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Eolus has today signed and closed a sale of the three Swedish onshore wind parks Fågelås, Dållebo and Boarp to Mirova, an affiliate of Natixis Investment Managers dedicated to sustainable investment. Mirova has acquired 100 percent of the ownership of the three wind parks, equipped with the latest Vestas turbines and benefiting from a newly signed 15-year Power Purchase Agreement (PPA) covering a substantial volume of their annual electricity production.

In addition to the sale agreement, Eolus and Mirova have entered into a 15-year asset management agreement and have agreed to jointly develop battery energy storage systems at each of the project sites.

“This deal is an excellent example of Eolus’s capacity to execute projects and deliver market-leading assets to investors. The team has successfully managed complex stakeholder relations to match the best wind resources in SE3, leading-edge Vestas technology, a solid PPA and timely construction execution to a top tier long-term investor in Mirova, a returning Eolus customer. We are grateful for the continued trust Mirova places in Eolus as we remain engaged to develop battery solutions and provide asset management services at these sites. We are pleased to cap 2025 with our fourth deal in as many quarters, heading into 2026 with a strong financial position and enhanced stay power.” comments Per Witalisson, CEO of Eolus.

“We are delighted to acquire these projects from Eolus, a trusted historical partner with whom we have already successfully invested in and managed projects in Sweden. These high-quality assets with robust technology and protective PPA are an ideal investment to strengthen our presence in Northern Europe and participate to the diversification of our €1.2bn MET6 portfolio.” adds Raphael Lance, Global Head of Private Assets, Mirova

All three wind parks are located in the SE3 price area in Sweden and in commercial operation as of the time of agreement. Construction of the three facilities began in the spring of 2024 and reached substantial completion in the third quarter 2025, in line with the original construction timeline. Fågelås features the tallest turbines constructed by Eolus to date, standing at 250 meters from foundation to blade tip.

Summary of expected financial effects of the transaction in Q4 2025

Positive cashflow, corresponding to reimbursement of capitalized project costs.
Reduction in working capital, corresponding to capitalized project costs.
Full amortization of project-level debt.
Limited net effect on P&L.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 25 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

About Mirova
Mirova is a global asset management company dedicated to sustainable investing and an affiliate of Natixis Investment Managers. At the forefront of sustainable finance for over a decade, Mirova has been developing innovative investment solutions across all asset classes, aiming to combine long term value creation with positive environmental and social impact. Headquartered in Paris, Mirova offers a broad range of equity, fixed income, multi-asset, energy transition infrastructure, natural capital and private equity solutions designed for institutional investors, distribution platforms and retail investors in Europe, North America, and Asia-Pacific. Mirova has been active in the energy transition infrastructure sector for 20 years and has financed more than 1,000 projects for a total of over 7.7 GW of potential generation capacity across 49 countries. Mirova and its affiliates had €33 billion in assets under management, of which €4,5 billion for energy transition infrastructure investments as of September 30, 2025. Mirova is a mission-driven company*, labeled B Corp**.

References to a ranking, award or label have no bearing on the future performance of any fund or manager. * Mirova has been a mission-driven company since 2020. For more information: www.entreprisesamission.com.** Since 2006, the B Corp movement has been promoting strong values of change worldwide to make businesses “a force for good” and to distinguish those that reconcile profit (for profit) and the common good (for purpose). The goal of B Corp is to certify companies that incorporate social, societal, and environmental objectives into their business models and operations. B Corp certification is a designation indicating that a company meets high standards of verified performance, accountability, and transparency on factors ranging from employee benefits and charitable donations to supply chain practices and input materials. Certified since 2020, Mirova submits a new B Corp certification application every three years. The annual renewal fee for certification is €2,500. For more information, please visit the B Corp website here: https://www.bcorporation.net/en-us/certification

Eolus sells Fågelås, Dållebo and Boarp (88 MW) onshore wind parks to Mirova

Fågelås Wind Park

Eolus AB (publ) together with Dala Vind AB have today signed an agreement for the sale of the Fageråsen wind energy project to OX2, a leading European developer and operator of renewable energy production. The project – currently in late development stage and comprising up to 34 turbines in five areas – was developed in close collaboration between Eolus and Dala Vind, and is an important part of the energy transition in the Dalarna region in Sweden.

In connection with the signing, Eolus received a payment amounting to 6,6 MSEK. Reimbursement of Eolus’ project capex is conditional upon certain regulatory approvals. Additional payments of substantial size will be made to the sellers once the buyer makes a final investment decision for construction of the project.

A joint venture with local roots and national expertise
The Fageråsen Project is the result of a long-term collaboration where two parties with complementary strengths have contributed to its success:

Eolus AB, one of Sweden’s most experienced developers of renewable energy solutions with 35 years in the industry and operations in six markets, has brought extensive technical expertise, project management, and business acumen. Eolus has been responsible for strategic project development and the overall structure required to carry out a project of this scale.

Dala Vind AB, with deep roots in the region and a strong presence in the local community, has played a crucial role in land negotiations, community dialogue, and regional integration. Through its local network and ability to create acceptance and participation, Dala Vind has laid the foundation for a project that is both sustainable and well-anchored in the local area.

Together, the companies have shaped a project that aims not only to deliver significant amounts of renewable electricity, but also to create local value and contribute to a more robust energy system.

Strengthened grid and increased energy security in Dalarna
An important component of the project is that Fageråsen will help establish an additional transmission grid point in Dalarna. This is of strategic importance for the entire region, as it increases grid capacity, reduces vulnerability, and strengthens energy security—something that is crucial as the electrification of industry and transport continues.

OX2 takes over for implementation and long-term ownership
OX2 is acquiring the project with the ambition to complete construction and remain as the long-term owner and operator. With broad experience in developing, constructing, and managing renewable energy projects in both Europe and Australia, OX2 is a strong partner to drive the project into its next phase. The Fageråsen wind farm will become part of OX2’s growing portfolio of energy parks, where the company acts not only as developer and manager but also as a long-term owner. The goal is for the park to be fully operational by early 2028.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus and Dala Vind sell the Fageråsen wind energy project to OX2 – strengthening the Dalarna region's energy transition

Photo: Eolus

Eolus has sold the greenfield-developed wind power project Pienava, totaling 147 MW, to Latvenergo, Latvia’s state-owned energy company. Construction is expected to begin immediately. Commercial operation is planned for the first half of 2027.

Eolus’s greenfield project Pienava in Tukums municipality has been in development over several years. The project includes 21 wind turbines with a tip height of 250 meters. Overall, Pienava is expected to deliver up to 475 GWh of renewable electricity per year to the Baltic power grid. The project, the country’s largest wind project to date, will provide power to a regional grid that is undergoing an ambitious transition from dependence on fossil energy to renewable energy and deeper integration with the European electricity market.

“I am proud of our contribution to strengthening the Latvian energy system’s independence and resilience. I applaud the Eolus Baltics team’s hard work to realize Pienava, a fully Eolus-originated project and our first sale in this important growth market. Once again, we demonstrate our ability to develop large and value-creating projects in new markets. I look forward to deepening our partnership with Latvenergo and realizing more value from our Baltic project pipeline,” says Per Witalisson, CEO of Eolus.

“I am pleased that we have been able to increase the capacity of Latvenergo’s power generation assets by more than a third within a brief period of time, and all of these assets are renewable energy plants. The Pienava project is the crowning achievement of our RES potential, which will be managed to the highest industry standards and will allow Latvian customers to enjoy locally produced power. In addition to cheap and green energy, the wind farm will also contribute positively to the municipalities of Tukums and Dobele and to nearby residents, by making annual payments totalling more than EUR 350,000.” says Martins Cakste, Chairman of the Management Board of Latvenergo AS.

“Each renewable energy project significantly strengthens Latvia’s energy independence and lays a solid foundation for future reductions in electricity prices. Unlike our neighboring countries, Lithuania and Estonia, which are already successfully utilizing the potential of renewable energy, Latvia has so far underutilized this opportunity. In today’s world, sustainable energy is not only a technological necessity but also a key factor in promoting a country’s economic well-being and development. I sincerely hope that the Pienava Project will serve as a vivid and inspiring example of how responsible and purposeful development can create a long-term positive impact for both local communities and the regional economy, fostering regional growth and prosperity.” says Kaspars Melnis, Minister for Climate and Energy.

“We are proud of this significant milestone and our substantial contribution towards Latvia’s energy independence. We are grateful to state institutions, municipalities, landowners, and all cooperation partners for their support and trust. Drawing on Eolus’ international experience, we have worked diligently to comply with all technical and environmental requirements in Latvia and have planned the use of modern technologies. It is essential to us that the Pienava Wind Farm operates in a modern and efficient manner. The sustainable development of Latvia is our priority,” says Inga Abolina, Eolus Head of Baltics.

The deal includes both an agreement for the sale of all shares in the project company (Share Purchase Agreement, SPA) and an agreement for the project management of construction (Project Management Agreement, PMA). The transaction relating to the SPA closed on 11 June, affecting Eolus’s results for the second quarter of 2025. As a result of the transaction, the project’s book value will be lifted from Eolus’s balance sheet and recorded as cost of goods sold in the income statement. Revenue from the sale will be recorded as turnover. Revenue and costs related to the PMA will be added to Eolus’ order backlog and recognized progressively in line with project’s degree of completion until start of commercial operations.

The total expected construction investment for the Pienava project amounts to approximately EUR 215 million and it was in the late development phase with a degree of completion of 0 percent at the time of the transaction. The project has been financed by Eolus equity and group-level debt until sale.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus sells Latvia’s largest wind power project to Latvenergo

Pienava Project Latvia

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.

About Eolus North America, Inc.
Eolus is actively developing over 5,800 MW of utility-scale renewable energy projects across the Western United States. Since 2021 in addition to Pome, Eolus has developed and sold the following projects: Wind Wall, a 46 MW repowering wind power project in California; Cald, an approximately 120 MW stand-alone battery storage project in California; and Centennial Flats, a 767 MW solar and battery storage project in Arizona.

For further information, please contact:
Per Witalisson, CEO, +46 (0)702 65 16 15
Hans-Christian Schulze, Country Manager US, +1 858 336 0067
Harald Cavalli-Björkman, Investor Relations Manager, +46 (0)705 90 32 04

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus Completes Sale of 100 MW/400MWh Pome Battery Energy Storage Project

Eolus has signed an agreement to sell the 100 MW/400 MWh stand-alone battery energy storage project, Pome, located in Poway, CA, U.S. The project is currently under construction, with planned commercial operation in the first half of 2025. This marks Eolus’ fourth project sold in the United States.

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

Closing of the transaction is subject to fulfilment of certain conditions and is expected to occur in Q1 2025.

The 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 use the battery system to store, manage, and dispatch stored electricity to its customers.

“I am excited that Eolus has successfully executed another transaction in the U.S. Through competent project development, we have created significant value and achieved a good margin on this project. There is a strong market for energy storage and renewable energy projects in the U.S., and our investments made in the region since 2015 are paying off.”, says Per Witalisson, CEO of Eolus.

“Pome will add valuable support to the energy system in California while realizing significant value for Eolus and its shareholders. The batteries are currently being installed onsite, and our dedicated team is steering the project toward a successful delivery to its new owner.”, says Hans-Christian Schulze, Country Manager of Eolus North America.

About Eolus North America, Inc.
Eolus is actively developing 5,800 MW of utility-scale renewable energy projects in the Western United States. Since 2021, the following projects have been under Eolus’ development: Wind Wall, a 46 MW repowering wind power project in California; Cald, an approximately 120 MW stand-alone battery storage project in California; and Centennial Flats, a 767 MW solar and battery storage project in Arizona.

About Eolus
Eolus is a leading developer of innovative and customized renewable energy solutions. We offer attractive and sustainable investments in the Nordics, the Baltics, Poland and the USA. From development of greenfield projects to construction and operation of renewable energy assets, we are part of the entire value chain. For over three decades we have worked for a future where everyone can lead a fulfilling, yet sustainable life. Today, our project portfolio includes more than 26 GW wind, solar and energy storage projects. Eolus – shaping the future of renewable energy.

Eolus’s Class B share is listed on Nasdaq Stockholm. www.eolus.com

Eolus to Sell 100 MW/400MWh Pome Battery Energy Storage Project

Pome BESS Project - Eolus North America

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