Renewable energy player OX2 has signed a cooperation agreement with Finnish investment company Dasos Capital to develop 10 solar farms in Estonia. The capacity of the first five plants is estimated to be around 500MW.
The projects the partners agreed on are in their early stages and are not yet part of OX2’s project development portfolio. The cooperation between OX2 and Dasos Capital includes 10 solar farms. The estimated annual energy production of the first five sites is 500GWh, which corresponds to the annual electricity consumption of about 100,000 households.
OX2 is responsible for the permitting, technical design and construction of the projects.
“Thanks to our broad experience in Sweden, Finland, and other European countries, we have the excellent competence for developing and constructing large scale energy production units and we are looking forward to using that experience also in Estonia,” said OX2 Estonian project manager Hedi Konrad.
“In the implementation of our projects, it is important for us to find the best solutions for all stakeholders involved – both in the planning and construction of the units, as well as in the operation of the completed wind and solar farms,” she added.
The aim is to clarify the possible environmental impact and land usage options including the need for permits during 2023. The final locations and sizes of the solar farms will be confirmed during the designing, permitting and planning processes in 2023-2025. The goal is to reach to the investment decision for the first five projects in 2024-2025.
Head of solar PV for Finland and the Baltics at OX2 Saku-Matti Mäki added: “At OX2, we are working to create opportunities for clean energy production from wind and solar, as well as to improve energy independence for countries and regions.
“We are delighted to collaborate with Dasos Capital, not only in Finland but now also in Estonia, to increase energy security in the Baltics through the development of solar farms.”
Senior partner at Dasos Capital Sami Veijalainen said: “Dasos Capital systematically facilitates renewable energy investment opportunities on lands it manages across Europe to catalyse value creation for our investors.
“We are happy to cooperate with OX2, a leading company in the field, also in Estonia to enable expansion of local clean energy production. We see great potential in building more renewable energy projects on lands we manage today.”
OX2 has operated in Estonia since 2022, and has 665MW of wind power projects in the pipeline. OX2 has recently opened an office in Tallinn in Fahle Business Centre.
The company has been developing solar power since 2018 and has a total of more than 4GW of solar power projects in the pipeline to be planned and constructed in Europe. OX2 will operate at all stages of the value chain, from financing, permits and sales to construction and management.