Copenhagen Infrastructure Partners (CIP) has acquired a 400MW and a 1200MW pumped hydro project in the Pacific Northwest in the US.
The 400MW Swan Lake and 1200MW Goldendale projects are located in Oregon and Washington respectively.
The closed loop pump storage hydro projects were previously owned and in development under a joint venture between Rye Development and National Grid.
Swan Lake secured its 50-year Federal Energy Regulatory Commission (FERC) license in 2019.
Goldendale filed an application with FERC in June 2020.
CIP senior partner Christian Skakkebaek said: “At CIP, we focus on teaming with leading developers and making investments in energy infrastructure assets with a high degree of stability in cash flows.
“With the long investment horizon of our funds, it enables us to participate in large projects overseeing contracting, de-risking, financing, construction and operation.
“Pumped storage hydro is a unique and valuable asset class that will be a key resource as the global transition to renewable energy continues to accelerate in states such as Oregon, Washington and Montana.”
Rye will continue to lead development of the two projects until start of construction.
Rye vice president Erik Steimle said: “CIP acquiring Swan Lake and Goldendale is a great fit for completion of the projects.
“CIP recognises the long term importance of new storage infrastructure projects to help harness and store wind and solar energy for meeting peak demand as both Washington and Oregon move toward a 100% clean electricity grid, cost-effectively and reliably.”
Several studies have concluded that the Pacific Northwest will need thousands of megawatts of new generating capacity and storage as coal is phased out of the grid and renewable energy from wind and solar replaces them.