OX2 is to sell two wind farms under-construction in Poland totalling 63MW to a fund managed by DIF Capital Partners for an undisclosed price.
The projects are the 40MW Grajewo in the municipality of Grajewo and the 23.1MW Sulmierzyce in the Krotoszyn district of Sulmierzyce Municipality.
Grajewo will feature 12 Vestas V126‑3.45MW turbines with 200-metre tip heights. It will produce an estimated 131 gigawatt-hours of electricity a year.
CJR Renewables has been contracted to build foundations and roads and Electrum will construct the MV network, substation and MV/HV grid connection.
Sulmierzyce will comprise of seven Vestas V126-3.3MW machines with 200-metre tip heights and is expected to generate 68 gigawatt-hours of electricity a year.
Onde is contracted to build the foundations, roads, internal grid, substation and grid connection.
DIF, through the DIF Infrastructure Fund VI, will invest through the construction of the projects.
The projects are expected to become operational by end of 2022.
Once commissioned, OX2 will be responsible for the technical and commercial management.
The projects will benefit from contracts-for-difference with the Polish state, providing stability of cash flows to the projects for a period of 15 years.
OX2 was advised by DNB Markets on financial issues and DLA Piper on legal aspects of the deal.
DIF was advised by PWC on financial matters, with Allen & Overy providing legal advice and DNV covering technical considerations.
OX2 chief executive Paul Stormoen said: “I am very happy to welcome DIF Capital Partners as a new partner with its extensive experience from long-term investments in renewable energy projects.
“Our partnership is a significant step in OX2’s ongoing expansion in Poland.
“It quadruples the amount of green energy that will be produced from the wind farms in Poland built by OX2.”
OX2 Poland country manager Katarzyna Suchcicka said: “We are pleased to establish a relationship with DIF Capital Partners for the construction of two wind farms and through this cooperation contribute to Poland’s energy transition.
“Onshore wind energy is not only clean but today the cheapest source of energy which will positively impact the Polish economy.
“It is also an important milestone strengthening our market position in the country and reinforces our expansion ambitions.”
DIF Capital Partners partner Christopher Mansfield said: “DIF is delighted to enter the Polish renewables market through this new partnership with OX2 and to support Poland’s ongoing energy transition.
“The projects fit well within the investment strategy of DIF Infrastructure Fund VI and adds to the track record of DIF-managed funds, which have invested in 2.3GW of wind and solar power projects in Europe, North and South America and Australia.”