19 wind turbines operate daily in one of the largest wind parks in Lithuania. The company operating this park also have contracts to manage another 434 wind power plants in Sweden and Finland. In total, they will generate approximately 5 TWh of electricity per year. Such an amount of energy is sufficient to meet the demand of a city like Stockholm, Copenhagen or Helsinki. Who is this giant of renewable energy?
This wind farm was built in Mažeikiai district four years ago. It is operated by the OX2 company – a member of the Lithuanian Wind Power Association and one of the leading onshore wind developers in Northern Europe. This company entered the Lithuanian market through a deal with Ingka Group – the holding company that controls more than 90 percent of the IKEA outlets.
“We have been working with Ingka for many years. Over time our relationship expanded from Sweden and Finland to other countries, and currently, we operate its power plants in Sweden, Finland and Lithuania. We are proud to be able to work with such companies as Ingka or Google since they demonstrate leadership in renewable energy and set an example to other companies,” said Lars Bryngelsson, Managing Director at OX2 Technical and Commercial Management.
The company has announced that it has been contributing to the development of renewables since 2004, and is driving the change towards a 100% sustainable energy sector. Its experience covers the entire value chain: from acquisition of project rights and project development to financing, engineering, procurement and construction, and further on to technical and commercial management. Throughout the years, OX2 has been involved in investments in wind-farm project development over EUR 2.6 billion. 2018 was an especially successful year for OX2, when its net income climbed to EUR 403 million a record high since its founding.
“The potential of wind energy is growing throughout Europe because it is the most cost-efficient way of reforming the energy sector and making it more sustainable. We are contributing to this growth as well. In the last three years, we have actively invested and are now beginning to see the results. Today, we are active in more markets and have greater capacities than ever before,” said Paul Stormoen, CEO of OX2.
According to Mr Stormoen, the company is keeping its eyes open for new opportunities. Despite growing fast in Nordics and Continental Europe, the company is planning to continue rapid expansion by entering new markets. It is still not decided in which countries they will invest next as they are choosing between several options.
According to Mr Bryngelsson, there are always certain challenges when entering new markets; therefore, it is important to have a solid understanding of local legislature, regulatory environment, and market itself. For this, OX2 hires local specialists. As soon as reliable partners are found, all the processes start moving forward much more smoothly.