OX2 is to acquire Australian solar and energy storage developer ESCO Pacific for A$126 million.
ESCO Pacificâ€™s project development portfolio consists of 1,220 MW solar and 200 MW energy storage. OX2 said the split between â€œlate/mid/early in the portfolioâ€ is 317 MW / 395 MW / 708 MW.
In addition, the company has a number of â€œpre-early projectsâ€ that are expected to be included in the project development portfolio during 2023, a statement said.
Supplementary to the agreed purchase price of A$126 million on a debt free basis, there is a contingent consideration amounting to up to A$17 million to the founder based on sales and margins in 2025-2027 from the acquired project development portfolio.
OX2 said it had identified â€œconsiderable potential for value creation in ESCO Pacific through extension of the product offering from sale of project rights to the sale of turnkey solutions at construction startâ€.
OX2 plans to scale up operations through acquisitions in solar and energy storage and is also exploring expansion into onshore wind, offshore wind and hydrogen.