OX2 forges Estonian solar partnership with 500-MW initial goal

Swedish renewables developer OX2 AB (STO:OX2) has teamed up with Finnish alternative investment fund and land manager Dasos Capital to jointly develop 10 solar projects in Estonia, starting with five totalling 500 MW.

The cooperation agreement will see OX2 take care of the permitting, technical planning and construction aspects of the projects, the Swedish developer said on Thursday. It pointed out that the schemes agreed now are in the initial stages and are still not included in its own project portfolio.

Under the plan, the partners will aim to take a construction investment decision for the first five schemes in the proposed bundle during the 2024-2025 period. Once up and running, these plants will be generating 500 GWh of electricity annually, or enough to meet the consumption of around 100,000 homes.

OX2 has more than 4 GW of solar projects in its pipeline across Europe. It has been operating on the Estonian market since last year and currently has plans to add 665 MW of wind turbine capacity in the Baltic country. Last April, it entered a co-development partnership with compatriot TMV Green Ou for a 500-MW portfolio of onshore wind projects in Estonia.

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