OX2 – the wind of change
The move away from high-carbon energy sources requires wind and solar farms.
There is an urgent need to change our habits and energy-use, as society increasingly moves away from high-carbon energy sources – the demand for alternative sources increase. Wind and solar farms are critical for this shift.
OX2 develops and sells wind and solar farms and is Europe’s leading developer of large-scale onshore wind power. Over the past 17 years, OX2 has realized more than 3.2 GW of wind power from large-scale onshore wind farms in the Nordic region. By constantly increasing access to renewable energy, OX2 is enabling the transition towards a more sustainable future. They currently have operations in the Nordics, Poland, France, Lithuania, Spain, Italy, Romania, and Greece with headquarters in Stockholm, Sweden.
What are the environmental challenges facing the energy sector?
Businesses in all sectors are seeking to reduce their emissions to combat the negative effects of climate change, and renewable energy is a key tool for businesses to cost-effectively reduce their carbon dioxide emissions and lower their climate impact. This has increased the long-term demand for renewable energy capacity to replace traditional energy sources, in addition to the increasing demand for capacity overall. The demand for energy continues to increase and while renewable energy sources are increasing, the International Energy Agency reports that it’s not enough to meet the growing demand.
What is the potential and impact of OX2’s operations?
OX2’s wind and solar farms are critical in helping businesses and society decarbonize. The more businesses and households turn away from high-carbon energy sources and shift to renewable energy sources, the faster we will build a carbon-neutral power grid. OX2’s large-scale energy solutions are also critical in order to meet EU regulations and the targets to reduce emissions. OX2’s current contracts to manage 702 turbines will generate an estimated annual production of about 9.15 TWh over their 25–30-year lifespan.
Further, OX2 is doing their best to be a responsible and inclusive company: their staff is 42% women, and women account for 38% of their management team. OX2’s core values include the importance of creating an open dialogue and acting with respect for the people who live and work near the wind and solar farms. One of the goals is to bring positive development to the surrounding communities. This may involve local job creation, business sector development or biodiversity restoration activities.
In 2022, Altor released its first Sustainability Report based on data and information from 2021. For the report, a selection of portfolio companies were interviewed about their interesting ESG journeys. In the report you will find more on Altor’s work on Environmental, Social and Governance-related topics and other interesting cases from the portfolio.
Published: Aug 28 2022