DIF Capital Partners has committed to acquire two onshore wind projects in Poland from OX2 with a capacity totaling 63 MW.
OX2 AB (“OX2”) and DIF Capital Partners (“DIF”) are pleased to announce that DIF, through DIF Infrastructure Fund VI, will acquire 100% of two onshore wind projects in the Podlaskie and Łódź regions of Poland, with a total capacity of 63 MW. As the projects are ready to build, DIF will invest through the construction of the projects.
The wind projects, which will be equipped with Vestas V126 turbines, have been developed and will be constructed under a tailored EPC contract provided by OX2. Construction commenced upon closing of the transaction and the projects are expected to become operational by end of 2022.
Once commissioned, OX2 will be responsible for the technical and commercial management of the wind projects, ensuring that the projects generate maximum output and that they are operated in a safe and secure manner. During their operational life the projects will benefit from contracts-for-difference with the Polish state, providing stability of cash flows to the projects for a period of 15 years.
The total production is estimated to be ca. 200 GWh per year, which is the equivalent to the annual power consumption of around 50,000 households; thereby avoiding around ca. 70,000 tonnes of CO emissions per year from fossil fuels. The projects will support Poland’s energy transition by expanding the country’s renewable energy capacity and reducing dependency on power production from fossil fuels.
OX2 was advised by DNB Markets (financial) and DLA Piper (legal). DIF was advised by PWC (financial), Allen & Overy (legal) and DNV (technical).
Katarzyna Suchcicka, Country Manager, OX2 Poland, said:“We are pleased to establish a relationship with DIF Capital Partners for the construction of two wind farms and through this cooperation contribute to Poland’s energy transition. Onshore wind energy is not only clean but today the cheapest source of energy which will positively impact the Polish economy. It is also an important milestone strengthening our market position in the country and reinforces our expansion ambitions.”
Christopher Mansfield, Partner at DIF Capital Partners, said:
CJR RENEWABLES (foundation, roads), Electrum Sp. z o.o. (MV network, Substation and MV/HV grid connection), Vestas (turbines supply and assembly).
OX2 develops, builds and manages renewable power generation. OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having developed and constructed more than 2.4 GW of wind power in Europe. OX2 currently has contracted asset management services for 44 wind farms (2.28 GW). OX2’s mission is to lead the ongoing energy transition and promote a more sustainable future. OX2 has operations in Sweden, Norway, Finland, Poland, Lithuania and France. Its head office is in Stockholm, Sweden. Sales revenue in 2020 amounted to €510 million.
or more information, please visit: http://www.ox2.com.
About DIF Capital Partners
DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:
Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long–term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
- DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.
DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit http://www.dif.eu
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DIF Capital Partners
Allard Ruijs, Partner