OX2, the Swedish renewable energy company, has finalized the sale of a 45-megawatt (MW) solar pipeline in Spain to Greening, as confirmed in the fourth quarter of 2023. The deal encompasses late-stage project rights for solar developments located in the Andalucia region of Spain, marking OX2's second divestment of photovoltaic (PV) arrays in the country.
Upon full operational capacity, the solar developments are expected to yield an estimated annual production of approximately 84 gigawatt-hours (GWh). This transaction represents OX2's commitment to solar energy as a crucial component of its strategic expansion into new technologies, aligning with its role in advancing the global transition to fossil-free electricity, according to OX2 Chief Executive Paul Stormoen.
By the end of the third quarter, OX2's total portfolio of solar projects had surpassed 6.4 gigawatts (GW). The recent sale to Greening marks the company's third divestment in a short period, indicating a dynamic approach to optimizing its project portfolio.
The impact of the transaction on OX2's financial results is anticipated to be limited, according to the company. The move underscores OX2's continued focus on strategic asset management and aligns with its broader mission to contribute to the sustainable evolution of the energy landscape.