Eolus to Sell 100 MW/400MWh Pome Battery Energy Storage Project
Eolus has signed an agreement to sell the 100 MW/400 MWh stand-alone battery energy storage project, Pome, located in Poway, CA, U.S. The project is currently under construction, with planned commercial operation in the first half of 2025. This marks Eolus’ fourth project sold in the United States.
The buyer is a leading, privately held producer of renewable energy in the U.S. Eolus has been developing the project since 2019. Following an investment decision in 2023, construction commenced later that year. The total enterprise value for the project is in the USD 230-235.5 million range.
Closing of the transaction is subject to fulfilment of certain conditions and is expected to occur in Q1 2025.
The project has a planned capacity of 100 MW/400 MWh and includes a ten-year tolling agreement with a California 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.”, says Per Witalisson, CEO of Eolus.
“Pome will add valuable support to the energy system in California while realizing significant value for Eolus and its shareholders. The batteries are currently being installed onsite, and our dedicated team is steering the project toward a successful delivery to its new owner.”, says Hans-Christian Schulze, Country Manager of Eolus North America.
About Eolus North America, Inc.
Eolus is actively developing 5,800 MW of utility-scale renewable energy projects in the Western United States. Since 2021, the following projects have been under Eolus’ development: Wind Wall, a 46 MW repowering wind power project in California; Cald, an approximately 120 MW stand-alone battery storage project in California; and Centennial Flats, a 767 MW solar and battery storage project in Arizona.