OX2: Surety bonds for the wind power industry

Aims

A primary aim of OX2’s commercial strategy is to locate and win business opportunities that can help them secure long-term sustainability in the energy sector. This is not just about creating business growth. OX2 was founded on the very idea of developing sustainable and profitable large-scale energy solutions, with the ultimate goal of creating a 100% sustainable planet.

OX2 competes for contracts on a global platform. Atradius Surety solutions are an important part of this and are used to help win contracts and secure long-term relationships. Paul Stormoen, CEO of OX2 explains: “We use a range of Atradius Surety products including performance bonds, maintenance bonds, payment bonds and environment bonds, which help us in the fulfillment of contracts, achievement of environmental permissions and securing our investor relations.”

Our role

Our role is to provide OX2 with tailor-made surety products required to close or fulfil a contract. Central to our work with OX2 is our proactive business relationship and our ability to deliver timely, flexible solutions. 

“We have very high expectations of all of our suppliers, and in our experience, we can trust Atradius to deliver, says Paul Stormoen. He adds: “We have been working with Atradius for more than 10 years. We have a very tight and friendly relationship and they are always available when we need to discuss new business opportunities.” 

The Atradius Surety Team knows OX2’s business and understands the requirements of the wind energy sector, particularly when it comes to complex transactions such as large contracts, tight time schedules and demanding buyers.  For Paul Stormeon, it is this level of competence and excellent service that mean he has no hesitation in recommending Atradius to another company.

He says: “My reasons for recommending Atradius include its well-known name and financial rating.  What’s more they always go the extra mile to make us satisfied and always have our best in mind with a solution-oriented approach. We value their ability to understand our business and financial risk and provide advice on the solutions we need.”
 

Outcomes

The wind power industry is experiencing an unprecedented period of expansion. Working at the forefront of the sector, OX2 is a Swedish success story that has reported a year-on-year doubling of sales revenue in recent years.

A key element of this success story is OX2’s ability to secure contracts with tailored bonding products. The company is in the midst of an accelerating global transition in energy systems where renewable energy is replacing fossil fuels.  With no signs of slowing down, Paul Stormoen expects continued strong growth for several years to come.

He says: “We are involved in very large projects and negotiations with buyers can sometimes take a long time before being finalised, often at short notice. Atradius has proved to be flexible, supporting us during the negotiation phase and always meeting the short deadlines.”
 

About OX2

OX2 develops, builds and manages renewable power generation. The company’s expertise covers the entire value chain, from acquisition of project rights and project development, to financing, engineering, procurement and construction, and further on to technical and commercial management.

OX2 has taken a leading position in large-scale onshore wind power over the past 15 years, having generated more than 2 GW of wind power in the Nordic region.

By constantly increasing access to renewable energy, OX2 is promoting the transition towards a more sustainable future.

OX2 has around 150 employees working at various sites in Sweden, Norway, Finland, Poland, Lithuania and France. The head office is located in Stockholm, Sweden. Sales revenue in 2018 amounted to EUR 413 million.