European compressed air long duration storage company Corre Energy has completed commercial close on its 320MW ZW1 CAES project in the Netherlands.
The company has also received the results of a recently commissioned analysis covering recent changes in the energy market and pointing to stronger revenues for the project.
The commercial close comes well within the H1 timeframe signalled by the company and will now allow the €4m tranche funding from the Italian Efficiency Fund III.
In addition, Corre said it has been approached by a number of offshore wind developers required to include integrated solutions in upcoming Dutch tenders.
Corre has also signed an option on four German salt caverns and associated land with Belgian multinational Solvay.
The site already has licences and permitting for mining and operations and total capacity will be 500MW with 80GWh of storage giving over 6 days and providing coverage for long “dunkelflaute” periods of low sun and wind.