company is also involved in developing projects based on other renewable energy technologies, such as hydrogen and energy storage.

OX2 is presently operating in ten European markets: Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, and Greece.

 In March 2022, the Swedish renewable energy company acquired two portfolios in Greece with an installed capacity of 500 MW. The portfolios comprise solar and onshore wind projects in various development stages and are diversified across various regions of the country. OX2 will develop the projects with local co-development partners.

Recently, Italy’s transmission system operator (TSO) Terna SpA approved six of Sweden-based Hexicon’s seven proposed floating wind power projects for connection to the national grid. The combined capacity of the six sites is 7,100 MW, while the permit for the one remaining site is pending.