The Energy Storage Report 2024

Now available to download, covering deployments, technology, policy and finance in the energy storage market

California: Sweden’s Eolus launches third US battery storage project for 2024 COD

LinkedIn
Twitter
Reddit
Facebook
Email

Swedish wind power pioneer Eolus has made a final investment decision (FID) on a battery storage project in California, its third in the US, with a targeted commercial operation in 2024.

The company announced that construction on the Pome battery energy storage system (BESS), in San Diego, will start in the third quarter of this year for commercial operation in Q4 2024.

This article requires Premium SubscriptionBasic (FREE) Subscription

Enjoy 12 months of exclusive analysis

  • Regular insight and analysis of the industry’s biggest developments
  • In-depth interviews with the industry’s leading figures
  • Annual digital subscription to the PV Tech Power journal
  • Discounts on Solar Media’s portfolio of events, in-person and virtual

Or continue reading this article for free

The Pome BESS is a 100MW/400MWh project which has been under development since 2019. The BESS supply deal has been secured with an unnamed provider, and a ten-year tolling agreement has also been signed with an unknown buyer.

It is Eolus’ third BESS project in the US, after projects in Arizona and California which it has since sold ownership of but continues to develop under development services agreements (DSA).

In January last year, it sold the 120MW Cald project in Los Angeles to Aypa Power and then in October sold the 500MW PV, 250MW BESS Centennial Flats project in Arizona to an unnamed ‘large publicly traded global private equity investment firm’. Cald is expected to come online in 2024 while Centennial Flats, which it acquired at an early-stage back in 2018, is scheduled for 2026.

Centennial Flats has also progressed recently, last week obtaining site control and signing a grid connection agreement. The milestone means that Eolus has now been paid 40% of the total project acquisition consideration by the buyer of US$104-190 million.

Though Eolus didn’t reveal Pome’s offtaker, four-hour BESS projects in California generally supply energy to the state’s large investor-owned utilities PG&E, SDG&E and SCE, through long-term agreements under grid operator CAISO’s Resource Adequacy framework.

However, smaller, locally-focused community choice aggregators (CCAs) are also active, particularly in securing offtake from longer duration projects.

“There is a strong demand for energy storage in California to support the energy system and we are excited to realize this project. We see great interest for investing in renewable energy and energy storage”, says Hans-Christian Schulze, Country Manager of Eolus North America.

“Eolus has been active in the US since 2015 and we have a strong project pipeline, where the US projects make up one-quarter of Eolus’s total project portfolio. After the Inflation Reduction Act being signed the US market is really booming.”, added Per Witalisson, CEO of Eolus.

22 October 2024
New York, USA
Returning for its 11th edition, Solar and Storage Finance USA Summit remains the annual event where decision-makers at the forefront of solar and storage projects across the United States and capital converge. Featuring the most active solar and storage transactors, join us for a packed two-days of deal-making, learning and networking.
18 March 2025
Austin, Texas
The Energy Storage Summit USA is the only place where you are guaranteed to meet all the most important investors, developers, IPPs, RTOs and ISOs, policymakers, utilities, energy buyers, service providers, consultancies and technology providers in one room, to ensure that your deals get done as efficiently as possible. Book your ticket today to join us in 2025!

Read Next

July 24, 2024
Renewables developer Clearway Energy Group has closed a US$700 million construction financing on a portfolio of solar and storage projects in California, US.
Premium
July 23, 2024
The Energy Research and Development Division of the California Energy Commission (CEC) has issued a report highlighting the importance of energy storage facilities with a discharge duration of eight hours or more in order for the Golden State to reach its target of a zero-carbon electricity grid by 2045. 
July 23, 2024
The US Department of Energy has issued a loan of up to US$861.3 million to support 200MW solar PV and 285MW/1,140MWh BESS in Puerto Rico.
July 23, 2024
The CPUC has proposed the procurement of over 10GW of new energy resources, including 1GW of multi-day long-duration energy storage (LDES) and another 1GW of 12-hour-plus LDES.
July 22, 2024
Italian renewables company Redelfi has launched an energy storage development platform in the US, while US investor Bluestar Energy Capital has entered the European market.

Most Popular

Email Newsletter