Listen to this article

Our authentic sources have confirmed that Danish investment firm CIP (Copenhagen Infrastructure Partners) has announced the acquisition of 2 closed-loop pump storage hydro projects in the United States on behalf of the Copenhagen Infrastructure IV K/S. The CIP acquired the 400MW Swan Lake hydro project in Klamath County, Oregon, and the 1,200MW Goldendale project in Klickitat County, Washington as part of the deal. Point to be noted that Swan Lake secured its 50-year FERC (Federal Energy Regulatory Commission) license last year. However, Goldendale filed an application with FERC in the month of June. The senior partner at CIP, Christian Skakkebæk said, “At CIP, we focus on teaming with leading developers and making investments in energy infrastructure assets with a high degree of stability in cash flows”.

Skakkebæk added, “With the long investment horizon of our funds, it enables us to participate in large projects overseeing contracting, de-risking, financing, construction and operation. Pumped storage hydro is a unique and valuable asset class that will be a key resource as the global transition to renewable energy continues to accelerate in states such as Oregon, Washington, and Montana”. The two hydro projects were owned and in development under a joint venture between Rye Development (Rye) and National Grid. It is noteworthy that Rye has agreed to lead the development of the two hydro projects until the start of construction.

The vice president of Rye Development, Erik Steimle said, “CIP recognizes the long-term importance of new storage infrastructure projects to help harness and store wind and solar energy for meeting peak demand as both Washington and Oregon move toward a 100% clean electricity grid, cost-effectively and reliably”. On Wednesday, Illinois reported a new single-day record high for COVID-19 cases for the second day in a row. It also reported 145 new deaths, including eight in Pantagraph-area counties. Testing is on the rise, too. The Reditus Laboratories is operating the McLean County Fairgrounds site. The CEO of Reditus Dr. Aaron Rossi said, “1,244 people were tested on Tuesday with a new single-day record”.