Swedish wind energy development company OX2 and investment firm Alandsbanken Fondbollage are developing two offshore wind projects in the Baltic Sea, Nowaton Sid and Nowaton Nord, which together will be the largest in the world.
The new projects indicate that Sweden’s largest listed wind developer sees giant offshore wind turbines having a great future following two decades of building wind farms on land, said Paul Stormoen, CEO of the company. “Nuaton Nord” is regarding 9,000 megawatts, at a cost of more than 20 billion euros (19.6 billion dollars).
Paul Stormoen added that the country is expanding its plans in more than one direction, explaining that focusing on this project does not mean that the country neglects land development or solar energy.
The energy crisis has increased Europe’s focus on research and development of domestic energy sources with a focus on renewable energy, in order to reach carbon emissions reduction targets.
The CEO of the company added that the final decision on the implementation of the two projects will be made sometime between 2025 and 2026.
