AXPO invests in energy storage in Sweden

The Swiss energy producer has taken the initiative to fund a comprehensive system, comprising a 20 MW photovoltaic (PV) installation and a 25 MW energy storage component. These rights have been acquired from Sustainable Energy Solutions Sweden Holding AB. This strategic move underscores the company’s commitment to advancing sustainable energy solutions by combining solar power generation with efficient energy storage capabilities.

The forthcoming installation is set to be established in Filipstad. Construction is anticipated to commence in the latter half of 2023, although the precise launch date has yet to be confirmed by the involved companies. Payments for this project will be distributed across phases, aligned with the progression of the investment.

While the specific amount AXPO paid for the project stakes remains undisclosed, it is emphasized by a representative from SENS that the overall transaction value significantly surpasses the projected annual operational costs of the company. SENS’ operational expenditures for 2022 totaled approximately USD 4 million.

This acquisition marks AXPO’s second investment in a Swedish project. Earlier this year, in March, AXPO also invested in a 20 MW/20 MWh battery energy storage system (BESS) located in Landskrona. This initiative is scheduled for launch in 2024 and is intended to be integrated with the local municipal and distribution services operator, Landskrona Energi.

Scandinavia is indeed witnessing dynamic growth in renewable energy ventures, as exemplified by AXPO’s endeavors and the notable investments made by other entities like IKEA’s parent company. Further details on this can be found in our previous coverage.