EQT's OX2 and the Polish Onshore Wind Boom: A Strategic Gateway to Europe's Energy Transition

Poland's onshore wind sector is emerging as a linchpin of Europe's energy transition, and OX2 AB, now under the strategic stewardship of EQT Infrastructure VI, is positioning itself at the forefront of this transformation. With a EUR80M investment in Poland's onshore wind market in 2025, OX2 is not merely expanding its project pipeline but redefining its business model to capitalize on regulatory tailwinds, capital efficiency, and the continent's urgent need for decarbonization. For investors, this represents a compelling case study in how strategic partnerships and policy alignment can unlock scalable, long-term returns in a high-growth sector.

Poland's Renewable Energy Renaissance

Poland's energy landscape is undergoing a seismic shift. Historically reliant on coal, the country now aims to achieve 32.6% renewable energy in its gross final consumption by 2030 under the Energy Policy of Poland 2040 (PEP2040). Onshore wind is central to this ambition, with targets of 41 GW of installed capacity by 2040. The government's auction-based Contract for Difference (CfD) system provides price stability and long-term revenue predictability, making it an attractive destination for developers. For OX2, Poland's regulatory framework is a catalyst for capital-efficient growth, enabling the company to secure projects with minimal execution risk while aligning with EU climate mandates.

OX2's EUR80M investment in Poland includes the Juniewicze wind farm (48 MW), the Wysoka, Kraśnik, and Bejsce projects (106 MW combined), and a 40 MW wind capacity secured through 2024 auctions. These projects, coupled with OX2's existing 850 MW portfolio in the country, underscore its commitment to leveraging Poland's renewable energy trajectory. The Juniewicze wind farm alone, with its 16 turbines generating 139 GWh annually, exemplifies the scalability of onshore wind in a market where demand for clean energy is surging.

EQT's Strategic Backing: From Developer to Asset Owner

OX2's transformation from a pure project developer to an integrated Independent Power Producer (IPP) is a direct result of EQT's acquisition in late 2024. EQT Infrastructure VI, with EUR21.5 billion in commitments, has provided the capital and operational expertise to enable OX2 to own and operate renewable assets while retaining flexibility to sell projects. This hybrid model diversifies revenue streams, reduces exposure to market volatility, and ensures long-term profitability.

EQT's investment is not just financial but strategic. By acquiring OX2, EQT has embedded its infrastructure expertise into OX2's operations, including advanced technical and commercial management (TCM) systems. These systems optimize asset performance through IoT and data analytics, ensuring that projects like the Rutki Solar Farm (100 MW) and the Finnish Honkakangas and Rajamäenkylä wind farms (472 MW combined) deliver maximum efficiency. The 700 million EUR investment in Finland—Finland's largest renewable energy project—highlights EQT's commitment to scaling OX2's footprint beyond Poland.

Capital Efficiency and Risk Mitigation

OX2's approach to Poland's market is inherently capital-efficient. By securing long-term CfDs and PPAs, the company locks in stable revenue streams, shielding itself from energy price fluctuations. For instance, the Juniewicze wind farm's 15-year CfD ensures predictable returns, while its asset management agreements with the ORLEN Group (142 MW) and DIF Capital Partners (64 MW) further diversify income sources. This model minimizes capital outlay while maximizing asset utilization, a critical advantage in an era of rising interest rates and supply chain constraints.

EQT's role in risk mitigation is equally pivotal. The fund's global investor base—spanning pension funds, sovereign wealth funds, and private wealth—provides OX2 with a stable capital structure. This allows the company to focus on execution rather than financing, accelerating project timelines and reducing development costs. For example, the rapid commissioning of the Juniewicze wind farm in May 2025 demonstrates OX2's ability to deliver projects on schedule, a rarity in the renewables sector.

Investment Thesis: A Gateway to Europe's Energy Transition

For investors, OX2's Polish strategy offers a dual opportunity: participation in a high-growth market and exposure to a company undergoing a strategic metamorphosis. Poland's renewable energy targets are not just aspirational—they are mandated by EU law, ensuring policy continuity. OX2's EUR80M investment is a down payment on a future where onshore wind, solar, and storage form the backbone of Europe's energy grid.

EQT's backing amplifies this potential. By transforming OX2 into an IPP, the fund is creating a platform that can scale across Europe and Australia, leveraging its 3.1 GW development pipeline. The company's hybrid model—owning assets while retaining the ability to sell—provides flexibility in a volatile market. For instance, the sale of the Grajewo and Sulmierzyce wind farms to DIF Capital Partners in late 2024 generated immediate returns while freeing OX2 to reinvest in higher-growth opportunities.

Conclusion: A Strategic Bet on the Future

OX2's EUR80M investment in Poland is more than a capital allocation—it is a strategic bet on the future of energy. By aligning with Poland's regulatory framework, EQT's financial muscle, and the EU's decarbonization goals, OX2 is positioning itself as a leader in a sector poised for exponential growth. For investors, the key takeaway is clear: the convergence of policy, capital, and execution creates a rare opportunity to participate in a market where the risks are mitigated and the rewards are scalable.

As the energy transition accelerates, OX2's transformation from developer to asset owner offers a blueprint for success. With EQT's backing and Poland's renewable momentum, the company is not just building wind farms—it is building a legacy of sustainable, capital-efficient growth. For those seeking to align their portfolios with the next decade of energy innovation, OX2's Polish venture is a compelling case study in strategic foresight.