Under the terms of the deal, OX2 will replace the existing 10 wind turbines at the wind farm on artificial islands with 13 new ones supplied by Siemens.
The 42MW wind farm will include eight Siemens SWT-130 3.3MW wind turbines offshore, and five Siemens SWT-113 3.2 MW onshore. The total height of the turbines will be around 150m.
Construction on the project will begin now, with plans to hand-over the new wind farm to Ikea in 2017.
After the hand-over, OX2 will continue to be responsible for the commercial and technical management of the wind farm with an anticipated annual capacity of around 160GWh.
Ikea Finland country manager Lars Midttun said: “We invest in renewable energy because we want to have a positive impact on the environment and to accelerate the transition to a low carbon economy.
“The new wind farm will mean we produce more renewable energy than all the energy we use in our buildings in Finland.”
OX2 bought the existing plant from Finnish wind power firm Innopower last year.
OX2 Wind managing director Paul Stormoen said: “This project is part of OX2’s expansion strategy to position itself on the global market.
“We have collaborated successfully with IKEA for many years, and we are now looking forward to constructing and delivering their first wind farm in Finland.”