Swedish company OX2 has acquired two renewable energy portfolios in Greece with a total installed capacity of more than 500MW.
The portfolios contain solar and onshore wind projects in different development stages and are located across various regions of the country.
OX2 will develop the projects with experienced local co-development partners with a track record of more than 4GW authorised projects in the country.
Greece is a “very interesting” market for OX2, said the developer’s chief executive Paul Stormoen.
About 20% of the electricity consumed in Greece is imported and 15 terawatt-hours of lignite will be replaced by 2028, he said.
Stormoen added: “The country has strong resources and high ambitions for deploying renewable energy and projected to install more than 5GW of solar and more than 3GW of wind by 2030.
“OX2 can create long-term impact and accelerate the energy transition with its expertise in developing renewable energy projects attractive to investors.”
OX2 said it is setting up a cross-functional team with local and international competence to execute its projects.
The team is also working on other renewables opportunities to further grow the portfolio in Greece.
Last year OX2 established locations on the ground in Romania and Italy as well as set up a solar hub in Spain and is now active in 10 markets in Europe.