Contour Energy and Corre Energy Enter Exclusive Agreement for a Compressed Air Energy Storage (CAES) Project in Texas

Contour Energy and Corre Energy Enter Exclusive Agreement for a Compressed Air Energy Storage (CAES) Project in Texas

Introduction

Contour Energy, LLC, a privately held project development company, and Corre Energy B.V., a publicly traded developer and operator of energy storage projects, have entered into an agreement granting Corre Energy the exclusive right to acquire Contour’s utility-scale, 280 MW compressed air energy storage (CAES) project under development in the West Texas region of ERCOT. The transaction is expected to close before the end of this year, and the Commercial Operation Date is scheduled for 2027.

Optimal Location for CAES Technology

The project’s West Texas site is strategically located in the Permian Basin, allowing it to leverage the abundant renewable and traditional energy resources in the area. The project will utilize proven and reliable compression and turbine equipment to function as a fully dispatchable generation asset with long duration storage capacity. It will have up to 15 hours (4,200 MWhr) of energy storage capacity.

Sustainable Development Goals

• The project aims to achieve Sustainable Development Goal 7: Affordable and Clean Energy by utilizing CAES technology to store renewable energy and reduce emissions.
• By reusing existing salt caverns, the project aligns with Sustainable Development Goal 9: Industry, Innovation, and Infrastructure by reducing the need for new construction and minimizing the environmental footprint during project development.
• The project’s incorporation of hydrogen as a fuel source supports Sustainable Development Goal 13: Climate Action by promoting the use of clean energy and reducing greenhouse gas emissions.

Economic and Employment Benefits

The project is expected to generate employment opportunities and contribute to the Texas economy in the long term. The supportive policy and regulatory environment in Texas, combined with the project’s eligibility for transferable investment tax credit (ITC) incentives, will contribute to its favorable economics.

Statement from Contour Energy

“Texas is blessed with abundant natural resources, including the right salt geology, and we are excited to join forces with Corre Energy on this transformative storage project,” said Mark Wilby, President of Contour Energy. He added: “Our strategic partnership will drive innovation in the energy markets in Texas, result in a more efficient and reliable power grid, and deliver for the project’s debt and equity investors.”

About Contour Energy

Contour Energy, LLC is a project development company specializing in energy infrastructure projects focused on the transition towards decarbonization with innovative solutions in energy storage and renewable energy. Contour Energy has management experience in the successful development, financing, start-up, and operations of over $8 billion in assets in the power, upstream, midstream, and renewable spaces.

Contact Information

For media inquiries or further information, please contact:

Matthew Wilby
Contour Energy, LLC
info@contour.energy

SDGs, Targets, and Indicators

1. SDG 7: Affordable and Clean Energy

   • Target 7.2: Increase substantially the share of renewable energy in the global energy mix
   • Indicator 7.2.1: Renewable energy share in the total final energy consumption

2. SDG 9: Industry, Innovation, and Infrastructure

   • Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes
   • Indicator 9.4.1: CO2 emission per unit of value added in manufacturing industries and construction

3. SDG 13: Climate Action

   • Target 13.2: Integrate climate change measures into national policies, strategies, and planning
   • Indicator 13.2.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into primary, secondary, and tertiary curricula

Analysis

The article discusses a compressed air energy storage (CAES) project in West Texas that aims to provide affordable and clean energy while promoting sustainable infrastructure and climate action.

1. Which SDGs are addressed or connected to the issues highlighted in the article?

The issues highlighted in the article are connected to SDG 7 (Affordable and Clean Energy), SDG 9 (Industry, Innovation, and Infrastructure), and SDG 13 (Climate Action).

2. What specific targets under those SDGs can be identified based on the article’s content?

Based on the article’s content, the specific targets identified are:

• Target 7.2: Increase substantially the share of renewable energy in the global energy mix
• Target 9.4: Upgrade infrastructure and retrofit industries to make them sustainable, with increased resource-use efficiency and greater adoption of clean and environmentally sound technologies and industrial processes
• Target 13.2: Integrate climate change measures into national policies, strategies, and planning

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

The article does not explicitly mention any indicators. However, potential indicators that can be used to measure progress towards the identified targets include:

• Indicator 7.2.1: Renewable energy share in the total final energy consumption
• Indicator 9.4.1: CO2 emission per unit of value added in manufacturing industries and construction
• Indicator 13.2.1: Number of countries that have integrated mitigation, adaptation, impact reduction, and early warning into primary, secondary, and tertiary curricula

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: einnews.com

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