Corre Energy will accelerate and expand its projects in Northern Europe
Corre Energy, led by Ireland but based in the Netherlands, will accelerate and expand its current development portfolio of renewable electricity storage projects across Northern Europe.
The move follows an EU announcement that member states consider electricity storage assets to be in the “overriding public interest” and to “facilitate the authorization of their deployment”.
Corre Energy said the EU plan released this week marks “a significant positive shift” in the public policy and regulatory environment, providing “greater certainty” to markets and a “more favorable operating environment”.
He said demand for renewable energy storage in Europe and around the world is “accelerating at a pace” as economies, businesses and consumers strive to meet climate targets, energy self-sufficiency and ESG, “presenting multiple potential revenue streams”.
It said it is on track to reach financial close for its first project in the second half of 2023 and is expanding its project portfolio across Europe, while actively identifying development opportunities in the United States and -of the.
Corre Energy added that it was “well advanced” in securing an offtake agreement on its flagship project in the Netherlands, where proposals for 10 to 15 year contracts have been received from a range of quality partners.
The group recently signed two collaboration agreements that will accelerate the delivery of its existing development portfolio while opening up new opportunities in existing and new markets.
Corre Energy chief executive Keith McGrane said the EU plan was “a big step forward for the energy storage industry and for Corre Energy in particular”.
“We see REPowerEU as an implicit endorsement of the company’s strategy to help future-proof energy systems in the EU,” he said.
“As a direct result of REPowerEU’s announcements this week, we will accelerate and expand our portfolio aiming to have at least eight projects operational by 2030 with four to five more under construction or development so that we are optimally positioned to meet to growing customer demand.
“Our strategic partnerships with Geostock and Siemens will play a vital role in achieving these ambitious goals.”