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Ingka Investments to Acquire 49% Stake in Galatea-Galene, Triton and Aurora Offshore Wind Projects in Sweden from OX2


Marketline - Deals  

 

    Deal In Brief

    Ingka Investments, the investment arm of Ingka Group, has agreed to acquire a 49% share in three offshore wind development projects in Sweden. The projects have the potential to reach a total installed capacity of 9,000 MW

    The three wind power projects are Galatea-Galene in Kattegat, Triton in the Baltic Sea south of Sweden and Aurora between the islands Oland and Gotland. The projects have the potential to produce up to 38 TWh combined, once operational, corresponding to more than 25% of the electricity consumed in Sweden 2021

    OX2 will receive an initial payment of SEK610 million (EUR58 million). Following successful permitting of the project(s), and if both parties at that point in time agree to continue development of the project(s), OX2 will receive a pre-agreed price equivalent of up to EUR100k per MW for 49% of the planned total capacity. OX2 has spent approximately SEK200 million in development costs for the three projects

    For Galatea-Galene and Triton all windfarm permit applications have been submitted, while Aurora is in an early phase where two out of three windfarm permit applications have been submitted. The conditions for offshore wind in the project sites are favorable due to the strong and stable winds, relatively shallow waters and proximity to the onshore transmission grid

    Entering a critical decade for climate action, Ingka Investments has committed to expanding its investments in renewable energy to EUR 6.5 billion as the next step towards 100% renewable energy across the value chain. Since 2009, Ingka Investments has invested over EUR 3 bn into renewable energy projects in wind and solar power, enabling the group to generate more renewable energy than it consumes across its global operations. The aim is to produce 15TWh and support the group’s climate footprint reduction with 6M ton of CO2 compared to the baseline in its fiscal year 2016

    OX2 was advised by KPMG LLP, Orrick, Herrington & Sutcliffe (UK) LLP and Mannheimer Swartling Advokatbyra AB

    The transaction is subject to customary competition merger filing requirements and is expected to be completed within two months.

    Deal Value (US$ Million) 57.76
    Deal Type Acquisition
    Sub-Category Asset Purchase
    Deal Status Announced: 2022-08-29

    Deal Participants

    Acquirer (Company) Ingka Investments
    Vendor (Company) OX2 Wind AB

    Deal Rationale

    % Acquisition 49%

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