A Danish infrastructure investment company purchased the proposed Swan Lake energy storage project north of Klamath Falls.
The price of the purchase, by Copenhagen Infrastructure Partners from Rye Development, was not disclosed.
The $800 million hydro project would require the construction of a new water reservoir to store electricity. When electricity is plentiful and inexpensive, pumps would push water to the 60-acre reservoir. When demand rises, the facility would release that water over turbines to create electricity.
Swan Lake will have a 393-megawatt capacity — enough to meet the energy demands of up to 390,000 homes.
According to Christian Skakkebaek, senior partner at CIP, the organization teams with developers to make investments “in energy infrastructure assets with a high degree of stability in cash flows.”
Skakkebaek said the organization will oversee contractors, financing, construction and operation of the facility.
The company also purchased a similar project in Goldendale, Washington. Both projects had been joint ventures by Rye Development and National Grid.
“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,” Skakkebaek said.
Rye will continue to lead development until the start of construction, according to the company.