Eolus main business concept is to develop and construct facilities for renewable energy production and storage. The company started out as a wind power developer in 1990 and is now applying the lessons learned and contact network established to other technologies.
The choice of technology is determined by the site and the prevailing market conditions. Eolus currently conducts development operations in onshore and offshore wind power, solar power and battery storage. We aim to establish facilities at the lowest cost per generated or stored MWh to make investments profitable for our customers.
In many markets, onshore wind power is one of the cheapest ways, if not the cheapest, to add new electricity generation capacity. In addition, there are not only environmental reasons for expanding onshore wind power, but also the possibility of contributing to achieve competitive electricity prices. Eolus has extensive experience in establishing onshore wind power and a solid ability to realise the best projects. To date, Eolus has established onshore wind power in Sweden, Norway, the US and Estonia.
The costs of establishing offshore wind power are dropping sharply and its expansion will clearly be an important part of the transition to a renewable energy system, both regionally and globally. This provides opportunities to establish large-scale facilities with powerful turbines with high generation levels.
Onshore wind power is the cheapest way to add new generation capacity in some markets, but in others it is solar power. Falling costs combined with a range of subsidies have resulted in a rapid pace of expansion in several countries. Eolus focuses its solar operations on larger facilities and are not involved in the value chain for establishing PV for private individuals. The experience gained through more than 30 years of developing wind power projects also provides the company with solid expertise for the establishment of utility-scale solar power facilities.
As the share of wind and solar power in the energy system increases, various forms of energy storage will become an increasingly important part of the electricity system. Storage can employ a range of technologies and take place by using both large-scale and small-scale solutions. As well as contributing to greater deployment of intermittent power sources, large-scale storage solutions can also provide opportunities for balancing, assist with consumption peaks and make the electricity system more reliable through its availability. Eolus works with both battery storage linked to generation facilities and stand-alone storage facilities, depending on the market conditions.