OX2 expands to Australia
OX2 enters Australia through acquisition of ESCO Pacific
Expanding into new geographies and within new technologies is part of OX2’s strategy. We continuously explore markets and opportunities to expand our geographical presence, particularly electricity markets with a significant share of fossil energy and clear needs and opportunities to increase the proportion of renewable energy.
On Friday 31 March 2023, we announced the acquisition of ESCO Pacific, a leading Australian solar power developer and asset manager. Through this acquisition, we welcome an experienced local team to OX2 and acquire an attractive development portfolio in a growing renewables market.
ESCO Pacific sells projects rights at RtB (ready-to-build). The company has a strong track record, having developed and taken more than 800 MW to construction and with a pipeline of 1.4 GW. ESCO Pacific operates in the eastern states of Australia, more specifically New South Wales, Queensland, Victoria, and South Australia.
Australia is a large, attractive renewables market for OX2:
- A sizeable electricity market of 265 TWh, which is comparable to Spain
- Strong case for renewables due to high fossil share, approximately 70 percent
- Strong build-out expected with 90 GW of new solar and wind needed to replace 180 TWh of fossils
- Attractive solar and onshore conditions including irradiation, land ownership, and large project sizes
Furthermore, there is strong support from Federal and State governments, strong investment appetite, and increased momentum in the power purchase agreement (PPA) market.
See our press releases for more information:
OX2 expands to Australia by acquiring ESCO Pacific.