Swedish renewable energy developer Arise AB has agreed to sell the rights to a 40-MW/80-MWh battery energy storage system (BESS) project to Flower Infrastructure Technologies AB. The Pajkolen project, located within the Kolvallen wind farm in Ljusdal, eastern Sweden, is expected to be worth up to SEK 45 million (USD 4.42 million).
The deal includes an upfront payment of SEK 15 million upon closing, with an additional SEK 15 million payable upon completion of the grid connection, anticipated in the first half of 2025. The agreement also features an earn-out option of approximately SEK 15 million, contingent on specific conditions.
Arise CEO Per-Erik Eriksson commented, “We are very happy to be able to divest our first battery project, thereby proving the inherent values in our project portfolio.” He added that Arise has several battery projects across various markets that are “quick to realize.”
The transaction is expected to close in the fourth quarter of 2024, pending regulatory approvals. Once completed, Pajkolen will increase Stockholm-based Flower's battery portfolio to 270 MW, following its acquisition of the 42.5-MW Bredhälla BESS in April.
