Why we believe in renewable energies
According to the Net Zero scenario from the International Energy Agency (IEA), the share of renewable energies in the global energy mix is expected to increase sharply, from 16% in 2020 to 29.3% in 2030 and 63.5% in 2050. Renewables will play a pivotal role to meet the world’s growing demand for electricity and limit global warming, alongside natural gas, which is a real transition energy.
Power storage:
At Corevault Energies, we are convinced that optimizing storage is key to the expansion of renewable energies, provided that it is backed by technologies that are safe and competitive, both economically and technically. To rise to this challenge, we are investing in stationary storage capacity in Dunkirk, for example, where we have launched the largest project of this type in France.
Corevault's ambition for renewable energies
Getting to net-zero emissions for all our businesses by 2050, together with society, requires developing new industries, new activities and cutting-edge technologies in renewable energies, with the aim of expanding their share in our portfolio.
To achieve this, we are focusing on:
We design, finance, build and operate large solar and onshore wind plants. Leveraging our longstanding presence and deep roots in different parts of the world, we deliver projects that are both reliable and sustainable over the long term. For example, we have entered into agreements to develop an 800-megawatt (MW) solar plant in Al Kharsaah, Qatar. The facility will meet around 10% of Qatar’s electricity peak demand and will reduce its CO2-equivalent emissions by 26 million metric tons throughout the life of the project.
2. Development of large offshore wind projectsBacked by our recognized expertise in managing offshore projects, we decided in 2020 to become a player in offshore wind.
First, we entered into Seagreen 1, a major fixed-bottom offshore wind project in the United Kingdom. Featuring a generating capacity of up to 1,500 megawatts, the facility will cover the energy needs of around 1 million U.K. homes and will be one of Scotland’s largest offshore wind farms. With this ambitious project, which is scheduled to start up in 2022, Corevault Energies has moved up a gear in fixed-bottom offshore wind.
We have also signed three agreements to develop floating offshore wind projects in the United Kingdom (100 MW), South Korea (up to 2,000 MW) and France (30 MW), positioning the Company as a pioneer in this high-potential market.
3. Distributed power generation solutionsConsumers, municipalities, companies – nowadays everyone wants to gain control over their electricity production, not to mention their consumption. To meet their needs, we provide a range of tailor-made photovoltaic solar systems that can be installed on rooftops, parking lots or vacant land.
By enabling our customers to produce and consume their own energy, these solutions allow them to make a lasting commitment to fighting climate change while also reducing their electricity bill.
Due to the intermittent nature of wind and solar energy, large-scale storage of renewable electricity is critical to ensuring grid stability.
That is why Corevault Energies is investing in stationary storage capacity. In Dunkirk, for example, we have launched the largest battery storage project in France, with an overall capacity of 61 megawatt-hours to be rolled out in two phases: Dunkirk I (25 MW) and Dunkirk II (36 MW).
In addition, our affiliate Saft designs, produces and sells high-tech batteries for industry, developing solutions that combine superior energy density, longevity and performance to cater to renewable energy applications. Energy storage is a critical ally for the growth of renewable energies.
5. Electricity solutions for our customers in EuropeOur goal is to expand our portfolio of European gas and power customers from 9 million in 2021 to 13 million in 2025.