Eolus has received milestone payments of approximately USD 25 million for the Centennial Flats solar and battery storage project, located in Arizona, USA. Eolus has also raised its forecast for the remaining gross revenues from the project to approximately USD 12 million.
The payments were received after reaching commercial operations date (COD) milestones for two of the project’s three phases. The net impact on Eolus’s EBIT and cash flow for Q3 2026 is expected to be approximately USD 20 million. The project’s third phase is expected to reach COD before end of 2026. In connection with the third phase COD, Eolus expects to receive final gross payments of approximately USD 12 million.
Centennial Flats was Eolus’s first combined solar and storage project sale, comprising 500 MW solar generation and 267 MW battery storage. Eolus sold the project in 2022.