Sweden's Eolus marketing 750-MW solar-battery project in Arizona

• Swedish renewables programmer Eolus Vind AB (STO: EOLU-B) claimed on Friday it has clinched a deal to offload a mid-stage US advancement project with 750 MW of first aggregate solar generation and also battery storage capacity.

The particular plan, situated in the state of Arizona, was purchased by a US-based portfolio firm backed by a big publicly traded global private equity investment firm. It has gotten all subscription systems in the project from the Swedish programmer for an approximated consideration ranging in between USD 104 million (EUR 107m) and USD 190 million.

Under the setup, Eolus has actually obtained a first USD 12 million and also will obtain further repayments in instalments, relying on the project's progression as well as the success of certain milestones associated with its advancement as well as financing. The vendor will certainly get a big portion of the complete sum when building and construction has actually been launched, with the whole total up to be dispersed within the 2023-2025 duration.

The recommended solar-storage complex will certainly go on the internet in 2025 and also will have a yearly outcome of 1,000 GWh.

Eolus, which is generally operating in the wind power segment, said that the purchase will certainly be the third project divestment in the US as well as its first of a combined solar as well as storage space project.

"More than a third of our total project portfolio remains in the United States and we are well placed to take part in the increase in renewable energy projects [.]," claimed chief executive officer Per Witalisson.