U.S. Department of Energy Finalizes $81 Million Award for Lewis Ridge Long-Duration Energy Storage Project
Award will support development and construction of a 287 MW pumped storage hydropower project on former coal mine land in Kentucky
MILL VALLEY, Calif.–(BUSINESS WIRE)–The US Department of Energy’s Office of Clean Energy Demonstrations has awarded Lewis Ridge Pumped Storage, LLC, a subsidiary of Rye Development Acquisition, LLC, $12 million (of a total project federal cost share of up to $81 million) to support the Lewis Ridge Pumped Storage project. Upon completion, Lewis Ridge will be among the first pumped storage hydropower facilities constructed in the United States in more than 30 years and the first sited on former coal mine land.
Rye Development Acquisition, LLC is a partnership of Climate Adaptive Infrastructure and EDF Inc.
Lewis Ridge will provide up to 287 MW of capacity and eight hours of storage, capable of powering approximately 67,000 homes. The facility utilizes two man-made reservoirs, thereby minimizing impact to waterways and wildlife. When energy demand is low, electricity is used to pump water to the upper reservoir. When the grid requires energy at times of peak demand or extreme weather events, water flows downhill to generate electricity.
The project in Bell County, Ky. is expected to create 1,500 construction jobs over a multiyear period and generate additional revenues for local businesses and government.
In the United States, pumped storage hydropower represents 96% of utility-scale energy storage capacity, highlighting its role as a proven and flexible energy storage solution. This type of long-duration energy storage is required to successfully integrate additional intermittent power, such as solar and wind, onto the grid. Pumped storage hydropower facilities typically operate for decades and are the most climate-friendly energy storage technology, according to a National Renewable Energy Laboratory study released in 2023.
“We are pleased to partner with the Department of Energy Office of Clean Energy Demonstrations and the local community to repurpose former coal mine land into a critical new energy storage facility, utilizing long-proven technology. We have identified additional coal mine sites in the U.S. that are suitable for pumped storage hydropower, where insights gained from the Lewis Ridge facility can support future projects,” said Paul Jacob, CEO of Rye Development Acquisition, LLC.
About Rye Development Acquisition
Rye Development Acquisition, LLC is a leading developer of low-impact pumped storage hydropower, a proven energy storage technology key to growing our national electricity infrastructure. The company develops pumped storage hydropower facilities from inception to operations through site identification, permitting, offtake and construction. Visit www.ryedevelopment.com and follow the company on LinkedIn to learn more.
About Climate Adaptive Infrastructure
Founded in 2019, Climate Adaptive Infrastructure (CAI) is an infrastructure investment firm that finances sustainable infrastructure designed from the outset to address the critical challenges we face in decarbonizing our energy, water and urban infrastructure systems. The firm seeks investments across core infrastructure assets that improve the sustainability and quality of life for the world’s large and growing population. CAI selects, finances, constructs, and manages its investments using climate screens and metrics designed to enhance investment returns and reduce carbon emissions. For more information, please visit www.climateadaptiveinfra.com and follow the company on LinkedIn.
About EDF
EDF Inc. is a subsidiary of the EDF Group, a key player in the energy transition, as an integrated energy operator engaged in all aspects of the energy business, including power generation, distribution, trading, energy sales and energy services. The EDF Group is a world leader in low-carbon energy, with a low carbon output of 434TWh, comprising a diverse generation mix based mainly on nuclear and renewable energy (including hydropower). It is also investing in new technologies to support the energy transition. EDF’s raison d’être is to build a net zero energy future with electricity and innovative solutions and services, to help save the planet and drive well-being and economic development. The EDF Group supplies energy and services to approximately 40.9 million customers and generated consolidated sales of €139.7 billion in 2023. For more information, please visit www.edf.fr/en/the-edf-group.
Contacts
Bill Green
Managing Partner
bgreen@climateadaptiveinfra.com
