Corre Energy buys 280 MW / 4.2 GWh energy storage project in West Texas

Corre Energy B.V. has announced that it has entered into an exclusive agreement to acquire a 280 MW/4.2 GWh energy storage project in West Texas, USA from Contour Energy.

The utility-scale storage system will utilize a technology known as Compressed Air Energy Storage (CAES). This innovative solution enables the storage of renewable energy by compressing air into underground salt caverns during periods of low electricity demand and inexpensive wholesale prices. The stored energy is then released back to the grid during times of peak demand and higher electricity prices. CAES has proven to be both a reliable and cost-effective solution for enhancing the stability, security, and reliability of the electricity grid.

Upon completion of the due diligence process, the buyout transaction is expected to close before the end of this year. The West Texas storage project aims to reach the financial investment decision (FID) stage by 2025, followed by full commercial operation.