OX2 AB, a Swedish renewable energy company that develops, finance, and manages large-scale solar and wind projects, acquired two portfolios in Greece with an installed capacity of 500 MW.

The financial terms of the acquisition were not disclosed.

The portfolios comprise solar and onshore wind projects in various development stages and are diversified across Greece.

OX2 will develop the projects with local co-development partners, the company said.

“Greece is a very interesting market for OX2. About 20% of the electricity consumed in Greece is imported, and 15 TWh of lignite will be replaced by 2028. The country has strong resources and high ambitions for deploying renewable energy and is projected to install more than 5 GW of solar and more than 3 GW of wind by 2030. OX2 can create long-term impact and accelerate the energy transition with its expertise in developing renewable energy projects attractive to investors,” says Paul Stormoen, CEO at OX2.

In 2021, OX2 established organizations in Romania and Italy and set up a solar hub in Spain. OX2 is now active in ten markets in Europe.

In November 2021, OX2 acquired the rights to two solar projects totaling 45 MW in Skane, Sweden, from Helios Nordic Energy.

According to Mercom’s 2021 annual solar funding and M&A report, over 68 GW of solar projects were acquired in 2021, compared to 39.5 GW in 2020. There were 280 large-scale solar project acquisitions in 2021 compared to 231 transactions in 2020. Solar project developers and independent power producers were the most active acquirers in 2021.

Recently, Kibo Energy, the renewable energy-focused development company, signed a share purchase agreement to acquire the 100 MW Victoria Falls Solar Project in Zimbabwe from Broomfield International. Kibo will acquire 100% of the issued share capital of Brownhill International and shareholder loan claims against Brownhill, which holds the project through its wholly-owned subsidiary Power Ventures.