OX2 expands into Greece buying 500MW wind and solar pipeline
Nordic developer acquires two solar and wind portfolio with projects across Mediterranean country in various stages of development
Nordic developer OX2 is expanding into Greece by acquiring two solar and onshore wind portfolios with a combined capacity of more than 500MW.
The portfolios contain projects in different stages of development and across various regions of the southern European country, the company said, adding it will develop the projects with local co-development partners with a track record of more than 4GW of authorized projects in the country.
“Greece is a very interesting market for OX2. About 20% of the electricity consumed in Greece is imported and 15TWh of lignite will be replaced by 2028,” OX2 chief executive Paul Stormoen said.
“The country has strong resources and high ambitions for deploying renewable energy and projected to install more than 5GW of solar and more than 3GW of wind by 2030.”
"There are government auctions, in which we have experience through (our engagement) in Poland as well as in the evolution to corporate PPAs," Energin said.
"The markets, in which we have been active, and have a leading position – Sweden and Finland – have been pretty liquid corporate PPA markets.
"We believe that we can bring that knowledge to an evolving offtake environment of Greece as well."
The developer said it is setting up a cross-functional team with local and international competence to execute its projects, and also plans to further grow its Greek portfolio.
Energin said OX2 is evaluating different technologies - including offshore wind - in all markets it enters, but at this stage has no offshore project in its Greek portfolio.