Corre Energy signs landmark Germany offtake, development and investment agreement with Eneco
Key highlights
Eneco will acquire a 50% interest in the project, comprising both development capital and construction equity
Eneco will secure the entire storage capacity under a long-term offtake agreement for phase one of the project
The transaction represents Eneco’s second agreement with Corre Energy, following its 15-year offtake agreement for the ZW1 project in the Netherlands
The agreement, subject to respective board approvals, significantly de-risks Corre Energy’s pathway to both commercial close and FID
Keith McGrane, CEO of Corre Energy, said: “This landmark agreement combines offtake, development and co-investment arrangements to propel our first German project while showcasing the latest demand for our CAES solution. It comes just six months after securing the site in Germany and underscores the ongoing success of our growth strategy. To sign a second deal with Eneco just 12 months on from our first agreement in the Netherlands is a testament to the relationship we’ve forged. By locking in long-term investment partnerships such as in Germany, we are accelerating the commercial development of our portfolio underpinned by long-term offtake arrangements. These arrangements are repeatable across the portfolio and for each project can capture c€1bn of net revenue over the duration of a 15-year offtake agreement.”
ABOUT CORRE ENERGY
Corre Energy designs, develops, constructs, and operates utility-scale Long Duration Energy Storage (LDES) projects in Europe and North America. Through our project development activities, Corre Energy is working to accelerate the energy transition to net zero, while enhancing the security and flexibility of large-scale energy systems.
