Shares in energy storage developer up close to 6% by lunchtime in Dublin
The company also confirmed that it had signed an option agreement on over 500MW of projects in Germany, which are already in construction, and that it has identified targets for potential investment in North America that will benefit from stimulus programmes in the US and Canada.
Shares in Corre were up 5.8 per cent in midday trading in Dublin, bringing their advance over the past 12 months to 52 per cent. “Together with our new projects in Germany and further planned sites, including in North America, we are now targeting to have 1.3GW of storage in construction by 2026,” said chief executive Keith McGrane. “As previously stated, to support growth plans we are considering a variety of funding options, including debt and strategic equity investment in the company itself or at project level, and this will now accelerate in [the second half of] 2023.
The company’s target remains to achieve internal rates of return on equity invested in the “mid-high teens” per cent, or to realise value at financial close of individual projects by selling down assets to third parties, it said.
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