Vinge has advised the energy technology company Flower Infrastructure Technologies AB (“Flower”) in the acquisition of one of Sweden's largest battery storage projects, Pajkölen, from Arise AB (publ) (“Arise”). The project, which is a 40 MW / 80 MWh Ready-to-Build battery energy storage system (BESS), is located in the Kölvallen wind farm in Ljusdal municipality. The transaction comprise all shares in Pajkölen BESS AB, which owns all rights to the project.
Closing is subject to e.g. certain regulatory approvals and is expected to take place in the fourth quarter of 2024, with grid connection expected to be completed in the first half of 2025.
Through the acquisition, Flower strengthens its position as the country's leading actor in battery optimisation. Once the project is operational, Flower will have complete control over the entire battery value chain, opening up important revenue streams for renewable energy actors, such as grid operators or owners of renewable power.
Vinge's team consisted mainly of Peter Sundgren, Niklas Suni and Gustav Wahlberg (M&A), Kristoffer Larson (Real Estate and Construction), Lina Österberg (Environment), Carla Zachariasson and Ian Linde (Commercial Agreements) and Daniel Wendelsson, Dagne Sabockis and Alva Chambert (FDI).
