OX2 has announced Roshan Saldanha as the group’s new CFO, starting from April 2025
He will take over from Johan Rydmark whose departure was announced recently
Till then, Saldanha will continue in his present position as the CFO of Sinch
Meanwhile, private equity firm EQT has completed its acquisition of OX2
OX2, the Swedish renewable energy developer, has picked Roshan Saldanha as the company’s new chief financial officer (CFO). He will take over from outgoing CFO Johan Rydmark, whose departure was announced last week.
Saldanha will join OX2 from April 2025 which is when Rydmark plans to leave the company.
Till then, Saldanha continues to work in his current position at the global cloud communications platform Sinch where he has been employed since March 2019. Announcing his departure, Sinch’s CEO Laurinda Pang credited Saldanha with helping the company increase its gross profit almost 10 times since 2018.
Saldanha previously also worked with various companies like Tele2 Group, Arthur Andersen, Citibank, and Kinnevik Group, among others.
He will now join a renewables company that operates in 11 European markets of Sweden, Finland, Estonia, Lithuania, Poland, Romania, France, Spain, Italy, Greece, and Åland, as well as in Australia. It operates in the onshore and offshore wind, solar, battery storage and hydrogen space.
The news of the company’s CFO change comes in the wake of private equity firm EQT having successfully completed its public offer for OX2. In May 2024, EQT’s EQT Infrastructure VI fund through the investment vehicle Otello BidCo AB offered to acquire 100% of OX2’s shares for a price of SEK 60/share in cash. It has now completed the transaction that brings it 98.81% stake in OX2. The Swedish company will now be delisted from Nasdaq Stockholm by October 21, 2024.
With EQT backing it, OX2 looks to evolve its business model from a pure developer to an integrated renewables developer and asset owner.
“The company is entering a new stage as a company in the EQT portfolio with the ambition to transform to an independent power producer. At the same time, we see innovation driving the clean power transition. OX2 is well-positioned to be a leader in this transition, as a fully integrated renewables developer and asset owner, delivering sustainable energy solutions for the future,” said Roshan Saldanha.