Advancing the next generation of hybrid PPAs
OX2 is a leading developer and structurer of tailored long-term power purchase agreements (PPAs), enabling large-scale renewable investments through close collaboration with industrial and corporate offtakers.
Building on this foundation, we are advancing the next generation of hybrid PPAs, integrating wind and solar generation with battery energy storage systems (BESS). These solutions respond to growing demand for predictable, high-quality renewable power by improving load matching, enhancing system flexibility, and strengthening security of supply.
By incorporating BESS, we can deliver more dispatchable and resilient renewable energy, reducing exposure to price volatility and grid constraints while supporting customers’ net-zero strategies.
Tailored PPAs since 2013
During 2025, OX2 has increasingly invested in owning operational projects as an independent power producer. A key part of financing this transition is selling electricity from these projects through long-term power purchase agreements (PPAs), mainly to large corporate clients.
Joakim Johnsen, Vice President Energy Origination and Markets at OX2, explains the benefits of PPAs: “The energy market has been turbulent in recent years. For large energy consumers, power purchase agreements have become a key tool to manage risk and secure stable prices,” he says.
The PPA market has grown significantly since OX2 signed Europe’s first corporate PPA with Google in 2013. So, what are offtakers looking for today?
“They want someone with a solid reputation, a strong track record and real experience. OX2 is a partner who knows how to navigate issues and create tailored solutions that will save the client both time and money,” he says.
“OX2 is a partner who knows how to navigate issues and create tailored solutions that will save the client both time and money.” Joakim Johnsen, Vice President Energy Origination and Markets.
Joakim also stresses the value of additionality: PPAs that enable new renewable capacity.
“Companies with projects in several markets make it easier for clients to sign further agreements. OX2, for example, has signed PPAs with Google in Australia and Sweden, with Amazon in Finland and Poland, and with Apple in Romania.”
Many PPAs are signed while a project is still under construction, which means buyers must feel confident that it will be delivered on time and perform as expected.
“You need to be stable, reliable, pragmatic and ready to solve any issues that arise. I believe OX2 has a very strong reputation here,” Joakim concludes.
OX2 is currently engaging with corporate off-takers in Europe and Australia to structure hybrid PPA solutions tailored to their operational profiles, risk appetite, and sustainability targets, ensuring commercially robust and scalable partnerships.
Balancing supply, demand and price
We build and operate large-scale BESS solutions
In 2024, we completed and handed over our first Battery Energy Storage System (BESS) in southern Sweden and divested our first BESS in Finland.
Our first hybrid project, the SEC Renewable Energy Park Horsham in Australia, combines a 119 MW solar farm with a 100 MW BESS.
Building on this momentum, we are expanding our BESS platform and partnering with leading customers to deliver flexible, large-scale energy systems.
Published 2026-02-17
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