Arise to sell 40-MW BESS project in Sweden for up to EUR 4m

Swedish renewables developer Arise AB (STO:ARISE) has agreed to sell the rights to a 40-MW/80-MWh ready-to-build battery energy storage system (BESS) project at home to Flower Infrastructure Technologies AB.

The deal could be valued at up to about SEK 45 million (USD 4.42m/EUR 3.97m).

The Pajkolen project is located within the wind farm Kolvallen in the municipality of Ljusdal, eastern Sweden, and will connect to the existing station.

About SEK 15 million of the total consideration will be paid at closing and the remaining SEK 15 million at completion of the grid connection which is targeted for the first half of 2025. The terms of the deal also include an earn-out option for about SEK 15 million more, subject to conditions.

“We are very happy to be able to divest our first battery project, thereby proving the inherent values in our project portfolio. We have an increasing number of battery projects in several of our markets which have the advantage that they are quick to realise,” said Arise’s CEO Per-Erik Eriksson

The transaction, which is subject to regulatory clearances, is anticipated to close in the fourth quarter of 2024.

The Pajkolen project will bring Stockholm-based Flower’s battery portfolio to 270 MW. It follows the acquisition of the 42.5-MW Bredhälla BESS in April.

(SEK 10.0 = USD 0.982/EUR 0.883)

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