Swedish OX2 Says Offshore Investment Decision to Take Until 2026
- Industry crisis lead developers to re-evaluate projects
- Shares in OX2 have slumped this year after 49% gain in 2022
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Swedish wind developer OX2 AB expects it will take about three years to reach a final investment decision for a major offshore park as the industry reels from higher costs and interest rates.
“My guess is that this will be among the earlier European offshore sites now to announce a final investment decision,” Chief Executive Officer Paul Stormoen said in an interview in Stockholm. His company is planning a 400-megawatt project off the nation’s west coast known as Galene, for which it received a government permit in spring, and is now talking to suppliers and power grid Ellevio AB about a connection.