Polenergia S.A. (“Polenergia”) Poland’s largest, private, vertically integrated energy group has chosen American company Convergent Energy + Power as a partner to develop and construct energy storage facilities in Europe. The cooperation includes the development, design, construction and exploitation of energy storage facilities in Germany, Switzerland, Austria, Italy and Poland. (See original press release here.)
- Polenergia has chosen US developer Convergent Energy + Power as a partner to build energy storage facilities in Europe;
- The cooperation includes project screening, design, construction and operation of energy storage facilities in Germany, Switzerland, Austria, Italy and Poland;
- Convergent Energy + Power is a leading storage developer in the US and Canada;
- Energy storage increases system flexibility and security by integrating different energy sources, including specifically renewables;
- According to BNEF EMEA installed capacity will increase by 35x until 2024 of which total investments into Germany and Italy will amount to US$6.5bn;
Polenergia is analysing strategic development perspectives, especially via technological and geographical diversification, retaining its focus on renewable energy but expanding into solar and storage. Polenergia has finished screening the global energy storage market, which resulted in choosing Convergent Energy + Power, one of the leading North-American storage developers, as a partner to develop energy storage facilities in Europe.
Convergent Energy + Power has operated in the United States and Canada since 2011. The company is a leader in the North American market and, with the help of its outstanding team of specialists, it finances, constructs and develops energy storage facilities. To date, the Company has invested in a portfolio of 10 projects with total installed capacity equal to 70 MW. Convergent Energy + Power cooperates with companies such as Statoil, Avangrid Partners, Central Main Power, Ontario Independent Electricity System Operator, Pacific Gas and Electric Company and Southern California Edison. Projects realized by Convergent Energy + Power solve many system problems of their clients and offer stable/long term revenues and attractive returns.
Polenergia and Convergent Energy + Power have signed an MOU (Memorandum of Understanding), and the goal of the cooperation is to introduce and manage highly efficient and cost effective energy storage in the European market. The offer will be addressed to industrial clients, energy system operators and power utilities. The first stage of the cooperation involves searching for potential projects in five European countries: Germany, Switzerland, Austria, Italy and Poland.
Energy storage is a key element of the reliable, economical, intelligent and “green” power network of the 21st century. Storage increases system flexibility by integrating renewable energy, increasing reliability and quality of power supply and lengthening technical availability of existing infrastructure. According to BNEF, in 2016 in EMEA there was c. 420 MW of installed storage capacity. This number is estimated to increase 35 times by 2024 – to 14,500 MW. Total investment in new storage capacity in 2017-2024 in EMEA is projected to amount to US$13bn. Total investment in Italy in 2017-2024 is estimated at US$2.5bn which will increase capacity from 58MW to 2.6GW. The largest investments are planned in Germany with planned investments of US$4bn which is targeted to increase the existing storage capacity of c. 240MW to c. 4.8GW
Polenergia – Polish private energy group, consisting of vertically integrated companies operating in the field of renewable and conventional energy generation as well as distribution and trading of energy. The company is one of the strategic assets of international investment group Kulczyk Investments. More information: www.polenergia.pl
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