Compressed air energy storage company Corre Energy has signed a landmark agreement with Eneco, the largest energy provider in the Netherlands, for Corre Energy’s first storage project in Ahaus, Germany.
Eneco will acquire a 50% interest in the project, comprising both development capital and construction equity and secure the entire storage capacity for phase one of the project under a long-term offtake agreement
It is Eneco’s second agreement with Corre Energy, following a 15-year agreement for the ZW1 project in the Netherlands. Corre Energy says that, subject to respective board approvals, the agreement “significantly de-risks Corre Energy’s pathway to both commercial close and FID”.
Keith McGrane, CEO of Corre Energy, said: “By locking in long-term investment partnerships such as in Germany, we are accelerating the commercial development of our portfolio underpinned by long-term offtake arrangements. These arrangements are repeatable across the portfolio and for each project can capture c€1bn of net revenue over the duration of a 15-year offtake agreement.”