July 1, 2020 - Assignment

Altor acquires a minority stake in renewables developer OX2

Altor Fund V has signed an agreement to acquire a 30% stake in OX2 AB and to enter a partnership with Peas Industries AB. Altor will support the company on its continued growth journey and to continue lead the shift to renewable energy in Europe. The founders through Peas Industries will remain as majority shareholders and continue to stay active in the development of OX2.

OX2 is a leading European renewables development company. Founded in 2004 OX2 has grown to become the #1 independent developer in Europe having realised more than 2.4 GW of wind power. OX2 currently has management contracts for 38 wind farms (2.1 GW). OX2 currently has operations in six countries and operates across the entire renewable development value chain with a significant pipeline across Europe within onshore and offshore wind as well as solar energy.

Altor was advised by Mannheimer Swartling on the transaction.