(Bloomberg) -- Swedish wind power developer OX2 AB and investment firm Alandsbanken Fondbolag are developing two offshore wind projects in the Baltic Sea that combined would be the biggest in the world. 

It’s yet another clear sign that the biggest listed Swedish wind developer sees giant turbines as tall as skyscrapers at sea as the future after almost two decades of building parks at land. In June, it announced another giant offshore wind project and recently sold a 49% stake in three developments to the investment arm of Ikea’s biggest retailing group. 

“We are betting very much in that direction, but it doesn’t mean that we have stopped developing onshore or solar,” Paul Stormoen, OX2’s Chief Executive Officer said in an interview on Friday. “This is all part of the next generation of energy systems that will have a lot of different sources providing into it.” 

The energy crisis has increased the focus on Europe to develop its domestic energy sources and renewable energy remain a key component of the puzzle made in Brussels. Despite the current shortages, officials aren’t budging on net zero targets even if it means burning more fossil fuel for now. 

If built, the Noatun Syd and Noatun Nord will have a total capacity of as much as 9,000 megawatts and cost more than 20 billion euros ($19.6 billion), according to Stormoen. The estimate is based on current offshore development costs and a final investment decision could be taken sometime between 2025 and 2026, he said in an interview.

The Nordic region also needs all the new electricity it can get to help power the electrification of everything from transport to heavy industries. 

Read More: Ikea Buys Stake in Three Swedish Offshore Wind Projects From OX2

OX2’s share of the Noatun projects would be about 5,000 megawatts, Stormoen said. That’s enough to power several million homes with electricity. The projects are located north and south of the Finnish islands of Aland. 

“This is way more energy than they need, so they are seeing it as a resource they can tap into to promote exports and hydrogen production,” he said. “We’ve offered a cable to Stockholm that would come directly in here to the capital and we would also have cables to Finland.” 

More near-term, the firm is focusing on its target to add 1,500 megawatts of capacity next year and in 2024, which is well within reach, according to Stormoen. The firm recently updated its earnings guidance for 2022, now expecting slightly more than 1 billion swedish kronor ($90 million) in operating income.

(Updates with CEO comments from third paragraph.)

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