Azelio, a Nasdaq Nordic-listed energy storage solutions provider, has signed a conditional order where through a Special Purpose Vehicle (SPV), the company will install solar power and its long-duration energy storage system to supply electricity to MPG Built, a property development and building company in Australia, through an Energy-as-a-Service (EaaS) model.

The SPV will implement, own, and operate the power system and provide energy to MPG who in turn will act as a merchant and on-sell the power to the grid. The SPV is expected to be in operation by 2023, while the delivery of the energy storage system and the commencement of the power system operation is to be in 2024.

The agreement, which spans 20 years, is estimated to require investments of EUR 3–4 million (~USD 3.1- 4.1 million) and is subject to Azelio arranging to finance for the SPV. Furthermore, it is expected to generate a revenue of EUR 300,000–400,000 (~USD 310,653 - 414,204) in its first year for the SPV and Azelio.