OX2 to acquire ESCO Pacific, a leading renewable developer in Australia

OX2 has made its first foray into the Australian renewable energy sector, acquiring ESCO Pacific for AUD 126 million. This move immediately provides OX2 with an established 1420 MW pipeline of solar and battery storage projects, aligning with its stated focus on managing the entire value chain from project acquisition. ESCO Pacific, a leading Australian utility-scale solar developer, brings a proven track record, having developed over 1 GW of projects including the 133MW Finley and 148MW Ross River Solar Farms. The acquisition allows OX2 to leverage ESCO Pacific's local expertise and project portfolio to accelerate its greenfield development in a new geography. This transaction sees Shell, a global energy group, divest its interest in ESCO Pacific, a move consistent with its stated strategy to accelerate the transition of its business to net-zero emissions. OX2, a developer focused on onshore wind, offshore wind, solar, and energy storage, expands its geographical reach and technology footprint with this 2023-03-31 announced deal. PwC Australia provided advisory services to OX2, utilizing its infrastructure M&A and project advisory expertise. Lazard advised the sellers, including Shell and Steve Rademaker, on the financial aspects of the acquisition. OX2's entry introduces a new significant player into the Australian utility-scale solar and battery storage development landscape.