OX2, a solar and energy storage project developer, reached an agreement to sell the 42.5 MW/ 42.5 MWh Bredhälla energy storage project in Sweden to Flower, an energy technology and energy storage solutions provider.
OX2 started construction of the project in late 2022. It is located in the municipality of Uppvidinge in southern Sweden. The facility consists of batteries utilizing lithium-ion technology.
“We are happy to announce the sale of Bredhälla, the first energy storage project that has been originated and developed by OX2. We have over the past few years built up a strong portfolio within energy storage, which is a technology that will be an important enabler in the ongoing energy transition, says Paul Stormoen”, CEO at OX2.
Once commissioned, OX2 will oversee the technical and commercial management for ten years as per the agreement. The company claims that its total portfolio within energy storage amounts to about 1 GW, with projects in Sweden, Finland, Poland, Italy, and Australia.
“We are thrilled to have reached an agreement for the Bredhälla project with OX2. This strategic addition to our portfolio allows us to develop new products and revenue streams for flexible assets, ultimately accelerating the energy transition. Furthermore, the acquisition underscores Flower’s position as a key player in the industry,” says John Diklev, CEO and Founder of Flower.
According to Mercom’s Annual and Q4 2023 Funding and M&A Report for Storage & Smart Grid, 28 energy storage projects (8.7 GW) were acquired in 2023, of which only four disclosed transaction amounts. In 2022, there were 45 project M&A transactions (14.5 GW), seven of which disclosed the transaction amount.
Private energy company DTEK Group, via its EU-focused renewable energy subsidiary DRI, signed a final, binding share purchase agreement with Columbus Energy, a Poland-based company engaged in the renewable energy equipment and services industry, and acquired a 133 MW energy storage project in Poland. This agreement represents DTEK’s first substantial infrastructure investment in Poland. Through DRI, DTEK aspires to establish a portfolio of renewable energy projects totaling 5 GW across Europe by 2030.
