Greening Acquires 45MW Solar Portfolio in Spain's Andalucia Region

• OX2, a leading renewable energy company, has sold a 45MW solar pipeline in Spain to Greening, marking its second sale in the country. This move aligns with OX2's commitment to fossil-free electricity and its focus on expanding into new technologies.

OX2, a renewable energy company, has sold a 45MW solar pipeline in Spain to Greening. The deal, which includes late-stage project rights of solar developments in the Andalucia region, was recorded in the fourth quarter of 2023. Once fully operational, the sites are expected to produce approximately 84GWh of electricity annually. This is OX2's second sale of PV arrays in Spain and its third divestment in a short time. The company's total portfolio of solar projects was over 6.4GW by the end of the third quarter. OX2 CEO Paul Stormoen stated that solar is an important part of the company's expansion into new technologies and its commitment to fossil-free electricity.

The sale of the Spanish solar portfolio to Greening will have a limited impact on OX2's financial results, according to the company. OX2 is actively involved in the transition to renewable energy and sees solar as a key component of this shift. The sale of the 45MW solar pipeline in Spain is part of OX2's strategy to divest certain projects while continuing to expand its portfolio in new technologies.

What is OX2's strategy for divesting solar projects while expanding its portfolio in new technologies?

• OX2's strategy for divesting solar projects involves selling certain projects to other companies, such as the recent sale of a 45MW solar pipeline in Spain to Greening.
  
• The company focuses on selling late-stage project rights of solar developments, allowing the buyer to take over the projects and bring them to full operational capacity.
• OX2 aims to divest solar projects in regions with high potential for solar energy generation, such as the Andalucia region in Spain.
• Despite divesting certain solar projects, OX2 maintains a significant portfolio of solar projects, with over 6.4GW by the end of the third quarter.
• OX2's strategy also involves expanding its portfolio in new technologies, indicating a shift towards diversifying its renewable energy offerings beyond solar.
• The company's CEO, Paul Stormoen, emphasizes the importance of solar as a key component of OX2's expansion into new technologies and its commitment to providing fossil-free electricity.
• OX2 expects the sale of the Spanish solar portfolio to have a limited impact on its financial results, suggesting that the company has a robust financial position to support its divestment and expansion strategies.