Axpo, a solar and battery storage project developer, acquired a battery and solar project in Sweden from project developer Sustainable Energy Solutions Sweden (SENS) for an undisclosed amount.
The project, located around 300 km west of the Swedish capital Stockholm includes a 25 MW lithium-ion battery storage system and 20 MW of a ground-mounted solar project. The construction of the projects is expected to start in early 2024.
The two projects cover an area of over 23 hectares (230,000 m2). SENS (Sustainable Energy Solutions Sweden) initiated developing both projects, which Axpo acquired on 15 May 2023. Axpo and SENS will co-develop the two projects. The parties have agreed not to disclose the commercial terms of the transaction.
Axpo Group Head of Batteries & Hybrid Systems, Frank Amend, said: “We are acquiring two important projects from SENS, which we will co-develop with them. Battery storage systems and solar energy are becoming increasingly important in the power mix of the future, and we look forward to further cooperation with our colleagues from SENS.”
SENS CEO Henrik Boman said: “We are thrilled to partner with Axpo, a leading international utility at the forefront of driving the energy transition across Europe. This project will be one of Sweden’s largest solar and battery parks, so we are very proud to collaborate with such a well-respected and experienced partner. We will work closely to ensure the project’s success and see great potential for future partnerships with Axpo.”
According to Mercom’s Q1 2023 Solar Funding and M&A Report, there were 67 large-scale solar project acquisitions (13 disclosed for $3.6 billion) in Q1 2023, compared to 61 transactions (12 disclosed for $3.2 billion) in Q4 2022. Ib vogt, a renewable energy project developer, recently agreed to sell the 149 MW Garnacha solar project in Spain to ERG, a renewable energy independent power producer. The Garnacha solar power project is located in the province of Zamora in Spain and is currently in an advanced stage of construction. Commercial operation is expected to begin by the end of 2023.