Corre Energy to accelerate and expand projects in Northern Europe

Move comes after EU says electricity storage assets are in ‘overriding public interest’

Irish-led but Dutch-based Corre Energy is to accelerate and expand its current development portfolio of renewable electricity storage projects across Northern Europe.

The move follows an EU announcement that member states consider electricity storage assets as being in the “overriding public interest” and to “facilitate permitting for their deployment”.

Corre Energy said the EU plan published this week marks “a material positive shift” in the public policy and regulatory environment, providing “increased certainty” for markets and a “more supportive operating environment”.

It said 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”.

It said it was on track to reach financial close on its first project in the second half of 2023 and is expanding its portfolio of projects across Europe, whilst actively identifying development opportunities in the United States and beyond.

Corre Energy added it is “well progressed” in securing an offtake agreement on its flagship project in the Netherlands, where proposals for 10-15 year contracts have been received from a range of investment-grade partners.

The group has recently signed two collaboration agreements that will expedite delivery of its existing development portfolio whilst opening up new opportunities in existing and new markets.

Corre Energy chief executive Keith McGrane said the EU plan was “a major leap forward for the energy storage sector and for Corre Energy in particular”.

“We see REPowerEU as an implicit endorsement of the company’s strategy to help future-proof energy systems in the EU,” he said.

“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.

“Our strategic partnerships with Geostock and Siemens will play a critical role in delivering these ambitious targets.”