Investment firm EQT has acquired Swedish solar developer OX2 for an undisclosed sum. The move will see OX2 transition from a project development model to working in project development and ownership.
EQT made a public offer to buy 100% of the shares in OX2 through its EQT Infrastructure IV fund, via the investment vehicle Otello BidCo AB. EQT said it “expects to see continued significant growth in the renewables market over the coming years, driven by trends including decreasing technology costs and growing demand for green electricity”.
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EQT said the acquisition will help OX2 to grow its market position and strengthen its market presence in the long term. While the business model will shift to become an independent power producer (IPP), which develops and owns projects, the investor said that OX2 will retain its ability to sell projects.
The company has one solar project currently under construction in Poland. The majority of its portfolio is under development across Europe and Australia. OX2, meanwhile, will delist its shares from the NASDAQ Stockholm this month.
Last month, OX2 completed the sale of over 250MW of solar PV assets in Australia. Two projects—a 106MWp site in Victoria and a 31MWp project in New South Wales—were sold to European Energy and another 119MW site went to an undisclosed buyer.
EQT has already branched into the renewable energy development industry. In 2021 it acquired California-headquartered solar and storage developer Cypress Creek Renewables and December 2022 saw it strike a deal for Madison Energy Investments (MEI), a distributed solar developer based in the US.
Christoph Balzer, partner in the EQT Infrastructure advisory team, said: “There is a tremendous need for infrastructure investment if the world is to achieve net zero and power new electricity demand ranging from data centre infrastructure to the electrification of industries.”
