Irish-listed Corre Energy will accelerate and expand its development portfolio of renewable electricity storage projects in northern Europe after the EU announced that electricity storage assets are in the "overriding public interest".
The Dutch-based company said the RePowerEU plan, published this week, marks "a material positive shift in public policy and regulatory environment," and that project development, financing and operation of electricity storage solutions would be given increased certainty for markets.
"At a time when the policy environment has never been more supportive, demand for renewable energy storage in Europe, and globally, is accelerating at pace as economies, corporates and consumers strive to fulfil climate, energy self-sufficiency and ESG objectives, presenting multiple potential revenue streams," Corre Energy said in a statement.
Corre is now on track to reach financial close on its first project in late 2023 and will expand its portfolio of projects across Europe while actively seeking development opportunities in the US and internationally.
The company has a pipeline of 11 EU-designated projects across northern Europe, including its flagship project in the Netherlands it said the decision to accelerate and extend its portfolio reflected its first-mover advantage and established funding partners.
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"The REPowerEU plan is a major leap forward for the energy storage sector and for Corre Energy in particular, given the EU's overt recognition of the importance of electricity storage and that Member States should consider electricity storage assets as being 'in the overriding public interest and facilitate permitting for their deployment,'" said Keith McGrane, CEO of Corre Energy.
"We see REPowerEU as an implicit endorsement of the company's strategy to help future-proof energy systems in the EU.
"As a direct result of REPowerEU announcements this week, we will accelerate and expand our portfolio aimed at having at least eight projects operational by 2030 with four to five more in construction or development so we are optimally positioned to meet rising customer demand.
Corre has received proposals for 10-15 year contracts on the Netherlands development, and has recently signed agreements that will expedite the delivery of its portfolio, including a 10-year deal with Geostock for end-to-end design, development, financing and operation of underground hydrogen-based energy storage projects and a memorandum of understanding with Siemens Energy to facilitate underground compressed air storage technology sharing.
"Our strategic partnerships with Geostock and Siemens will play a critical role in delivering these ambitious targets," McGrane added.
