Swedish renewables developer OX2 AB has finalized the sale of 82 MW of solar projects in Spain to Israel's Afcon Renewable Energy, marking OX2's inaugural transaction in the Spanish market.
The portfolio, situated in the regions of Andalusia and Castile-La Mancha, is at a ready-to-build stage, and Afcon has also secured an option to purchase an additional 53.1 MW of projects.
Afcon, as the majority owner, will hold a 36% proportion of ownership, with the remainder owned by Israel's Migdal Insurance and Menorah Group.
The Israeli independent power producer (IPP) anticipates commencing construction for the majority of the projects in the first quarter of 2024, with commercial operations scheduled to commence by early to mid-2025, according to Afcon's announcement.
This strategic acquisition is expected to contribute to OX2's cash flow in the fourth quarter of 2023, as highlighted by the Swedish firm.
