Corre Energy has formed a joint venture with SemperPower, a leading Dutch company in the development of energy storage systems. battery energy storage storage systems (BESS). This battery project, located in Zuidwending, the Netherlands, will become one of the largest energy storage facilities in Europe.
320 MW battery project in the Netherlands
SemperPower, owned by Return Energy, will partner with Corre Energy to implement a battery energy storage system with a capacity of 320 MW and a duration of 2 hours, totaling 640 MWh. The initial investment of the joint venture, where each company owns 50 %, is 7 million euros, including the capital previously invested by Corre Energy.
The main objective of this project is to balance the power grid in the Netherlands and to support the growing supply of renewable energy. It is estimated that the project will reduce more than 70,000 tons of carbon dioxide annually. It will also complement Corre Energy’s compressed air energy storage (CAES) plans, providing an additional source of near-term revenue.
Corre Energy and SemperPower ensure financial stability
The joint venture seeks a 10- to 12-year purchase agreement that ensures revenue stability. Financial close is scheduled for the end of 2025, with commercial operations expected in 2026. The total project cost during construction will be approximately €300 million, generating annual revenues backed by the purchase agreement.
The battery facility will use the same grid infrastructure as Corre Energy’s CAES facility. Once completed, both projects will provide an energy storage facility of multiple durations, from milliseconds to several days. Local and national consultations will be held soon to define the details and timing of these projects.
Keith McGrane, CEO of Corre Energy, noted that this alliance with SemperPower and Return Energy will boost Zuidwending’s revenue profile and provide critical storage for future energy needs. Dennis Schiricke, CEO of SemperPower, added that this project will bring significant benefits to the region, including increased energy security, job creation and a local economic boost.
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Source and photo: elperiodicodelaenergia
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