Swedish Renewable Developer OX2 AB Reports Steady Net Profit for 2023

Swedish renewables developer OX2 AB reported a net profit of SEK 1 billion (USD 96m/EUR 89m) for the fiscal year 2023, indicating minimal change compared to the previous year's figures, the company announced on Thursday.

Operating profit for the year stood at SEK 1.03 billion, down from SEK 1.12 billion recorded in 2022.

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Paul Stormoen, Chief Executive Officer of OX2, highlighted the company's consistent performance, citing an annual operating profit exceeding SEK 1 billion for the second consecutive year. Stormoen attributed the “good profitability” primarily to OX2's robust wind power business in Sweden, Finland, and Poland.

In the fourth quarter of 2023, OX2 achieved significant milestones, including the sale of a share of its Swedish offshore wind power portfolio to Ingka Investments. Additionally, the company delivered six completed onshore wind farms to customers in Poland and Sweden.

OX2's total portfolio has expanded to 47,460 MW, reflecting the company's commitment to scaling up renewable energy infrastructure.

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Looking ahead, Stormoen expressed optimism regarding OX2's prospects for 2024, anticipating an improved operating result. He outlined key initiatives for the upcoming year, stating, “During the coming year, we expect to sell substantial onshore wind power projects in Finland and solar power in Poland, while anticipating our first sales in Romania and Australia, as well as our first sale of energy storage projects.”

The company's strategic expansion into new markets and continued focus on delivering sustainable energy solutions position OX2 for further growth and success in the evolving renewable energy landscape.