OX2 Secures Financing for First Project in Transition to Hybrid Independent Power Producer

OX2 has secured financing for its 100 MW Rutki Solar Farm in Poland through energy transition bank NORD/LB, marking a significant step in the company’s shift toward becoming a hybrid Independent Power Producer (IPP).

Located in southwest Poland, the Rutki Solar Farm is expected to produce 108 GWh annually, supplying electricity to approximately 22,000 households. The project benefits from a 15-year CfD contract with the Energy Regulatory Office, covering about 50% of its expected production.

Currently under construction, the project is slated for completion in early 2025 and is expected to be fully operational by the end of the same year.

Following its delisting in October 2023, OX2 is now wholly owned by EQT, one of the world’s largest private equity investors. EQT has set a strategic ambition to evolve OX2’s business model from a pure-play developer to a hybrid IPP, with the financing of Rutki Solar Farm marking a concrete step toward building a portfolio of owned and operated renewable projects.