Renewable

June 8 (Renewables Now) - Swedish renewables developer OX2 AB has announced plans to launch an initial public offering (IPO) on Nasdaq First North Premier Growth Market, seeking to raise around SEK 3.3 billion (USD 398.4m/EUR 327.2m).

The company said the offering will consist of a mix of newly issued shares and existing shares held by OX2’s principal owners, Sweden-based Peas Industries AB and investment funds Altor Fund V (No 1) AB and Altor Fund V (No 2) AB.

At present, Peas Industries is the majority owner, but after the IPO, both Peas and Altor funds will retain a “significant majority of their respective holdings” and remain “committed shareholders”. The principal owners may also decide to sell additional existing shares in OX2, the company said.

OX2 expects to raise proceeds of some SEK 1.8 billion, net of offering-related costs, and around SEK 1.5 billion to be used to repay existing financing obligations in the group. The net proceeds would go towards increasing OX2’s financial flexibility to facilitate further growth.

A portion of the offering will be sold to the general public in Sweden, while the rest will be offered to institutional investors in Sweden and abroad. More details will be released in the prospectus.

OX2 develops and sells completed wind and solar farms and does not own any energy production assets. As of March 31, 2021, its project development portfolio totals around 17 GW between onshore and offshore wind and solar power, according to OX2.

The company said it set a target to sell projects at a rate of over 500 MW per year in 2021-2022, more than 1,500 MW per year in 2023-2024, and above 2,000 MW annually in the medium term.

(SEK 1.0 = USD 0.121/EUR 0.099)