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2021-10-26

OX2 sells 24 MW wind farm in Poland to the infrastructure investor Equitix

Tuesday October 26[th], 07.30 CEST - Non-regulatory press release

OX2 has sold an onshore wind farm with a capacity of 24 MW in the south-east of Poland to Equitix. Construction of the wind farm will start this year with delivery expected in 2024.

The onshore wind farm comprising seven wind turbines, will be constructed in Kraśnik county, in the Lublin province. OX2 has developed the project since purchasing the project rights in 2020, and in November the same year secured a 15-year CFD (contract for difference) in the Polish state auction for renewable energy. OX2 will deliver the wind farm to Equitix once operational under a bespoke EPC contract. Construction works will start this year and the wind farm is expected to be delivered in 2024.

Once commissioned, OX2 will be responsible for the technical and commercial management of the project under a 15-year agreement, optimizing the production and supervising its safe operations.

The total production is estimated to be approximately 79 GWh per year, corresponding to the annual consumption of electricity for approximately 16,000 households (5,000 kWh/household), thereby avoiding around 28,000 tonnes of CO\2\ emissions from fossil fuels per year. The wind farm in Kraśnik will support Poland's energy transition by expanding the country's renewable energy capacity and reducing dependency on fossil fuel power production.

Paul Stormoen, CEO of OX2, said: "I'm happy that we have concluded our first agreement with Equitix and to see the Kraśnik wind farm go to construction. OX2 has become a major participant in the Polish renewable sector where we continue to increase our presence through a fast-growing organisation and portfolio of wind and solar projects."

Hugh Crossley, CEO of Equitix, said: "We are delighted to be able to add the Kraśnik onshore wind farm to our substantial portfolio of renewable energy assets. Equitix is committed to onshore wind as a sustainable energy resource and this investment complements our diversified portfolio of renewable generation investments that include hydropower, offshore wind, biomass and solar energy."

Katarzyna Suchcicka, OX2 Country Manager in Poland, said: "The Kraśnik wind farm is the fourth wind project in Poland that OX2 starts construction of so far this year. By expanding the country's renewable energy capacity, we contribute to the ongoing energy transformation. This year alone, ten percent of electricity in Poland will be generated from onshore wind farms."

Information about the wind farm project:

  • 7 Vestas V126-3.45 MW wind turbines with a tip height of 200 meters.
  • Expected average production of approximately 79 GW per year, equivalent to the electricity consumption of close to 16,000 households.
  • Estimated year of commissioning: 2024.
  • General contractor: Electrum (foundations, roads, maneuvering areas, internal MV grid and optical fibers, transformer station, HV grid connection, EON and ION permits).
  • Turbines: Vestas (turbines delivery and assembly).
  • DLA Piper has acted as legal advisor to OX2.
  • EY Corporate Finance has acted as financial advisor to OX2.

For further questions, please contact:
Mikael Östlund
Acting Head of Communications OX2
+46 855 931 011
press@ox2.com

About OX2 AB (publ)
OX2 develops and sells wind and solar farms. OX2 has taken a leading position in large-scale onshore wind power since 2004 and has developed and sold approximately 2.5 GW in Sweden, Finland, Norway and Poland for clients such as Allianz, Ardian and IKEA. Between 2014 and 2020, OX2 realised more onshore wind power in Europe than any other developer. By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future. OX2 has operations in Sweden, Finland, France, Italy, Lithuania, Norway, Poland, Romania and Spain with its headquarters in Stockholm, Sweden. Sales in 2020 was SEK 5,201 million with an EBIT of SEK 416 million. The OX2 share is listed on Nasdaq First North Premier Growth Market. FNCA Sweden AB is Certified Adviser to OX2. Phone: +46 8-528 00 399, e-mail: info@fnca.se. Formore information, please visit: http://www.ox2.com.

About Equitix
Equitix is a leading investor, developer and long-term fund manager of core infrastructure in the UK and Europe. Equitix has raised £7 billion of equity, including managed accounts, and is governed by seven senior investment professionals with more than 130 years of public-sector industry experience between them. With over 300 core infrastructure projects acquired since the firm's inception in 2007, Equitix has institutionalised its distinctive approach to infrastructure investing and has established a strong reputation as a leading developer, trusted partner, operator and fiduciary fund manager.

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