OX2, Dasos Capital Partner to Develop Solar Power in Estonia for 500 MW Estimated Capacity

Swedish renewable energy company OX2 has announced the signing of a cooperation agreement with Dasos Capital for the development of ten solar farms in Estonia in North Europe.

Dasos Capital is specialised investment company for sustainable forestry and natural capital; it is an independent Alternative Investment Fund Manager (AIFM).

Dasos Capital said that the capacity of the first five solar farms is estimated to be around 500 MW.

The projects OX2 and Dasos Capital are in their early stages and are not yet part of OX2’s project development portfolio. The cooperation agreement includes ten solar farms in total. The estimated annual energy production of the first five solar farms is 500 GWh, which corresponds to the annual electricity consumption of about 100,000 households.

OX2 is responsible for the permitting, technical design and construction of the projects.

“Thanks to our broad experience in Sweden, Finland, and other European countries, we have the excellent competence for developing and constructing large scale energy production units and we are looking forward to using that experience also in Estonia”, says Hedi Konrad, Estonian Project Manager, OX2.

Dasos Capital said that the aim is to clarify the possible environmental impact and land usage options including the need for permits during 2023. The final locations and sizes of the solar farms will be confirmed during the designing, permitting and planning processes in 2023–2025. The goal is to reach the investment decision for the first five projects in 2024–2025.

“We are happy to cooperate with OX2, a leading company in the field, also in Estonia to enable expansion of local clean energy production. We see great potential in building more renewable energy projects on lands we manage today,” says Sami Veijalainen, Senior Partner, Dasos Capital.

OX2 has operated in Estonia since 2022, and it has 665 MW of wind power projects in the pipeline. The company has been developing solar power since 2018 and has a total of more than 4 gigawatts of solar power projects in the pipeline to be planned and constructed in Europe.

Regarding solar power per capita, Estonia has emerged as one of the new leaders. The country is ranked 6th among 27 EU members, with 596 Watt per capita in 2022; jumping from 405 in 2021.  The government claims that it has already achieved its 2030 National Energy and Climate Plan (NECP).