Corre Energy has completed important milestones at its long duration energy storage project in Germany, with underground construction of all four salt caverns now 75% complete.
This represents the equivalent of over 60 hours of storage capacity at each site, with a completed target of 84 hours each and a combined generating capacity of 640MW.
This progress underpins the Corre Energy’s target of delivering €500m of project value and €2bn in net revenues through 15-year contracts at the Ahaus project.
Permits 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.
The first Ahaus project is now also backed by the strategic partnership with Eneco, a major Dutch energy company, as announced in January 2024.
Eneco is to provide 50% of all development capital and construction equity for the project, at economics to be agreed, as well as becoming the 50% owner of the completed scheme alongside Corre Energy.
Adding to its existing offtake agreement for Corre Energy’s ZW1 project in the Netherlands, Eneco (through its Lichtblick subsidiary in Germany) has also agreed to be the sole offtaker for all of the first project’s electricity output.
Corre Energy chief executive Keith McGrane said: “This latest milestone combined with our recent strategic investment and offtake partnership with Eneco shows vast momentum in Germany, with critical read-across to the rest of our portfolio.
“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 €500m of value and 15-year net revenues of €2bln, our substantial value-creation plans are even closer to being crystalised.”