Enhancing EverGreen.

Dasos and OX2 to develop +500 MW solar power in Estonia

The renewable energy company OX2 has signed a cooperation agreement with Dasos Capital, specialised investment company for sustainable forestry and natural capital, to develop 10 solar farms in Estonia. The capacity of the first 5 solar farms is estimated to be around 500 megawatts.

 The projects OX2 and Dasos Capital agreed are in their early stages and are not yet part of OX2’s project development portfolio. The cooperation between OX2 and Dasos Capital includes in total 10 solar farms. The estimated annual energy production of the first 5 solar farms is 500 gigawatt hours, which corresponds to the annual electricity consumption of about 100,000 households (5,000 kWh per household).

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. In the implementation of our projects, it is important for us to find the best solutions for all stakeholders involved – both in the planning and construction of the units, as well as in the operation of the completed wind and solar farms”, says Hedi Konrad, Estonian Project Manager, OX2.

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 20232025. The goal is to reach to the investment decision for the first five projects in 20242025.

“At OX2, we are working to create opportunities for clean energy production from wind and solar, as well as to improve energy independence for countries and regions. We are delighted to collaborate with Dasos Capital, not only in Finland but now also in Estonia, to increase energy security in the Baltics through the development of solar farms”, says Saku-Matti Mäki, Head of Solar PV for Finland and the Baltics, OX2.

“Dasos Capital systematically facilitates renewable energy investment opportunities on lands it manages across Europe to catalyse value creation for our investors. 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 megawatts of wind power projects in the pipeline. OX2 has recently opened an office in Tallinn in Fahle Business Centre.

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. OX2 will operate at all stages of the value chain, from financing, permits and sales to construction and management.

Dasos Capital Oy:

Dasos Capital Oy is an independent Alternative Investment Fund Manager (AIFM) based in Finland. Dasos Capital acts as an investment advisor to private equity funds investing in sustainable forests and natural capital in Europe. Total land area under management 270,000 ha and AUM 1.4 billion EUR.

For further information, please contact:

Development Project Manager Hedi Konrad, OX2, +372 5 683 3873, hedi.konrad@ox2.com

Head of Solar PV for Finland and the Baltics Saku-Matti Mäki, OX2, +358 40 752 7045, saku-matti.maki@ox2.com

Senior Partner Sami Veijalainen, Dasos Capital Oy, +358 40 516 5794, sami.veijalainen@dasos.fi