Swedish renewables developer, OX2 Australia has finalized an agreement to sell a 119 MW solar farm from its Australian project portfolio to an undisclosed buyer.
OX2 Solar Plant to Power 51,000 Homes
OX2 estimates the plant will generate 242 GWh of electricity annually, sufficient to power approximately 51,000 Australian homes. OX2 entered the Australian market last year and has since established a strong local team.
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“A lot of work has gone into getting the late-stage projects ready for financial close. We have a solid project development portfolio and there is currently a lot of activity both in our solar and energy storage projects,” said Rachel Watson, Country Manager for OX2 Australia.
OX2 to Manage Victoria Solar Farm
The site is situated in Victoria, southeast Australia. OX2 will oversee the construction of the solar farm for the buyer, with operations expected to begin in 2027. After commissioning, OX2 will manage the site's operations for five years while handling both technical and commercial aspects to optimize performance.
“It feels great to present this transaction. Since we entered Australia last year, we have strengthened our local team, and a lot of work has gone into getting the late-stage projects ready for financial close. We have a solid project development portfolio and there is currently a lot of activity both in our solar and energy storage projects.” said Rachel Watson, OX2 Australia country manager.
OX2 Grows Australian Portfolio with 1GW Solar
After the transaction, OX2's project development portfolio in Australia includes approximately 1GW of solar projects and 230MW of energy storage projects.
“We are delighted to announce this sale in Australia, a market that offers significant growth opportunities. The Australian government is committed to the net zero target by 2050 and is targeting significant infrastructure investments to enable the build-up of renewable capacity. I see considerable potential for value creation for OX2 in Australia through extension of the product offering and expansion of the development portfolio.” said Paul Stormoen, OX2 chief executive.
In August 2024, OX2 announced the sale of a significant battery energy storage project in Finland to the L&G NTR Clean Power Fund. The Uusnivala project, with a capacity of 50MW/110 megawatt-hours is ready for construction and will be overseen by the new owner.