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Accelerating access to renewable energy

OX2 accelerates the access to renewable energy. We operate in large-scale energy solutions across several technologies. In 2022, we are the European leader in providing onshore wind, with a rapidly growing portfolio in offshore wind and solar. We also explore new and related technologies, such as energy storage and hydrogen

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

From acquisition and greenfield development to realization of energy solutions

We have extensive experience of successful acquisitions of project rights, either from, or in partnership with, other developers or through its own greenfield development. We do everything from screening and identifying projects with a large commercial potential, to performing technical, legal and financial & tax due diligences as well as conducting complex negotiations of contracts. Understanding the commercial potential includes a solid analysis of the possibilities to optimize the project from a technical, legal as well as sustainable aspect.

We acquire projects at different stages and has experience of developing everything from very early to late-stage projects. If the project is acquired in a late development stage the realization of can commence within a short timeline.

Realization of the projects is performed through a well-established process. The majority of our customers are financial investors such as pension- and infrastructure funds, that see ownership of energy solutions as a long-term, sustainable investment with stable cash flows and good risk-adjusted return. For industrial buyers, the investment means cost-effective and sustainable energy production that meets either their own electricity needs or those of their customers. The projects can be divested in all stages of development depending on the project specifics. 

The acquired projects sold during 2021 had an average development time of about 18 months before the project was realized. In 2021 we sold energy solutions with a total capacity of 719 MW, and sales amounted to 4,983 MSEK.

Project development 

Project development encompasses a wide range of multi-technology engineering tasks, turning every stone to secure a well-defined, cost and performance optimized energy solution.

  • Detailed analysis is performed to ensure the best layout of the power plant, including conceptual design of the connected infrastructure such as roads and grid. Civil engineering, including conceptual design of roads, hardstands and foundations as well as assurance of transport accessibility, geotechnical investigations
  • Designing a cost and loss optimized grid that meet the requirements of the connecting grid, as well as legislative demands.
  • Geographical analysis includes, for example, terrain modelling, assessment of forest heights and preparation of graphical material such as maps
  • Specific technology expertise connected to the energy solution.
  • Within wind power, work is performed to assess for example the wind climate on site, organize measurement campaigns, , optimize the wind turbine layout, do energy production calculations, calculating noise and shadow effects and assessment of suitable turbines for the site.
  • HSE is considered throughout all layout work to ensure a power plant that can be constructed and operated in a safe manner.

Permit applications

The granting of permits is a key milestone for all energy solutions. OX2 has a strong track record of conducting permit processes and have a high implementation rate.

Realization

Realization of the projects is performed through a well-established process. The majority of the financial investors are investment firms and pension funds, which see ownership of for example a wind or solar farm as a long-term, sustainable investment with stable cash flows and good risk-adjusted return. The financial value of a project is dependent on the technical content to secure the investor’s return. For individual industrial investors, the investment means cost-effective and sustainable energy production that meets either their own electricity needs or those of their customers. The projects can be divested in all stages of development depending on the project specifics.

Construction

The construction is carried out in close cooperation with suppliers and contractors. We also continue the close dialogue with supervisory authorities, landowners, local residents and stakeholders. The construction period varies between the technologies, however normally between 1-2 years for an onshore park.

During construction we pay great attention to a number of factors surrounding the site, such as cultural value, special environmental requirements. OX2 aims to have net-positive impact on nature. We proactively work to secure the health and safety of everyone working on the site with an injury-free workplace as target.

Technical and Commercial Management

OX2 provides management services, including day-to-day monitoring and optimization of the facility once a wind farm has been commissioned. The team handles all the issues that are important to the owners, such as operational monitoring, optimization of production, inspections, contract management, financial management and administration.

The customers include both owners of wind farms built by OX2, where the operation of the farm is part of the acquisition agreement, as well as owners of farms developed and built by third parties. The aim of the management is to maximize profitability by ensuring a high level of production, low costs and effective ownership.  

At the end of 2021 we managed 49 wind farms in long-term management contracts, making the company one of the largest managers of wind farms in Europe. The management services are provided through long-term contracts, usually of 10–15 years.