The new joint venture will see the company team up with Dutch firm SemperPower to develop the project at the Zuidwendig site.
The Dublin-listed company, which is headquartered in the Netherlands, focuses on the development, construction and commercialisation of long duration energy storage projects.
The two companies will initially invest €7m in the new project, with Corre’s share represented by capital already invested to date.
SemperPower, which is owned by energy transition investment platform Return Energy, will also provide battery infrastructure sourcing, and development. It will also finalise financing with partners.
Financial close is targeted for late next year, with capital expenditure during the construction and installation phase expected to be around €300m.
Corre expects recurring annual income from the project when commercial operations begin in 2026.
The battery storage facility will be a grid balancing solution for the Netherlands, with the companies estimating that it will remove more than 70,000 tonnes of carbon dioxide per year.
“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,” chief executive Keith McGrane said.
“Looking ahead, 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,” he added.
SemperPower chief executive Dennis Schiricke said that the project would “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,” he added.
In May, Corre announced plans to raise additional funds through an issue of new shares.
Earlier that month, the company raised €2.12m in new equity by way of a subscription agreement. Following this, it said it planned to launch a placing on similar terms for eligible shareholders.
The company said this placing would allow participating investors to avoid seeing their stakes diluted.
In a statement, Corre said the funds raised would “support the working capital of the company” as it moves through the next stage in its investment process, first announced in March.
At the time, the business reported that it had received “multiple indications of interest: industrial, strategic and institutional” to invest in the business.
