Copenhagen Infrastructure Partners (CIP), on behalf of Copenhagen Infrastructure IV K/S, has bought the 393MW Swan Lake and 1200MW Goldendale closed-loop pumped storage in Oregon and Washington, US.
Swan Lake and Goldendale, located respectively in Klamath County, Oregon and Klickitat County, Washington, were previously owned and in development under a joint venture between Rye Development (Rye) and National Grid.
Swan Lake secured a 50-year Federal Energy Regulatory Commission (FERC) license in 2019, while the application for Goldendale was filed with FERC in June of 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,” said Christian Skakkebæk, Senior Partner at CIP. “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.”
Rye will continue to lead development of the two projects until start of construction.
“CIP acquiring Swan Lake and Goldendale is a great fit for completion of the projects,” said Erik Steimle, Vice President at Rye Development. “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.”