RES (Renewable Energy Systems) has sold its large-scale energy storage project (eSAF) in Sweden to Prime Capital, a private equity firm. The eSAF project, which is one of the largest battery storage projects in Sweden, is expected to be operational in 2023. The project will have a capacity of 24 megawatts (MW) and 64 megawatt-hours (MWh), making it a significant step towards decarbonizing the nation’s energy sector. The project’s purpose is to provide frequency response services to the grid, helping to stabilize the power supply and mitigate the impact of renewable energy fluctuations. The sale is a significant exit for RES, with the company stating that it will use the proceeds to fund new projects and growth initiatives. The deal signifies growing investor interest in the energy storage sector, particularly in Europe. Prime Capital’s investment in eSAF is expected to generate a return of 11.5% per annum, making it an attractive opportunity for the company’s investors.
Prime Capital acquires large-scale eSAF project in Sweden from RES, marking a significant renewables deal.
by newsworm | Dec 3, 2024 | Banking, ESAF Small Finance Bank | 0 comments