(Alliance News) - Corre Energy BV on Tuesday touted its two Ahaus energy storage projects in Germany which underlined the firm's goal of delivering half a billion euro of project value.
The Groningen, Netherlands-based renewable energy storage and green hydrogen company said that underground construction of all four salt caverns was 75% complete, which it called a "major" milestone.
The company said that the progress underpinned its "target of delivering around EUR500 million of project value and around EUR2 billion in net revenues through 15-year contracts at the Ahaus site."
Permit for underground construction are already in place at Ahaus "and Corre Energy is now amending the existing operating permits from natural gas to air storage as part of the site's transition to clean energy," it highlighted.
Chief Executive Officer Keith McGrane said: "With underground construction so advanced, we
believe this is the biggest multi-day storage project in development anywhere in the world outside China. With the total German site targeting around EUR500 million of value and 15-year net revenues of around EUR2 billion, our substantial value-creation plans are even closer to being crystalised.”
Corre Energy shares rose 6.7% to EUR1.60 each on Tuesday morning in Dublin.
By Tom Budszus, Alliance News slot editor
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