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HomeRenewablesAhausSalt cavern energy storage project nears completion

Salt cavern energy storage project nears completion

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.

Energy Live News
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This article first appeared on Energy Live News, an award winning news service. Their mission is to give you balanced news, analysis, commentary of energy from their dedicated team of quality journalists and production staff.
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