OX2 completes A$126m ESCO Pacific deal

May 9, 2023

OX2 has completed the previously announced acquisition of ESCO Pacific, a leading renewable developer in Australia with a total project development portfolio consisting of 1,420 MW, comprising 1,220 MW solar and 200 MW energy storage.

The purchase price is A$126 million on a debt free basis. In addition, there is a contingent consideration amounting to up to A$17 million to the founder based on sales and margins from the acquired project development portfolio in 2025-2027. 

“The Australian renewable market offers significant growth opportunities and OX2 has identified considerable potential for value creation in ESCO Pacific through extension of the product offering to turnkey solutions, scale up of operations through acquisitions and expansion to onshore wind,” an OX2 statement said.

PwC Australia acted as lead financial advisor and legal advisor to OX2. Lazard acted as lead advisor to the sellers.