The project will involve large-scale hydrogen production and gigawatt-scale offshore wind in the waters around Åland, a Finnish archipelago at the entrance to the Gulf of Bothnia in the Baltic Sea.
A zone for the development of offshore wind energy was established in the Åland Islands in 2021 with an area of approximately 1,000km2.
Offshore wind energy mapping by Finland’s LUT University concluded at the time that over 500 wind turbines could be built in the area, for a total capacity of 6GW. The report also concluded that power-to-X technology such as hydrogen production would add value for wind farm owners.
Flexens is an Åland-based developer of hydrogen projects. Lhyfe acquired a 49% stake in Flexens earlier this year.
Fund manager CIP has investments in greenfield renewable energy and green hydrogen. Lhyfe is a developer and operator of onshore and offshore hydrogen facilities, with one operating plant in France and seven under construction in Sweden, France and Germany.
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