Eolus has closed the sale of the 100 MW/400 MWh stand-alone battery energy storage project, Pome, located in Poway, California, USA. The signing of the transaction was previously announced on January 6, 2025. Currently under construction, the project is scheduled to begin commercial operation in the first half of 2025. This marks another important milestone in the project life cycle and transaction, successfully moving the asset closer to COD.

The buyer is a leading privately held renewable energy producer in the U.S., acquiring the project that Eolus has been developing since 2019. Following an investment decision in 2023, construction commenced later that year. The total enterprise value for the project ranges between USD 230 million and USD 235.5 million.

All closing conditions have been met, and the transaction was finalized on February 25, 2025. At closing Eolus received a milestone payment of approximately USD 25 million. Eolus expects to receive further payments in the range of USD 25-30 million in total with the largest part payable at start of commercial operation.

The Pome 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 store, manage, and dispatch electricity as needed to serve its customers.

KeyFacts Energy Industry Directory: Eolus