Renewable Energy Solutions at Scale: OX2 Sells Stake in Finland Offshore Wind Projects

1 minute read | May.16.2023


Orrick has advised leading renewable energy developer OX2 on its sale of a 49 percent stake in three offshore wind projects in Finland to Ingka Investments, the investment arm of the Ingka Group. The three projects are Halla, Laine and Tyrsky offshore wind projects, all located in the Gulf of Bothnia in the Finnish Exclusive Economic Zone.

The transaction supports OX2’s strategy to diversify risk and capitalise on value creation in offshore wind throughout the development process.


The Halla, Laine and Tyrsky offshore wind projects have a combined potential capacity of approximately 6,000MW, meaning total production could amount to up to 29 TWh once operational, corresponding to more than one third of the electricity consumed in Finland in 2022.

This transaction marks OX2’s second offshore wind project disposal and builds on the sale of a 49 percent stake in three of OX2’s Swedish offshore wind projects to Ingka Investments in November last year (on which Orrick also advised OX2).


Partner Simon Alsey led Orrick’s team.

“Following on from our role advising our client OX2 on its first offshore wind project disposal last year, we are honoured to be trusted by OX2 to advise it on this important sale, which continues its significant contribution towards meeting the growing energy demands in the Scandinavian region,” he said. 

The London-based team also included Ravinder Sandhu, Rebecca Downes, Rebecca Grevitt, Craig Bruce and Joel Othen-Lawson.


OX2 news release
Ingka Investments news release
Orrick Global Offshore Wind Report 2022/2023
Read More Orrick Client Results