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OX2, a Sweden-based renewable energy company that develops, funds, and manages large-scale projects, has acquired six late-stage solar power projects with a total capacity of 152 MW in Spain from Green Genius, a Europe-based renewable energy project developer.

The projects are located in Andalusia, Spain, an area with the highest level of solar radiation in the country, and have received their environmental permits.

They will be included as late-stage projects in the OX2 development portfolio from the fourth quarter of 2022.

This is OX2’s second project acquisition in the Spanish market. In September, the company acquired two projects with a total capacity of 55 MW in Extremadura and Castilla la Mancha.

“I am very pleased to be able to announce our second acquisition of solar power projects in Spain, which is a market with considerable potential for OX2. Spain is one of Europe’s largest renewable energy markets, with ambitious sustainable energy targets and strong investor interest,” said Paul Stormoen, CEO of OX2.

Green Genius is a part of the international group of companies Modus Group that currently operates in 12 European countries and has been developing solar photovoltaic projects in Spain since 2018.

“The projects in Andalusia have been developed with great care and are highly appreciated in the market. We’re pleased to pass it over to a trustworthy new owner. Meanwhile, Green Genius is to continue focusing on the search and development of new projects,” said Ruslanas Sklepovičius, CEO of Green Genius.

Garrigues acted as a legal adviser to Green Genius.

In March 2022, OX2 AB acquired two portfolios in Greece with an installed capacity of 500 MW. The portfolios comprised solar and onshore wind projects in various development stages and are diversified across Greece.

According to Mercom’s 9M and Q3 Solar Funding and M&A Report, in the first nine months of 2022, there were 207 project acquisitions totaling 52.1 GW, compared to 200 project acquisitions totaling 55.5 GW in the same period of last year.