OX2, a solar and energy storage project developer, has entered into an agreement to sell a 119 MWac solar project in Victoria, Australia, to an undisclosed buyer.
OX2 will manage the construction of the project on behalf of the buyer. The project is expected to be operational in 2027 and produce about 242 GWh of clean electricity annually, enough to power approximately 51,000 households in Australia.
Once commissioned, the company will also manage the operations under a five-year agreement, including technical and commercial aspects of the solar project.
Following this transaction, the company’s project development portfolio in Australia comprises around 1 GW of solar and 230 MW of energy storage projects.
“We are delighted to announce this sale in Australia, a market that offers significant growth opportunities. The Australian government is committed to the net zero target by 2050 and is targeting significant infrastructure investments to enable build-up of renewable capacity. I see considerable potential for value creation for OX2 in Australia through extension of the product offering and expansion of the development portfolio,” says Paul Stormoen, CEO at OX2.
Last month, OX2 also signed an agreement to sell the ready-to-build 50 MW/110 MWh Uusnivala battery energy storage project to the L&G NTR Clean Power Fund, which will manage the project’s construction. NTR, a renewable energy asset manager, completed the transaction on behalf of the fund.
According to Mercom’s 1H and Q2 2024 Solar Funding and M&A report, 113 solar project acquisitions totaling 18.5 GW were announced in 1H 2024 compared to 116 project acquisitions totaling 25.5 GW in 1H 2023.
Earlier this month, The Greenvolt Group, a solar and wind project developer, reached an agreement with Nuveen Infrastructure to sell a 153 MW solar project portfolio across various regions of Italy for €18.7 million (~$20.69 million). The portfolio comprises 19 projects that will be sold in phases and are expected to reach the ready-to-build stage between 2024 and 2025. This sale is a part of the company’s strategy to develop and sell solar projects.
