Expanding our strategy to own operational assets
In 2024, EQT, one of the world’s largest private equity investors, acquired OX2. Their ownership has provided OX2 with strategic flexibility and the financial capacity to broaden its footprint and business model to transition into a hybrid Independent Power Producer (IPP) where we also own operational assets and sell electricity.
This strategic expansion unlocks new revenue opportunities while ensuring a stable, recurring income stream. It also strengthens our long-term presence, fostering trust and solidifying our role as a valued partner. Additionally, this commitment supports sustainability initiatives, while creating new career opportunities at OX2 as we expand in key areas like route-to-market and asset management.
A hybrid strategy model
Building a portfolio of operational assets is a key strategic priority for OX2, requiring significant capital investment. We will continue developing high-quality projects with strong fundamentals, such as optimal wind conditions, solar irradiation, and the ability to deliver robust returns defined by technology and geography. These projects will either be retained and operated by OX2 or sold to investors, generating strong margins to fund our transition, hence a hybrid strategy model.
Our first IPP projects
OX2’s first project to be owned and operated is the Rutki solar farm, a 100 MW project located in Poland. Rutki benefits from favorable regulatory support and a strong solar irradiation profile and is expected to produce approximately 108 GWh annually. The project is expected to become operational in 2025.
We have also added two Finnish wind farms, Honkakangas and Rajamäenkylä, to our portfolio of owned projects. They have a combined total capacity of 472 MW and will produce 1.6 TWh of renewable energy annually. The 700 MEUR investment, announced in April 2025, is the largest ever investment in renewable energy in Finland. The projects are expected to become operational in 2027 and 2028 respectively.
Selling electricity as an IPP
The majority of the electricity produced from our operational assets will be sold through Power Purchase Agreements (PPAs) or Contracts for Difference (CfDs). These mechanisms provide stability and predictability in revenue for us as developers, while also protecting our customers from excessive price volatility in the energy market.