OX2, a solar and energy storage project developer, announced the sale of two solar projects totaling 137 MWp/105 MWac to European Energy, a Danish renewable energy project developer. The deal includes project rights for the 106 MWp/80 MWac Lancaster solar in Victoria and the 31 MWp/25 MWac Mulwala solar in New South Wales.
The construction of both projects is scheduled to begin in the first quarter of 2025, and commercial operations are expected in 2026.
Once operational, the company claims that both solar projects will produce about 255 GWh of clean electricity annually, enough to power approximately 54,000 households in Australia.
This transaction came after OX2’s sale of a 119 MWac solar project in Victoria, Australia, to an undisclosed buyer this week. OX2 will manage the construction of the Victorian solar project on behalf of the buyer, which is expected to be operational in 2027.
“We are excited to expand our presence in Australia with these two new solar projects. With our strong Australian team, we are committed to bringing the two solar farms into operation, contributing not only to the increased availability of renewable energy in the Australian grid but also to creating more opportunities for local Australians in the renewable energy sector,” says Catriona McLeod, Country Manager for European Energy in Australia.
Following this transaction and the recent sale of the solar project in Victoria, OX2’s project development portfolio in Australia includes projects totaling 1,185 MW, according to the company. With these acquisitions, European Energy has a renewable energy portfolio of over 5 GW under development in Australia.
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 week, Sol Systems, a solar finance and development company, announced the acquisition of over 2 GW of utility-scale hybrid solar and storage projects across the Midwestern United States from Tenaska, an Omaha-based energy company. The portfolio spans multiple states in the Midwest.
