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Our business

We manage the entire value chain – from acquisition of project rights and greenfield to development, the permit application process, realization, procurement, construction, ownership and technical and commercial management.

New projects

There is a clear process for identifying new renewable energy projects, which includes an assessment of commercial potential and environmental impact. The expansion of the portfolio takes place both through the acquisition of project rights and through greenfield development.

Acquisition of project rights

OX2’s extensive experience of developing complex project rights makes us an attractive partner and provides a strong foundation for acquiring project rights from other developers. In 2024, project acquisitions in onshore wind were made in Romania and Australia.

Greenfield projects

We also develop greenfield projects, and our high implementation rate has made us a reliable and attractive partner for landowners. Over the past year, greenfield projects have been added to the development portfolio in several countries. In 2024, new greenfield projects in solar power were initiated in Poland.

Project development 

Project development portfolio

The portfolio contains projects at different stages of development, from the early phase, where the necessary permit applications have not yet been submitted, to the late phase, where all the necessary permits have been granted.

Development phase

The development phase for greenfield projects usually begins with the signing of a right of use agreement and we then work on all stages of the value chain right up to construction. It can take between five and ten years to complete the development phase for a wind power project, with significantly less time generally needed for solar power and energy storage. The work during the development phase is handled mainly by our local offices in close cooperation with stakeholders, such as landowners and local residents.

Our strong local presence and high level of specialist expertise help achieve a high implementation rate in the portfolio. It also gives us a competitive advantage when it comes to acquiring new project rights and creates favourable conditions for continued growth. It has become increasingly common for us to acquire projects that are in the late stage of the development phase, and which will therefore be possible to realize within a short period of time.

OX2’s long-term aim is for every wind and solar farm to have a net-positive impact on nature, and we restore and offset the impact on nature through initiatives that promote biodiversity.

Sales

Flexible model

We have a flexible model that allows us to capitalize on value creation throughout the value chain. For onshore wind power, the sale usually takes place after the permit has been granted and before construction begins. The customer makes payments when milestones are reached as construction progresses, providing a stable cash flow.

For larger solar power projects, we aim to sell when construction begins and take responsibility for construction. Our first divestment in Australia, the SEC Renewable Energy Park Horsham, is an example of this. We also sell project rights, as we have done in Australia during the year.

In offshore wind power projects, our strategy is to drive development together with long-term partners and to divest parts of the project during the development phase.

In energy storage, we have divested projects in Sweden and Finland.

Our customers

Sales are made through a structured process, where we use our leading market position to reach out to a large number of investors. Our customers are industrial and financial investors. Financial investors see ownership of renewable assets as long-term, sustainable investments with stable cash flows and good risk-adjusted returns over time. Customers appreciate our handling of the entire value chain, including technical and commercial management. Industrial customers are investing in cost-effective, sustainable production that meet either their own growing electricity needs or those of their customers. We have seen strong demand for our projects during the year, particularly from industrial and strategic buyers.

Construction

Our projects are constructed in close cooperation with suppliers and contractors. As one of the leading developers of onshore wind power in Europe, OX2 is a priority partner, which gives us a strong negotiating position. Our construction contracts are based on fixed prices, which are set at the time of sale. This means we have a clear picture of the profitability of a project from the moment it is sold.

Over time, OX2 has established close relationships with suppliers, which makes for effective cooperation on our requirements specifications for health, safety, quality and environment. Our subcontractors commit to working in line with our code of conduct and we have a sound due diligence process to ensure the right suppliers are selected. OX2 is responsible for the project satisfying the environmental requirements and other local factors stipulated in the permit. During construction, we maintain an ongoing dialogue with supervisory authorities, landowners, local residents and other stakeholders.

Technical and Commercial Management

Once a wind or solar farm has been commissioned, we can provide management services including day-to-day monitoring and optimization of the facility, contracts, finance and commercial administration. These management services are provided under long-term contracts, usually lasting 10–15 years. The aim of management is to maximize profitability by ensuring a high level of production, low costs and effective ownership.

The technical and commercial management business is growing both for projects developed by OX2 and those developed by other operators. As per year-end 2024, OX2 manages over 1,000 wind turbines, with the total asset management portfolio exceeding 5.5 GW, which positions OX2 as one of Europe’s largest managers of renewable energy facilities.

Ownership

OX2 invests in selective operational assets, thereby operating as an independent power producer. Most of the electricity produced from our operational assets is sold through Power Purchase Agreements (PPAs) or Contracts for Difference (CfDs). These mechanisms provide stability and predictability in revenue for us as developers, while also protecting our customers from excessive price volatility in the energy market.

We see diversification as key to long-term success, and owning projects is a natural step in our evolution.