OX2, a Swedish renewable energy producer, has purchased the rights to a 475 MW solar project in Huittinen, Finland, from SAJM. OX2 will place the project, one of the largest in the country, in the mid-stage of its development portfolio for the second quarter of 2023. The project’s environmental impact study and permits have yet to be submitted.

The project is anticipated to generate approximately 475 GWh, which is equivalent to the yearly electricity consumption of approximately 95,000 Finnish households, assuming each consumes 5,000 kWh of energy. OX2’s portfolio in Finland also includes solar projects in Kauhajoki and Loimaa. Since 2018, the company has been developing various projects. Its development portfolio included approximately 4 GW in solar by the end of 2022.

Earlier this month, OX2 agreed to buy Australian renewable energy developer ESCO Pacific for $83.9 million. The deal’s conditions also permitted a consideration of up to A$17 million, based on the accomplishment of sales and margin goals, in addition to the agreed consideration, which is on a debt-free basis.

REGlobal’s Views: Various large developers that want to quickly expand their portfolios opt for acquiring renewable energy projects. This safeguards them from going through the lengthy approval processes. Thus, many projects that are in their early development stages also qualify as ideal for acquisition.