Swedish developer OX2 hearing advisory pitches as it looks to sell solar project in ERCOT

Swedish-based developer OX2 is holding pitches for an investment bank to help it sell a grid-scale solar project in Texas, said sources familiar with the situation.

The project is around 200 MW, can interconnect in ERCOT South or Houston and is expected to reach NTP in 1Q25.

“OX2 have a couple of employees exploring the US market and having ongoing dialogues with different advisors, which is the usual business practice for OX2 in any geography,” according to an OX2 spokesperson.

Globally, OX2 is a classic build-and-flip developer across onshore and offshore wind, solar and storage. According to its 3Q23 investor presentation, it had a pipeline of just over 40 GW ranging from early-stage projects to those under-construction and it had sold 4.2 GW of onshore wind projects and 500 MW of solar projects. A lion’s share of their pipeline is in Sweden and Finland, but their other projects are scattered throughout Europe.

OX2 USA’s country manager is listed as William Morrow.

Up until recently, ERCOT had also been a haven for global developers looking to set up shop in the US given the relative ease of interconnection and load growth. However, as documented, there has been an increasing interconnection backlog given the build-up of projects on the table.

The likes of Serena (fka Omega Energia) and ACCIONA have advanced and in some case energized projects in ERCOT, while others such as Spain’s Azora Group and the Belgian Renewable Energy Group have projects in the queue, according to NPM data.

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