OX2 posts lower Q3 profit, sheds 24-MW Polish wind farm

Ajos. Source: OX2

October 26 (Renewables Now) - Swedish renewables developer OX2 today posted an 88.6% year-on-year drop in third-quarter profit to SEK 15 million (USD 1.7m/EUR 1.5m) and announced the sale of a 24-MW wind farm in Poland.

During the reporting period, no projects were completed and handed over to customers. This caused a drop in operating income to SEK 24 million, which also suffered by lower net sales recognition in projects under construction.

More details about OX2’s financial performance are available in the table.

Amounts in SEK million Q3 2021 Q3 2020 9mo 2021 9mo 2020
Net sales 600 2,050 2,553 3,447
Operating income 24 171 97 300
Operating income adjusted for listing expenses 25 171 136 300
Operating margin 4.1% 8.4% 3.8% 8.7%
Profit for the period 15 132 97 225
Cash flow from operating activities 143 81 231 46

The adjusted operating income figure reflects expenses related to the listing of stock on the Nasdaq First North Premier Growth Market Sweden in June.

“The third quarter centered around a continued focus on executing our growth strategy in combination with ensuring progress in our projects under construction,” said CEO Paul Stormoen.

The Swedish firm purchased 614 MW of project rights in the third quarter and had 17.6 GW of projects in its development portfolio at the end of September, against 10.6 GW a year before.

POLISH DIVESTMENT

OX2’s latest deal concerns the divestment of a 24-MW wind park in southeastern Poland to infrastructure fund Equitix, majority-owned by Dubai-based TFG Asset Management. The value of the transaction was not disclosed.

To be installed in Lublin province’s Krasnik county, the wind park will be equipped with seven Vestas V126-3.45 MW turbines that are seen to produce around 79 GWh of electricity annually, once fully operational. Construction works are due to be launched this year, while the power plant is slated for commissioning in 2024.

OX2 purchased the rights to the project in 2020 and later secured a 15-year contract for difference in a domestic renewable energy tender. The Swedish firm will build the wind farm under an engineering, procurement and construction (EPC) contract with the new owner and will oversee its technical operations for 15 years.

(SEK 1.0 = USD 0.116/EUR 0.099)

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