OX2 has agreed to divest a 119 megawatts alternating current (MWac) solar farm in Victoria, Australia to an undisclosed buyer.
It has agreed to oversee the construction process on behalf of the new owner.
The project is expected to come online by 2027.
OX2 CEO Paul Stormoen stated: “We are delighted to announce this sale in Australia, a market which 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.”
OX2 will oversee the technical and commercial management aspects of the solar project under a five-year management contract.
The solar farm’s annual production will be 242 gigawatt hours (GWh), sufficient to power 51,000 households in Australia.
OX2’s development portfolio in Australia now comprises solar projects totalling 1GW and energy storage projects amounting to 230MW.
OX2 Australia country manager Rachel Watson stated: “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.”
In August 2024, OX2 announced the divestment of a major battery energy storage project in Finland to the L&G NTR Clean Power Fund.
The Uusnivala project, with a capacity of 50MW/110 megawatt hours, is ready for construction and will be managed by the new owner.
