Corre Energy, a renewable energy storage developer listed in Dublin, has teamed up with a firm based in the Netherlands, SemperPower, to create one of the largest battery storage facilities in Europe. The project, equally divided between the two companies, will take place at the Zuidwending site owned by Corre Energy, located in the Netherlands. The partnership will initially compel an investment of €7 million, with Corre Energy’s portion coming from capital already spent to date.
The collaboration anticipates the project will decrease carbon dioxide by more than 70,000 tonnes annually. Corre Energy also stated this project will generate an immediate, supplemental revenue stream. They aim to secure a 10-12 year fixed off-take agreement, with a financial closing goal of late-2025.
Construction and installation capital expenditure is expected to be about €300 million, which will then lead to a steady yearly income sustained by the project’s offtake agreement starting when commercial operations kick off in 2026.
Keith McGrane, CEO of Corre Energy, said the agreement not only fast-tracks and expands the income profile for Zuidwending, but also provides essential storage to cater to upcoming energy needs. He further believes batteries could have a significant impact on their present and upcoming projects, referring to a model that can be replicated and scaled due to its compatible technology and favourable economics.
The partnership comes at a crucial time, as state-owned electricity grid operator TenneT has announced the demanded investment in Dutch electricity infrastructure is set to double in the next decade. The Zuidwending site is 20 km from the nearest shore, neighboured by offshore wind and solar farms, and at the heart of the country’s transitioning energy system.