Last week, Swedish solar developer OX2 agreed to sell a 119MW solar PV project in Victoria, Australia, to an undisclosed bidder.
Under the terms of the agreement, OX2 will manage the construction of the solar PV project, which is expected to be operational in 2027, on behalf of the buyer. Once the project has been 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 work at the facility.
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Although not specifically mentioned by OX2 in their media statement, the undisclosed project in Victoria is believed to be its Horsham Solar Farm, situated around 5km east of the city’s central business district. The project is also anticipated to feature a 50MW/100MWh battery energy storage system (BESS) on site, and the annual production from the solar PV project is estimated to be 242GWh.
‘A solid project development portfolio’
Rachel Watson, country manager for OX2 Australia, said that since the company’s entry into Australia, it has enhanced its team and is making significant progress with late-stage projects aimed at financial closure.
“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.” Watson said.
Following the transaction, OX2’s project development portfolio in Australia consists of solar projects of around 1GW of capacity and energy storage projects of 230MW.
One of the projects is also located in Victoria, 9km east of Kyabram in the northern region of the state. The 106MW Lancaster Solar Farm is currently under development and will sit across 172 hectares of land.
The developer also has a 130MW solar PV project, named Glenworan Solar Farm, currently in operation, and situated 2km south-west of Glenworan. CIMIC Group company UGL finished construction of the project, and it went into full operation in March 2024. OX2 remains involved in the project via long-term technical and commercial management services.
Paul Stormoen, CEO of OX2, believes opportunity is rife in the Australian market due to its commitment to a net zero target by 2050 and significant infrastructure investments in renewable energy developments.
“I see considerable potential for value creation for OX2 in Australia through extension of the product offering and expansion of the development portfolio,” Stormoen added.
