Solar power is the fastest growing technology in the global energy mix
OX2 is dedicated to developing and selling large utility-scale solar farms, underpinned by a fundamental focus on high quality and performance.
Facts about solar power
Solar power is the most abundant energy source in the world. Every day solar energy corresponding to 10,000 times the world’s total consumption hits earth. The conversion of light into electricity is called photovoltaic, or PV for short.
The first solar cells were created as early as the 1880’s. But it is just the last decade that the solar technology has really matured. The cost of solar modules dropped about 95 percent between 2010 and 2020.
There is a very rapid technology development in solar modules. Solar modules are produced to look like other materials and the solar power technology is integrated in everything from headphones to windows.
The improved efficiency of the solar modules has made solar farms a commercially attractive alternative even in the northern parts of Europe.
Today there are floating solar farms, usually placed in dams or other more quiet waters. There is also agrivoltaics, or agri-PV, which is where solar power is combined with agriculture or livestock. There are several studies showing that crop yield has increased and animals are healthier when the farming is combined with solar power.
OX2 and solar power
Solar power is the fastest growing technology in the global energy mix. In 2020, 138.2 GW of solar power was installed globally. This represents 39 percent of total new energy installations.
The market is driven by ambitious climate targets, a sharp increase in demand for renewable electricity and a strong willingness to invest. It is also supported by product development and reduced investment costs.
OX2 started developing solar power in 2018. As with all its chosen technologies, OX2 will operate at all stages of the value chain, from financing, permits and sales to construction and management.
OX2 develops both land-based and floating solar power facilities, the latter established on lagoons, basins and lakes. OX2 is also developing agrivoltaics, a system where solar modules are installed in such a way that the land can be used for agriculture at the same time. OX2 is also working with hybrid solutions that combine solar power with various energy storage solutions.
Growth in solar energy is a key to accelerating geographic expansion.
- Solar technology has been a core part of OX2's growth strategy since 2018
- First solar project sold in May 2022 – Recz solar farm in Poland (29 MW)
- Project development portfolio of about 4 GW in seven markets, across different stages of development, at year-end 2022
- OX2's solar hub with key expertise across the value chain is based in Spain