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European Developer Acquires 280 MW ERCOT Storage Project (First U.S. Acquisition)
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Corre Energy B.V., announced today that its North American subsidiary, Corre Energy US Development Company LLC, has entered into an exclusive agreement to acquire a 280-megawatt (MW) / 4.2 gigawatt-hour (GWh) energy storage project from Contour Energy, a Texas-based energy storage infrastructure developer.
Following completion of confirmatory due diligence, the buyout transaction is expected to close before the end of this year.
The project is Corre Energy's first U.S. project acquisition
Located in the West Texas region of ERCOT, the utility-scale storage project will be capable of continuously discharging 280MW of electrical power for up to 15 hours, equating to 4.2GWh of fully dispatchable electric energy storage capacity, Corre Energy said
"The project is targeted to achieve financial investment decision (FID) stage in 2025 ahead of full commercial operation," Corre Energy said
The project's technology is based on Compressed Air Energy Storage, or "CAES".
Corre Energy US Development Company LLC was established at the beginning of 2023 to acquire early-stage projects and build others on a greenfield basis.
"Funding for North American acquisitions will run in conjunction with the Company's wider funding process and is expected to be structured to complement Corre Energy's projects and portfolio growth in Europe while increasing the total enterprise value of Corre Energy B.V.," Corre Energy said
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July 25, 2023
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Copyright 2010-23 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com
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