Corre Energy BV - Groningen, Netherlands-based renewable energy storage and green hydrogen company - Signs agreement with Eneco Group NV for the offtake, co-development and co-investment for Corre Energy's first compressed air energy storage project in Germany. Deal sees Eneco acquire a 50% interest in the project. Financial details were not disclosed. The transaction, in line with Corre's co-investment plans announced in December, also means Eneco will secure the entire storage capacity under a long-term offtake agreement for the first phase of the project. Corre says the agreement significantly de-risks its pathway to both commercial close and final investment decision.
Chief Executive Keith McGrane says: "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 [approximately] EUR1 billion of net revenue over the duration of a 15-year offtake agreement."
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By Jeremy Cutler, Alliance News reporter
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