Finnish investment manager Ålandsbanken Fondbolag has announced that it has extended its existing agreement with OX2 for cooperation in the offshore wind area. The supplementary agreement relates to the development of an additional offshore wind project to be located north of the Åland Islands and named Noatun Nord.

Ålandsbanken Fondbolag is responsible for managing the investment funds of Åland Bank of Finland. The Fund was established in 1998 and is a wholly owned subsidiary of Åland Bank. In November 2021, it entered into a cooperation agreement for large-scale offshore wind energy developed south of the Åland Islands. Now the cooperation has been extended to another offshore wind project, this time north of the Åland Islands.

As the announcement reads, the projects will be developed according to the previous model, in a joint venture in which OX2 is the developer until completion and Ålandsbanken Fondbolag is the long-term co-owner through its managed funds. These projects will henceforth be known as Noatun North and Noatun South.

“A prerequisite for implementing the projects as planned is that the necessary permits are obtained from the Åland Government and other relevant authorities”, reports Ålandsbanken Fondbolag.

The Noatun Nord offshore wind farm project is in the early stages of development. It will include 360 wind turbines generating 20 TWh of electricity annually, equivalent to the annual electricity consumption of about 4 million households. If the Noatun South and Noatun North projects can be fully implemented, this means the ability to supply 40 TWh of electricity per year, equivalent to the annual electricity consumption of 8 million households.