Swedish renewable energy developer OX2 AB said it has acquired a portfolio of two wind and solar development projects in Greece with a combined capacity of more than 500 megawatts.

The names of the suppliers and the financial details of the purchase are kept confidential.

The specific programs are distributed all over Greece and are currently in different stages of development. Details about its capacity and target debug are not provided.

OX2 said it will work with "experienced local co-development partners" on these projects. In addition, it will also pursue other renewable energy opportunities to further expand into the Greek market.

"Greece is a very interesting market for OX2," said chief executive Paul Stormoen.

Greece is aiming for renewable energy to account for 61% of its electricity consumption by 2030. The main contributing technologies will be solar and wind, with new target deployments exceeding 5 GW and 3 GW respectively.