Corre Energy has reached a milestone in Germany, with 75% completion of underground cavern construction for its energy storage project.
Four salt caverns are now 75% complete, equating to nearly 60 hours of storage capacity each, with a target of 84 hours and a combined generating capacity of 640MW.
This project aims to generate €2 billion (£1.7bn) in revenue over 15 years.
Permits for the underground construction are in place, and Solvay, a multinational company, is carrying out the work.
The first project is also backed by a strategic partnership with Eneco, a Dutch energy company.
Eneco will provide 50% of the development capital and become a 50% owner of the completed project.
Additionally, Eneco will be the sole purchaser of all electricity output from the project.