Long-duration energy storage developer Corre Energy has agreed offtake arrangements for its GHH project in Denmark, resulting in the commercial close of the project.
Land, grid and cavern access arrangements are now in place, taking the project closer to completion.
“Commercial close status significantly de-risks the delivery of each project and supports wider de-risking of our overall portfolio,” a statement said. “It provides a clear pathway towards FID which delivers revenue to Corre Energy, while the offtake agreements provide the latest evidence of strong customer demand and commercial partner traction.”
Co-investment discussions with strategic partners are now being finalised for the GHH project, along with Corre Energy’s Dutch ZW1 and German Ahaus 1 projects.
Keith McGrane, CEO of Corre Energy, said: “We have delivered our stated plans to achieve commercial close in Denmark and this follows just six months after the same achievement in the Netherlands. This is combined with our new projects in Germany, securing an option agreement in the US and signing a global collaboration agreement with Siemens Energy. Meanwhile, the new co-investment partnerships will deliver a capital solution on a project-by-project basis while unlocking wider portfolio funding. Taken together, the funding and strategic partner progress, our commercial close milestones, our technology and people, and the broader market tailwinds give Corre Energy significant momentum as we head into 2024.”