Swedish renewables giant OX2 has completed its acquisition of ESCO Pacific, a leading solar developer in Australia.
OX2 is a a leading European developer operating in 11 countries, however, this is its first acquisition outside Europe.
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OX2 sees great potential in the Australian market for renewables and opportunities to expand the operations of ESCO Pacific.
The deal is said to be worth AUD$126 million.
ESCO Pacific has a strong track record with rapid growth, having developed and taken more than 800MW to construction since inception in 2015. Today, the total development portfolio of ESCO Pacific consist of 1,420MW, out of which 1,220MW is solar and 200MW energy storage.
OX2 plans to scale up operations through acquisitions in solar and energy storage and has the ambition to expand operations to onshore wind while exploring offshore wind and hydrogen.
“I am very happy to announce our entry into the Australian market and to welcome an experienced local team to OX2. Through this transaction, we get an attractive development portfolio in a growing market, while also significantly strengthening our capabilities within solar and energy storage. This gives us a solid foundation for profitable expansion in Australia,” OX2 chief operating officer Kristina Wright said.
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ESCO founder and managing director Steve Rademaker said, “We have found a great buyer for ESCO Pacific. OX2 is a strong player with an excellent track record, and they will no doubt have the ability to significantly grow the footprint in Australia.”
