Leading Swedish renewable developer OX2 acquires ESCO Pacific
ESCO Pacific has a strong track record with rapid growth, having developed and taken more than 800 MW to construction since inception in 2015. Today the total development portfolio of ESCO Pacific consist of 1,420 MW, out of which 1,220 MW is solar and 200 MW energy storage.
OX2 has identified considerable potential in ESCO Pacific, through offering projects from sale of project rights to the sale of turnkey solutions at construction start. OX2 also plans to scale up operations through acquisitions in solar and energy storage and has the ambition to expand operations to onshore wind while exploring offshore wind and hydrogen.
The Australian market offers significant growth potential for renewables. The total electricity generation amounted to 265 TWh last year, with a fossil share of around 70 percent. The Australian government is committed to reach the net zero target by 2050 and is investing to drive growth in the renewable energy sector and become a renewable energy superpower.
“I am very happy to announce our entry into the Australian market and to welcome an experienced local team to OX2. Through this transaction, we get an attractive development portfolio in a growing market, while also significantly strengthening our capabilities within solar and energy storage. This gives us a solid foundation for profitable expansion in Australia”, said Kristina Wright, Chief Operating Officer, OX2.
ESCO’s founder and Managing Director Steve Rademaker commented “we have found a great buyer for ESCO Pacific. OX2 is a strong player with an excellent track record, and they will no doubt have the ability to significantly grow the footprint in Australia.”
OX2 is a leading renewables developer in Europe with operation on eleven markets. This is the first acquisition outside Europe. OX2 develops onshore as well as offshore wind farms, solar power, energy storage and is exploring opportunities in hydrogen production and pipelines. The total development portfolio comprises of about 33,000 MW.
With the acquisition ESCO Pacific becomes ESCO Pacific part of OX2.
For further information, please contact:
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About OX2 AB (publ)
OX2 develops, constructs, and sells renewable energy solutions at scale. OX2 also offer management of wind- and solar farms after completion. OX2’s project development portfolio consists of in-house developed as well as acquired projects in onshore and offshore wind, solar, and energy storage, in various phases of development. The company is also active in developing projects based on other renewable energy technologies, such as hydrogen. OX2 is operating on eleven markets in Europe: Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, Greece, and Åland. Sales in 2022 was about 7.6 billion SEK. The company has about 400 employees and is headquartered in Stockholm, Sweden. OX2 is listed on Nasdaq Stockholm since 2022.
About ESCO Pacific
ESCO Pacific is one of Australia’s leading ground mounted solar farm developers and operators with over 496MW of projects currently operational, 185MW committed and in construction and a further 1.1GW in advanced stages of development. Shell acquired a 49% interest in ESCO Pacific in December 2019. The ESCO Pacific team is comprised of infrastructure, development, grid connection and finance professionals with market leading experience in developing, and delivering to market, high quality utility scale solar farms.