OX2 Romania Consolidating Its Portfolio
OX2 Romania is consolidating its portfolio, moving forward with all the wind projects it owns in the country. Present on the Romanian market since 2021, the Swedish company has succeeded in developing a relevant portfolio through a solid strategy that ensures a steady and predictable development of the business. OX2 Romania is currently in talks with investors to close its first transaction in Romania.
The wind projects developed by OX2 in Romania are progressing on all key phases. The Swedish company holds the technical connection to the grid permits (ATR) for the entire portfolio of 572 MW.
At the end of last year, the company got the construction permit for the most advanced project in its portfolio, with an installed capacity of 99 MW and a connection contract from March 2023. Work will start in the first part of the year and the wind farm targets to become operational at the end of 2025. The project is in the advanced phases of realization such as equipment procurement and PPA and aims to reach the final investment decision (FID). The second 99 MW project nearby follows closely behind in both development stage and FID phase, with both projects to be built and commissioned in the same timeframe.
Regarding the other two wind projects in OX2 Romania’s portfolio, of 300 MW and 72 MW respectively, the technical connection to the grid permits (ATR) have been obtained from Transelectrica, with connection to the grid scheduled for December 2027. Thus, all four onshore wind projects in the OX2 Romania portfolio, with a total installed capacity of 572 MW, have currently technical connection permits from Transelectrica.
“OX2 projects in Romania are progressing in line with our execution strategy. We intend to grow steadily, both organically and through carefully made acquisitions that ensure the strength of the portfolio. Our plan is to start new projects as we complete the development phase and start construction on those already in our portfolio, with a strategic or financial investor on board. There are good prerequisites for 2024 to be a year of growth. We are witnessing a growing interest in the local energy market, with new projects being announced all the time in the context of Romania’s commitments to the transition to renewable energy, but also because of Romania’s potential in this sector. However, only the best quality projects will succeed, those with a high bankability rate, with an excellent wind resource, that meet the ESG criteria of international financiers and have a fair connection price,” said Lacramioara Diaconu-Pintea, Country Manager of OX2 Romania.
A European leader in renewable energy, OX2 has set up a local team in Romania to handle development, construction, and asset management with support from the central functions. In the medium to long term, the company is taking steps to grow and diversify this portfolio by replicating in Romania the business model that OX2 applies globally, operating across the entire value chain: from project development to construction, delivery and management of onshore and offshore wind, solar and energy storage solutions.
Globally, in 2023, OX2 commissioned 9 projects with a total capacity of 500 MW and has under development capacities close to 12 GW, bringing the portfolio to about 47 GW.
