Renewable energy company OX2 has entered into a cooperation agreement with Finnish investment firm Dasos Capital to establish 10 solar farms in Estonia. This collaboration marks an important milestone in OX2's expansion plans, with the initial phase encompassing the development of five solar plants boasting a combined capacity of approximately 500MW.
While still in the early stages, the projects agreed upon by the two partners are not yet included in OX2's existing project development portfolio. The joint venture between OX2 and Dasos Capital will oversee the development of 10 solar farms, with the first five expected to generate an estimated annual energy production of 500GWh. To put this figure into perspective, it is equivalent to the electricity consumption of roughly 100,000 households annually.
OX2 will shoulder the responsibilities of securing permits, undertaking technical design work, and overseeing construction for these projects. Drawing from their extensive experience in countries like Sweden, Finland, and other parts of Europe, OX2 is well-positioned to leverage their expertise in large-scale energy production units for the benefit of Estonia. Hedi Konrad, OX2's Estonian project manager, expressed enthusiasm about applying their knowledge in Estonia, emphasizing the importance of finding optimal solutions for all stakeholders involved in the planning, construction, and subsequent operation of wind and solar farms.
The primary objective for the near future is to assess the potential environmental impact of the solar farms and explore various land usage options. This process will also involve acquiring the necessary permits throughout 2023. As the projects progress, the exact locations and sizes of the solar farms will be determined during the design, permitting, and planning phases from 2023 to 2025. The aim is to reach an investment decision for the first five projects by 2024-2025.
Saku-Matti Mäki, Head of solar PV for Finland and the Baltics at OX2, emphasized the company's commitment to facilitating clean energy production from wind and solar sources while enhancing energy independence for countries and regions. By collaborating with Dasos Capital in both Finland and Estonia, OX2 aims to strengthen energy security in the Baltic region through the development of solar farms.
Sami Veijalainen, Senior Partner at Dasos Capital, highlighted their systematic approach to fostering renewable energy investments across Europe, particularly on lands managed by their firm. The cooperation with OX2 in Estonia will enable the expansion of local clean energy production, further bolstering their efforts to create value for investors and tap into the immense potential of renewable energy projects.
OX2 has been active in Estonia since 2022 and already has 665MW of wind power projects in the pipeline. Recently, the company established an office in Tallinn, situated in the Fahle Business Centre, signifying their commitment to the Estonian market.
With over 4GW of solar power projects in various stages of planning and construction across Europe, OX2 is positioned to play a significant role in the solar energy sector. The company operates throughout the entire value chain, engaging in financing, permit acquisition, sales, construction, and management. By harnessing their expertise and capitalizing on strategic partnerships, OX2 is paving the way for a greener and more sustainable future.
