Foresight Energy Infrastructure Partners (FEIP) has announced its intention to invest in a proposed 1.8GWh pumped storage hydro plant in Ireland.
The 1.8GWh Silvermines Pumped Storage Hydro facility would be able to deliver its long-duration energy storage capacity at a rate of 300MW over a period of six hours. The 148-hectare site is located in Tipperary on the Northern ridge of the Silvermines Mountain range.
FEIP, which is the energy transition fund of Foresight Group, has also acquired an equity stake in the Silvermines Pumped Storage Hydro project after coming to an agreement with Siga Hydro.
It is worth noting that the project has been officially designated as a European Project of Common Interest and could deliver an economic value exceeding €2.6 billion (£2.27 billion) over its lifespan.
The amount invested in the project has not been disclosed by FEIP however this, combined with the European Climate Innovation and Networks Executive Agency (CINEA) funding of €4.3 million, will support project implementation.
“We are delighted to be investing in another important PSH project that will help facilitate the achievement of Irelands 2030 renewables targets,” said co-manager of Foresight Energy Infrastructure Partners and partner, Richard Thompson.
“This is critical strategic infrastructure asset for Ireland that will help enable decarbonisation of the power system, bring employment opportunities to the local area and complete the restoration of a disused mining site that will create a long-lasting legacy for the local community. We look forward to our partnership with Siga Hydro and bringing this exciting project to fruition.”
Pumped storage hydro continues to be explored as a means to provide flexible energy to the grid – something that is becoming ever more important given the rise in intermittent, renewable generation assets.
Perhaps the most noteworthy ongoing project in Great Britain is SSE Renewables’ 152.5MW Sloy hydroelectric power station which the company announced would be converted into a 25GWh pumped storage hydro plant earlier this year.
Should this conversion project be pursued, the expected capacity of the facility means that it would be capable of providing flexible renewable energy for up to 160 non-stop hours.
