Ireland’s Corre Energy buys 280MW Texas compressed air energy storage project
Ireland's Corre Energy buys 280MW Texas compressed air energy ... Energy-Storage.news
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Sustainable Development Goals (SDGs) and Corre Energy’s Expansion into the US
Corre Energy, a global developer of energy storage projects, has recently made its first entry into the US market. The company has acquired a site in the western part of the country, consisting of three salt caverns. With a final investment decision (FID) expected in 2025, Corre Energy aims to contribute to the achievement of the Sustainable Development Goals (SDGs) through its projects.
Global Expansion and Project Targets
Corre Energy has set ambitious goals for its global expansion. By 2026, the company aims to have 1.3GW of projects under construction worldwide. One of these projects is a 320MW Compressed Air Energy Storage (CAES) facility with an 84-hour storage duration in Zuidwending, Groningen, Netherlands. This project is part of Corre Energy’s collaboration with Netherlands utility company Eneco.
Financial Close and Potential Projects
Corre Energy has achieved financial close on its CAES project in the Netherlands and expects to reach financial close on a similarly-sized project in Denmark in the second half of this year. Additionally, the company has acquired four salt caverns in Germany, which could potentially accommodate up to 500MW of projects.
Portfolio-Level Financing and Previous Investments
Corre Energy is currently seeking portfolio-level financing from institutional investors for its pipeline of projects. The company’s plan to secure such funding is progressing well. Previous investors in Corre Energy include Italian energy transition fund Fondo Italiano per I’Efficienza Energetica (FIEE), which committed up to €20 million to the company in mid-2021. FIEE is backed by the European Investment Bank.
Government Support and Funding
Corre Energy has received funding from the UK government for a long-duration hydrogen storage demonstration project. The company was awarded just under £150,000 for this project a few months ago. The supportive government policies and incentives, such as the Inflation Reduction Act (IRA) and tax credits, have made the US market an attractive opportunity for Corre Energy.
Corre Energy’s Contribution to the Transition to Green Energy
Patrick McClughan, Chief Strategy Officer of Corre Energy, emphasized the importance of long-duration energy storage (LDES) in enabling decarbonization and ensuring energy security. In a guest blog, he highlighted the powerful moves made by European policymakers, such as the REPowerEU plan, which aims to increase renewable energy targets and reduce reliance on Russian fossil fuels.
Comparison with Other Technologies
Corre Energy’s CAES technology is designed to be hydrogen-ready where possible. While Canada’s Hydrostor has developed advanced compressed air energy storage (A-CAES) technology with higher round-trip efficiency, Corre Energy believes its CAES technology is better suited for various site requirements.
SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase the share of renewable energy in the global energy mix | The article mentions Corre Energy’s focus on green energy transition and its projects involving long-duration energy storage, including a CAES project in the Netherlands and potential projects in Denmark and Germany. |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable | The article discusses Corre Energy’s acquisition of salt caverns for potential energy storage projects in Germany, indicating efforts towards upgrading infrastructure for sustainable energy storage. |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning | The article mentions Corre Energy’s entry into the US market, citing supportive government policies like the Inflation Reduction Act (IRA) and tax credit incentives as drivers. This indicates the integration of climate change measures into national policies. |
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: energy-storage.news
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