Corre Energy ink supply agreement for Dutch site

Energy storage group Corre Energy has signed a deal whereby energy it stores in a large facility to be built in the Netherlands will be bought by Dutch energy utility Eneco.

The 15-year off-take agreement with renewal rights applies to the entire storage capacity of the Zuidwending Compressed Air Energy Storage (CAES) facility being built by Corre Energy in the Netherlands.

Corre Energy owns the exclusive rights to build a CAES plant using salt caverns at the site in the province of Groningen in cooperation with its cavern development partner.

The plant will be able to provide up to 320 MW of power with a maximum storage discharge time of around 3.5 days. It is expected to be operational towards the end of 2026. The Dutch site has been classified by the EU as a European project of common interest and has already received more than 4 million euros in grants.

Corre Energy, of which Kevin McGrane is CEO, has teamed up with investment partner Infracapital to help implement the project.

Corre Energy will be listed on the Euronext growth market in Dublin in 2021. It raised 12 million euros from this IPO. At the beginning of this year, a further 11 million euros were raised by investors through a share placement.

Shares of the company have more than doubled this year after surging as Russia’s invasion of Ukraine sent energy prices skyrocketing and concerns about security of supply rose across Europe.

The group now has a market capitalization of 191 million euros.

Corre Energy is developing about a dozen large-scale hydrogen-based energy storage projects across Northern Europe. These facilities will address grid-level imbalances associated with increasing amounts of renewable energy generation.

Under the terms of the agreement with Eneco, Corre Energy will build, operate and maintain the plant in Zuidwending. Eneco will optimize the overall performance of the storage system on behalf of Corre Energy. Eneco will provide market access services allowing Corre Energy to benefit from revenues associated with the plant’s high flexibility value while guaranteeing a basic income.

“Zuidwending will be hydrogen powered from day one and we anticipate that the maturity of the hydrogen market will allow the facility to operate entirely on excess renewable energy and green hydrogen, with an increasingly positive environmental impact,” said Mr McGrane.

https://www.independent.ie/business/irish/corre-energy-inks-supply-deal-for-dutch-site-42230852.html Corre Energy ink supply agreement for Dutch site

Fry Electronics Team

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