ENERGY STORAGE

Corre Energy & SemperPower form 640MWh Dutch BESS JV

July 8, 2024

Corre Energy has formed a joint venture (JV) with Dutch battery energy storage system (BESS) developer SemperPower to deliver what it describes as “one of Europe’s largest battery storage facilities”, a 320MW / 640MWh battery project at Zuidwending in the Netherlands.

SemperPower is owned by renewable energy investment platform Return Energy.

The 50/50 JV will initially invest €7 million, with Corre Energy’s share represented by capital already invested in the project to date.

It is estimated that the project will remove over 70,000 tonnes of carbon dioxide per year.

The JV is targeting a fixed 10-12 year offtake agreement, while financial close is anticipated in late-2025.

Capital expenditure during construction and installation will be approximately €300 million. Commercial operations are expected to begin in 2026.

Keith McGrane, CEO of Corre Energy, said: “This major new partnership with Semper Power and Return Energy speeds up and broadens our income profile for Zuidwending while delivering critical storage to meet future energy consumption needs. This crystallisation event secures immediate investment to fund the venture followed by further payment at FID and represents a model to realise nearer term cashflows to supplement our CAES development.”

Dennis Schiricke, CEO of SemperPower, added: “We are pleased to announce our cooperation with Corre Energy, leveraging the complementary capabilities of both parties to realise this significant project. As creators of capacity, our mission is to make electrical storage capacity available to the market. Through this joint venture, we aim to support regional stakeholders by accelerating the energy transition, a goal achievable only through collective efforts.”