The wind projects developed by OX2 in Romania are progressing on all key phases. The Swedish company holds the technical connection permits for the entire portfolio of 572 MW.
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 managed to develop a relevant portfolio through a solid strategy that ensures a steady and predictable business development. OX2 Romania is currently in talks with investors to close its first transaction in Romania.
At the end of last year, the company obtained 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 aim is for the wind farm to become operational by the end of 2025. The project is at an advanced stage, including the procurement of equipment and the conclusion of a PPA, with the aim of reaching a final investment decision (FID).
The second 99 MW project, located nearby, follows closely both in terms of stage of development and achievement of the FID phase, with the two projects to be built and commissioned in the same timeframe.
For the other two wind projects in the OX2 Romania portfolio, of 300 MW and 72 MW respectively, the technical connection permits (ATR) have been obtained from Transelectrica and the connection to the grid is scheduled for December 2027. Thus, all four onshore wind projects in the OX2 Romania portfolio, with a total installed capacity of 572 MW, currently have technical connection permits from Transelectrica.
“OX2 projects in Romania are progressing in line with our execution strategy”, says Lăcrămioara Diaconu-Pințea, Country Manager OX2 Romania. “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 seeing increased interest in the local energy market, with new projects being announced all the time in the context of Romania’s commitments to 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 Lăcrămioara Diaconu-Pințea.
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 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 had under construction capacities of about 1 GW at the end of the year, when the total portfolio reached about 47 GW. The company employs around 400 people and is headquartered in Stockholm, Sweden. As of 2022, OX2 is listed on Nasdaq Stockholm.
The image used as an illustration is from OX2’s Lehtirova Park in Sweden.