| Work Detail |
Developer is selling the project located in Poway, California to a private renewable energy producer Eolus has signed an agreement to sell a 100MW battery energy storage system (BESS) project in California, USA. The 400MWh stand-alone Pome BESS project (pictured), located in Poway, is under construction, with planned commercial operation in the first half of 2025. The buyer is a privately held producer of renewable energy in the US and the total enterprise value for the project is in the $230-235.5m range. Eolus has been developing the project since 2019. Following an investment decision in 2023, construction commenced later that year. Closing of the transaction is expected to occur in Q1 2025. The project has a 10-year tolling agreement with a Californian load-serving entity. The agreement allows the end-user to use the battery system to store, manage and dispatch stored electricity to its customers. “I am excited that Eolus has successfully executed another transaction in the U.S. “Through competent project development, we have created significant value and achieved a good margin on this project. “There is a strong market for energy storage and renewable energy projects in the U.S., and our investments made in the region since 2015 are paying off,” said Per Witalisson, CEO of Eolus. |
