OX2 has secured financing from the energy transition bank NORD/LB for the Rutki solar farm in Poland.
The closing marks a first step in the transition of OX2 becoming a hybrid Independent Power Producer (IPP).
The 100MW solar farm Rutki is located in the south-west of Poland and is expected to produce about 108GWh a year, which is equivalent to the yearly electricity consumption of about 22,000 households.
The construction of the solar farm is ongoing and is expected to be completed in early 2025 and fully operational by the end of 2025.
Rutki Solar Farm benefits from a 15-year CfD-contract with the Energy Regulatory Office for for about 50 percent of the expected production.
Paul Stormoen, chief executive at OX2, said: “This marks a big milestone for OX2. We are entering a new era for the company and this project proves our ability to successfully execute projects among the most relevant renewable energy technologies.
“We are happy to take this first step to becoming a hybrid IPP.”
OX2 was delisted on October 21 and is now wholly owned by EQT, one of the world’s largest private equity investors.
EQT has stated the ambition to broaden OX2’s business model from a pure play developer to also become a hybrid IPP.
The financing of Rutki is a step toward building up a portfolio of projects owned and operated by OX2.