Byhmgard continues its international expansion with a strategic focus on the Baltic region. The Company has entered into an LOI with a local project developer concerning the acquisition and further development of large-scale BESS projects in Latvia.

– The Baltic market is highly attractive for Byhmgard. Less than a year ago, the Baltic states disconnected from the Russian transmission grid and synchronized with the European power system. As a result, Estonia, Latvia and Lithuania are now required to manage their own grid imbalances, and Byhmgard intends to contribute to meeting these requirements,” says Christian Byhmer, CEO of Byhmgard AB.

The initial collaboration focuses on the acquisition of two standalone, ready-to-build (“RTB”) BESS projects, which together have a nominal capacity of 30 MW. These projects constitute a key foundation for Byhmgard’s regional expansion and are intended to position the Company as a leading provider of large-scale BESS capacity in the Baltic region.

Once completed, the project, with an installed capacity of 30 MW and 60 MWh, is expected to initially generate approximately EUR 5.6 million in annual revenue for the business.

–“With this first transaction, we are initiating a long-term partnership through which we may potentially acquire an additional BESS capacity exceeding 100 MW from the same project developer, thereby further strengthening our position as a key player in the region’s energy transition,” says Fredrik Brolin, Head of Business Development at Byhmgard.

Byhmgard intends to acquire 100% of the shares in the relevant project special purpose vehicles (“SPV’s”). The Company’s objective is to assume ownership of the projects for their continued development, construction and commissioning.