Swedish renewables developer OX2 Australia has finalized the sale of a 119 MW solar farm from its Australian portfolio to an undisclosed buyer.
OX2 Solar Plant to Power 51,000 Homes
OX2 estimates the new Australian solar farm will generate 242 GWh of electricity annually, enough to power approximately 51,000 homes. Since entering the Australian market last year, the company has built a strong local team to manage its growing portfolio.
Image: Collected
OX2 to Manage Victoria Solar Farm
The project is located in Victoria, southeast Australia. OX2 will manage the solar farm’s construction on behalf of the buyer, with operations scheduled to begin in 2027.
Once commissioned, OX2 will then handle the site’s technical and commercial management for five years to optimize performance and ensure long-term success.
“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 Maintains 1GW Solar Portfolio in Australia
Following the transaction, OX2’s project development portfolio in Australia now totals approximately 1 GW of solar projects and 230 MW of energy storage.
“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.
This sale follows OX2’s August 2024 announcement of selling 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, which will be overseen by the new owner.
