Corre Energy and SemperPower Join Forces for Massive 320MW Battery Storage Project in the Netherlands
In a groundbreaking partnership, Corre Energy and Dutch battery specialist SemperPower have formed a joint venture to develop one of Europe’s largest battery storage facilities. Set to be built at the 320MW Zuidwending site in the Netherlands, this ambitious project marks a significant milestone in the continent’s renewable energy journey.
Pioneering Energy Storage
The joint venture (JV) will see SemperPower, owned by Return Energy, and Corre Energy collaboratively deliver a 640MWh, two-hour battery storage project. With an initial investment of €7 million, Corre Energy’s contribution will be represented by capital already invested in the project to date. This strategic partnership is poised to address critical grid balancing needs in the Netherlands, accommodate increasing renewable energy supplies, and create substantial societal and environmental benefits.
Environmental Impact and Future Prospects
The JV estimates the project will eliminate over 70,000 tonnes of carbon dioxide annually. This initiative complements Corre Energy’s Compressed Air Energy Storage (CAES) plans, offering an additional revenue stream and reinforcing their commitment to sustainability. The battery facility, sharing the same grid infrastructure as the planned CAES facility, will form a comprehensive energy storage hub capable of managing energy from milliseconds to multiple days.
Expertise and Economic Viability
SemperPower brings extensive expertise in battery infrastructure sourcing, development, and operation. Their responsibilities will include finalizing offtaker agreements and project financing, leveraging significant debt facilities. Thorough offtake demand and pricing analyses have validated the economic projections for the project, ensuring a sound financial foundation. With three existing projects in the Netherlands and a strong pipeline backed by Return Energy, SemperPower’s experience will be instrumental in the JV’s success.
Strategic Vision and Future Development
Targeting a fixed 10-12 year offtake agreement, the JV aims to mitigate market revenue risks. The final investment decision (FID) is expected in late 2025, which will propel the project into its next phase, delivering development fees aligned with industry standards. The total capital expenditure during construction and installation will be around €300 million, leading to recurring annual income once commercial operations commence in 2026.
Transformative Impact on the Energy Landscape
This partnership is not just about creating a massive battery storage facility; it’s about transforming the energy landscape. The multi-duration energy storage hub will enhance energy security, foster job creation, and boost the local economy. Keith McGrane, CEO of Corre Energy, highlighted the broader impact, stating, “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. We believe batteries could play a major role in our current and future projects. It’s a model we can replicate and scale because the economics stack up, it can accelerate projects, and the technology is highly complementary.”
A Collaborative Effort for a Greener Future
Dennis Schiricke, CEO of SemperPower, emphasized the collaborative nature of the project, “Through this joint venture, we aim to support regional stakeholders by accelerating the energy transition, a goal achievable only through collective efforts. This project stands to bring numerous benefits to the local region, including enhanced energy security, job creation, and a boost to the local economy. By working together, we can inspire collective action and tackle sustainability challenges head-on.”
As local and national consultations commence, this joint venture is set to bring a new era of sustainable energy to the Netherlands. Stay tuned for updates on this transformative project, as Corre Energy and SemperPower lead the way towards a greener, more resilient energy future. #BatteryStorage #RenewableEnergy #GreenEnergy #EnergyTransition #CorreEnergy #SemperPower #SustainableFuture #NetherlandsEnergy #GridBalancing #CleanPower #EnvironmentalImpact #EnergySecurity #JobCreation #EconomicBoost
Credit: [Image: Corre Energy]