OX2 Buys 500 MW Wind and Solar Projects in Greece

OX2 AB has announced that it has acquired two important portfolios of wind and solar development projects in Greece. The Swedish renewables developer said that the combined capacity of the two is in excess of 500 megawatt (MW).

OX2 informed that the wind and solar projects are located in different regions of Greece. They are also at different stages of development in the present day.

The company is yet to disclose the name of the vendor and financial details about the purchase. It has also not disclosed details regarding the capacity of the projects and their targeted commissioning.

By 2030, Greece wants at least 61 per cent of its electricity to come from renewable sources. The country looks to expand its solar and wind deployments to more than 5 GW and 3 GW respectively.

OX2 will work on the projects in partnership with experienced local co-development partners. The company said that the development partners should have a track record of more than 4 GW authorized projects in Greece. OX2 said that it will also look for other renewable energy opportunities to further its business in the Greek market.

Paul Stormoen, Chief Executive Officer, OX2 said, “Greece is a very interesting market for OX2. About 20 percent of the electricity consumed in Greece is imported and 15 TWh of lignite will be replaced by 2028. The country has strong resources and high ambitions for deploying renewable energy and projected to install more than 5 GW of solar and more than 3 GW of wind by 2030. OX2 can create long-term impact and accelerate the energy transition with its expertise in developing renewable energy projects attractive to investors.”

OX2 is active in ten markets in Europe currently. In Greece, the company is setting up a cross-functional team that will likely have local and international competence to execute company’s projects. In 2021, the Swedish player gained presence in Romania and Italy. It also developed a solar hub in Spain.