Eolus has received approximately USD 25 million in milestone payments tied to its Centennial Flats solar and battery storage project in Arizona, while also raising its revenue forecast for the final stage of the development, the Swedish renewable energy company announced on August 14, 2026.

Milestone Payments Tied to Two of Three Project Phases

The payments were triggered by the achievement of commercial operations date milestones for two of the Centennial Flats project's three phases. Eolus stated that the net impact on its earnings before interest and taxes and cash flow for the third quarter of 2026 is expected to be approximately USD 20 million as a result of the payments received.

The third and final phase of the project is expected to reach its commercial operations date before the end of 2026. Upon that milestone being reached, Eolus anticipates receiving final gross payments of approximately USD 12 million, a figure that represents an upward revision from the company's previous forecast for remaining revenues from the project.

A Landmark Project for Eolus in the United States

Centennial Flats holds particular significance for Eolus as the company's first combined solar and storage project sale. The project comprises 500 megawatts of solar generation capacity alongside 267 megawatts of battery storage, making it a substantial combined clean energy asset.

Eolus sold the project in 2022, with the milestone-based payment structure continuing to generate revenues for the company as each phase of the development achieves operational status.

The project is located in Arizona and represents part of Eolus's broader footprint in the North American renewable energy market, where the company has been active alongside its operations in the Nordics, the Baltics, and Poland.

Raised Forecast Reflects Project Progress

In conjunction with announcing the milestone payments, Eolus raised its forecast for the remaining gross revenues from the Centennial Flats project to approximately USD 12 million.

That figure corresponds to the expected final gross payments to be received upon the third phase reaching commercial operations, which the company has guided will occur before year-end 2026.

The announcement was made as a regulated disclosure under the EU Market Abuse Regulation, reflecting Eolus's obligations as a publicly listed company on Nasdaq Stockholm.

Company Context and Recent Regulatory Developments

Eolus describes itself as a developer of renewable energy solutions across the full value chain, from greenfield project development through to construction and operation of assets. Its portfolio spans wind, solar, and energy storage projects across multiple markets.

The Centennial Flats update comes against a backdrop of other significant regulatory news for the company. In July 2026, the Swedish Government rejected permit applications for two of Eolus's offshore wind projects, Västvind and Najaderna, a setback for the company's domestic offshore ambitions.

Earlier in 2026, Eolus also conducted activity related to its bond structure, including a tender offer announced in May for outstanding senior secured bonds up to a maximum nominal amount of USD 21.04 million, followed by a repurchase of senior secured bonds for a nominal amount of USD 7.50 million later that month.

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