The Swedish Government's rejection of Västvind represents a setback for Eolus' offshore option, but has limited impact on our valuation as we had already assigned no material value to the segment. While we are surprised by the rejection given the project's strong local anchoring and commercial potential, the decision appears to reflect a broader political stance towards offshore wind in Sweden. Meanwhile, OX2's FID earlier in July on a 50 MW/209 MWh BESS at Fageråsen is likely to trigger an additional milestone payment to Eolus, with further payments expected as the wind farm progresses towards completion. We leave our estimates and valuation unchanged and will revisit our assumptions following Eolus' Q2 report on 27 August.
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