OX2, a solar and energy storage project developer, secured €73 million (~$76.69 million) in financing for the 100 MW Rutki solar project in Poland. NORD/LB, a German commercial bank, provided the funding.
The solar project is currently under construction and is expected to be fully operational by the end of 2025. The Rutki solar project, located in the Niemodlin municipality in southwestern Poland, will incorporate 145,000 ground-mounted photovoltaic modules.
The project has a 15-year CfD contract with the Polish Energy Regulatory Office for about 50% of the expected production.
Clifford Chance acted as legal advisor to NORD/LB, while A&O Shearman advised OX2 on the transaction. Solaris Ventum acted as a technical advisor to NORD/LB.
“This marks a big milestone for OX2. We are entering a new era for the company and this project proves our ability to successfully execute projects among the most relevant renewable energy technologies. We are happy to take this first step to becoming a hybrid IPP,” says Paul Stormoen, CEO of OX2.
OX2, now wholly owned by EQT, was delisted on October 21. In September, the company also announced the sale of two solar projects totaling 137 MWp/105 MWac to European Energy, a Danish renewable energy project developer.
According to Mercom’s 9M and Q3 2024 Solar Funding and M&A report, large-scale project funding in 9M 2024 totaled $34.3 billion in 180 deals, up from $27.5 billion in 169 deals in 9M 2023.
In July, GoldenPeaks Capital (GPC), an independent renewable energy power producer, secured €109 million (~$118.46 million) in financing across separate transactions for two large-scale solar project portfolios in Poland.
