Recurrent Energy Secures $513 Million for 1,200 MWh Energy Storage Project

Kyon Energy, a large-scale energy storage project developer, sold 194.7 MW of energy storage projects in Germany to Obton, a Danish solar PV systems operator.

Following the transactions of two storage projects in Tangermünde, Saxony-Anhalt (15.8 MW/35 MWh) and Karstädt, Brandenburg (20.7 MW/41.4 MWh), the recent sale of Europe’s largest battery storage facility in Alfeld, Lower Saxony (137.5 MW/275 MWh) marks the third project that Kyon Energy has transferred to the Danish investor this year. A fourth project with a storage capacity of 20.7 MW is to be delivered by the end of 2023.

The sales are part of a comprehensive framework agreement between Kyon Energy and Obton, which was concluded in the spring of 2023. Already in the agreement’s first year, a third of the storage capacity – almost 200 MWs – was successfully contributed. The cooperation between the two companies will extend over a period of three years, during which a total of 600 MW of storage capacity will be integrated into the German power grid – an investment in the energy infrastructure that amounts to a high three-digit million euro sum.

“Battery storage systems make a significant contribution to building a resilient energy infrastructure based on renewable energies and thus to achieving the energy and climate targets. The fact that we were already able to contribute 200 MW to the framework agreement in the first year is a major milestone and reflects our commitment to driving forward the energy transition in Germany,” says Florian Antwerpen, Managing Director of Kyon Energy.

According to Mercom’s 9M and Q3 2023 Energy Storage and Smart Grid Report, In the first nine months of 2023, there were 22 project acquisition transactions (four disclosed) compared to 30 transactions (three disclosed) in 9M 2022.

Pacific Green, an energy storage project developer, through its wholly-owned subsidiary, Pacific Green Battery Energy Park (Italia), acquired a 51% stake in five projects totaling 500 MW/ 2,800 MWh in Italy from Sphera Energy Srl.