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Energy company Corre Energy said today it has now agreed offtake arrangements for its GHH project in Denmark, resulting in commercial close of this project.
Corre said this marks its second commercial close this year after reaching the same milestone at its ZW1 project in The Netherlands in the first half of the year.
It said that practical components are now in place and include land, grid and cavern access arrangements, taking both projects substantially closer to completion.
Corre concentrates on the development, construction and future operation of grid-scale underground renewable energy storage facilities, as well as the production and sale of green hydrogen.
It has a pipeline of 11 EU designated projects across northern Europe and its established funding partners. and is also actively identifying development opportunities in the US and beyond.
Corre said that after the launch of a portfolio-level funding process in the second half of 2023, co-investment discussions with strategic partners are now being finalised for its Danish GHH, Dutch ZW1 and German Ahaus 1 projects.
“The specific terms of these agreements, which reflect the current development stage of the projects, will be communicated once finalised in early 2024 followed by details of wider funding solutions, the process for which is continuing,” the company said.
Keith McGrane, CEO of Corre Energy, said that with a new offtake arrangement and three strategic co-investment partners in advanced negotiation, the company rounds off 2023 having achieved significant progress and key milestones.
“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,” he stated.
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