OX2 enters Greek market with onshore wind and solar acquisition

OX2 has acquired two wind and solar portfolios in Greece from local developers with a total installed capacity of more than 500MW – a move it descrbied as taking the “next step in its European expansion”. 

It is unclear what the wind-solar split is in these two portfolios and who OX2 bought them from.

The portfolios comprise solar and onshore wind projects located across various regions. The projects are at different development stages, but Mehmet Energin, chief strategy officer at OX2 described them as all in the “early to mid phase”, and added: “We want to create great impact in a short time frame.”

OX2 is setting up a cross-functional team with experienced local development partners, who can complement its own experience in project development and acquisition of project rights, financing, procurement and construction. 

The developer is also working on other opportunities to grow its portfolio in the country.

“We find Greece to be a very attractive market,” Energin explained. 

“It is a large market with clear goals for decarbonising the electricity production, and the market for government auctions as well as PPAs (power purchase agreements) is growing. 

“These portfolios are onshore wind and solar, but we will continue to explore opportunities in offshore wind as well as storage and hydrogen.”

Since being founded in 2004, the Swedish developer has developed and sold around 2.5GW of wind and solar capacity in Finland, France, Italy, Lithuania, Norway, Spain and Poland. 

It has been growing its presence in southern and eastern Europe, entering two new geographical markets – Romania and Italy – in 2021 and setting up a solar hub in Spain in the same year. At the end of 2021 the company had more than 1.3GW of wind power under construction.