Scandinavian developer OX2 has closed an agreement to sell a 119MW solar farm project in Australia to an undisclosed buyer.
The site is located in Victoria in south-east Australia.
OX2 will manage the construction of the solar farm on behalf of the buyer, which is expected to be operational in 2027.
Once commissioned, the developer will also manage the site’s operations under a five-year agreement, including technical and commercial aspects of the project to optimise the facility.
The annual production from the solar farm is estimated to be 242GWh.
OX2 Australia country manager Rachel Watson said: “It feels great to present this transaction.
“Since our entry to Australia last year, we have strengthened our local team, and a lot of work has gone into getting the late-stage projects ready for financial close.
“We have a solid project development portfolio and there is currently a lot of activity both in our solar and energy storage projects.”
Following the transaction, OX2’s project development portfolio in Australia consists of solar projects of around 1GW and energy storage projects of 230MW.
OX2 chief executive Paul Stormoen said: “We are delighted to announce this sale in Australia, a market that offers significant growth opportunities.
“The Australian government is committed to the net zero target by 2050 and is targeting significant infrastructure investments to enable build-up of renewable capacity.
“I see considerable potential for value creation for OX2 in Australia through extension of the product offering and expansion of the development portfolio.”