Noatun North

OX2 and Ålandsbanken conducted a municipal roadshow for the Noatun Åland North (Noatun Nord) offshore wind project in autumn 2023, presenting the project to local stakeholders as part of their consultation and engagement activities.

In 2023, Ålandsbanken Funds Ltd established the closed‑end alternative investment fund Ålandsbanken Offshore Wind I LP, which invests in the development of the Noatun North offshore wind project together with OX2. The fund becomes a joint owner of the Noatun project companies with OX2, providing a dedicated investment vehicle for the large‑scale offshore wind development north of Åland.

On 10 August 2023, OX2 and Ålandsbanken Fondbolag reported that they had successfully completed extensive underwater nature field surveys for the Noatun Norra (Noatun North) and Noatun Södra projects near Åland, using methods such as environmental DNA analysis to map fish populations and identify several fish species previously unrecorded by Åland’s authorities.

By May 2023, OX2 and Ålandsbanken (Bank of Åland) were jointly developing the Noatun North and South offshore wind projects in Åland waters, with a combined planned capacity of about 10GW, implying a formal co-development structure covering the associated export grid connections from Åland toward Finland, Sweden and potentially Estonia.

The Government of Åland granted OX2 and Ålandsbanken Fondbolag permission to carry out site investigations for the Noatun South and Noatun North offshore wind projects in the Åland maritime zone, enabling the developers to start analysis and environmental impact assessment work and to add their roughly 5,000 MW share of the projects to OX2’s development portfolio.

On 8 November 2022, OX2 and its consultant AFRY issued the Samrådsunderlag (consultation document) for the Noatun Nord offshore wind project, which defined the high-level concept and permitting approach for the export cable system. The document explains that electricity transformed and, if applicable, converted offshore will be transmitted via one or more export (connection) cables to onshore connection points, with the number and design depending on whether HVAC or HVDC technology is selected and on site conditions. OX2 anticipates routing export cables from the Noatun Nord area to Åland, mainland Finland, Sweden and potentially Estonia, and states that separate environmental impact assessment procedures will be carried out specifically for these connection cables outside the main wind farm project area.

In September 2022, OX2 and Ålandsbanken Fondbolag signed a binding agreement to jointly develop the Noatun North and Noatun South offshore wind farms in the Åland maritime zone, following the Government of Åland’s permission for site investigations. The projects are run via two joint ventures in which OX2 acts as developer and Ålandsbanken Fondbolag is a long‑term shareholder via its investment funds, and OX2 includes its approximately 5,000 MW share of the combined projects in its development portfolio.

By September 2022, after the Government of Åland granted permission for site investigations, OX2 and Ålandsbanken Fondbolag had begun analysis and environmental impact assessment work for the Noatun offshore wind projects, including Noatun North, leading OX2 to add its roughly 5,000 MW share of the combined North and South schemes to its project development portfolio.

In May 2022, OX2 and Ålandsbanken Fondbolag extended their existing offshore wind cooperation agreement to include a new multi‑gigawatt project north of Åland, later known as Noatun North/Noatun Norra, with around 360 turbines and a planned capacity of about 5 GW, thereby formally identifying the Noatun North development area in the Åland maritime zone.