OX2 and Ingka Investments, the investment arm of IKEA’s parent company, Ingka Group, have set their sights on transforming Sweden’s renewable energy landscape with the ambitious Neptunus offshore energy hub.
This groundbreaking project, recently submitted for permits under Sweden’s Exclusive Economic Zone, aims to blend wind power, hydrogen production, and environmental conservation in an unprecedented venture.
The Neptunus Energy Hub, designed to house up to 207 wind turbines towering at a maximum height of 420 meters, is strategically located approximately 50 kilometers off the coast of Blekinge in southern Sweden. The comprehensive permit application outlines a substantial total installed capacity of 3,100 MW. If granted the necessary permits, construction is slated to commence in 2030.
What sets Neptunus apart is its multifaceted approach to renewable energy. In addition to offshore wind power, the project proposal includes plans for offshore hydrogen production, targeting a maximum annual capacity of 370,000 tonnes. Notably, the hydrogen production process generates oxygen as a byproduct, forming the basis for a pilot project to oxygenate the Baltic Sea. This innovative initiative aims to contribute to the restoration of marine life in an area grappling with oxygen deficiency.
Currently in the early stages of development, the Neptunus project contributes 1,900 MW to OX2’s expansive project development portfolio. As of the end of the third quarter in 2023, OX2’s total project development portfolio amounted to an impressive 34,074 MW. OX2 and Ingka Investments are actively involved in the development of six offshore wind farms across Sweden, including Galene on the west coast, Triton and Neptunus in the south, Aurora between the islands of Öland and Gotland, and Pleione and Ran off the east coast of Gotland. The final permits for constructing these wind farms are granted by the government of Sweden.
