Flower, the Swedish market leader in battery storage optimization and energy trading, has closed a PPA (Power Purchase Agreement) with Locus Energy, a portfolio company belonging to the fund SEB Nordic Energy by the Swedish commercial bank SEB. The deal contains 180 GWh per year of wind power from 11 of Locus Energy’s onshore wind farms.
“This is the first step to build a truly scalable financing solution for wind power,” says John Diklev, founder and CEO of Flower. Many of Sweden’s wind farms are today over 20 years old. The technology of that time is today outdated, and modern plants can produce many times more electricity on the same land. All wind power built before 2015 is to be replaced before 2040. Several of the earliest wind turbines are also built on Sweden’s best wind locations.
With new technology, electricity production in these places can be significantly increased in a resource-efficient way. Locus Energy is working on investments in new efficient turbines and battery storage to smooth out variations in production and consumption. Locus and Ingrid Capacity operate a project containing 13 new grid scale BESS with 196 MW capacity across the south of Sweden.
Flower with its 140 employees claims to have a market-leading, AI-powered trading and optimisation platform. “This used to maximise the value of wind power. By using its flexible portfolio, which includes energy storage assets, the volatility can be mitigated as uncertain renewable energy is transformed into a reliable and plannable energy source.”
“With next generation PPAs, Flower, as the off taker, can leverage our flexible portfolio and cutting-edge technology to enhance stability and scalability for renewables. We see this as a crucial step in accelerating the renewable build-out in Sweden and across Europe,” concludes John Diklev, founder and CEO of Flower.
