Copenhagen Infrastructure Partners (CIP) has gained ownership of closed-loop pump storage hydro projects in Swan Lake (Klamath County, Oregon) and Goldendale (Klickitat County, Washington).
The projects were previously owned and built under a joint venture between Rye Development (Rye) and National Grid.
Swan Lake is a 400 MW project that received its 50-year Federal Energy Regulatory Commission (FERC) license in 2019. Goldendale is a 1,200 MW project that filed an application with FERC in June 2020.
“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. 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.”Christian Skakkebæk, senior partner at CIP.
Rye will continue to lead the development of the two projects until construction begins. Rye is the leading developer of modern hydropower at existing non-powered dams and closed loop pumped storage sites in North America.
“CIP acquiring Swan Lake and Goldendale is a great fit for completion of the projects. 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 percent clean electricity grid, cost-effectively and reliably.”Erik Steimle, vice president at Rye Development