OX2 to divest 27-MW wind farm in Italy

Lehtirova wind farm, 147 MW, Sweden (photo: Joakim Lagercrantz). Image by OX2.

Swedish renewables developer OX2 AB (STO:OX2) has agreed to sell a 27-MW onshore wind farm in Foggia, Italy, to UK fund manager Glennmont Partners, the Swedish company said on Thursday without disclosing any financial details of the deal.

OX2 will remain the owner of the project during the construction phase. The wind farm will be handed over to the buyer at the start of operation. After that, the Swedish firm will be responsible for the technical and commercial management of the project under a five-year agreement.

Construction is estimated to start in August 2023 and is scheduled to be completed by September 2024.

The deal represents the first divestment for OX2 in Italy.

“Italy is a market with great long-term potential, and we are looking forward to developing more projects in onshore wind as well as solar and energy storage,” OX2 CEO Paul Stormoen commented in the statement.

Glennmont Partners is focused exclusively on investment in clean energy infrastructure. The company is wholly owned by Nuveen, an investment manager with over USD 1 trillion (EUR 936bn) of assets under management.

(USD 1.0 = EUR 0.936)

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