Swedish wind project developer Eolus Project Holdings sold a 120-MW battery storage project in California to Aypa Power, an energy storage company, and a portfolio company of alternative asset manager Blackstone, an alternative investment management company.

The financial terms of the deal were not disclosed.

The company sold its – Cald standalone energy storage project in Los Angeles, which is currently in development. The project will be operational in 2024.

Eolus will work on the project under a development services agreement with the new owner after the sale. “We are proud to establish this new relationship with Aypa and hope to expand on this in the future,” commented Hans-Christian Schulze, Eolus North America’s country manager.

“We are thrilled to have reached a successful closing on the Cald project, located in the Los Angeles Basin, where California utilities need extensive new flexible capacity resources to offset thermal generation retirements and better integrate renewable energy generation,” said Moe Hajabed, CEO at  Aypa Power.

“Aypa is poised to materially contribute to California’s renewable energy and storage goals, and the Cald project will expedite our operational presence in the state,” added Moe Hajabed.

Eolus Project Holdings said that all membership units in the battery storage project company will now be transferred over to Aypa Power.

According to Mercom’s storage funding and M&A report, in the first nine months of 2021, there were 31 battery storage project acquisitions compared to 15 in 9M 2020. Battery storage project acquisition activity doubled in both Q3 and 9M 2021.