Foresight Group’s energy transition fund is backing the development of a new pumped-storage hydro (PSH) project in the Republic of Ireland which is being developed by Siga Hydro.
Foresight Energy Infrastructure Partners (FEIP) has acquired an equity stake and committed capital to develop the project located at a former 148-hectare mining site on the northern ridge of the Silvermines Mountain range.
PSH hydro is a type of energy storage that uses electricity to pump water from a lower reservoir to an upper reservoir.
Once developed, each reservoir will have a capacity of 2.6m m3 and 1.8 GWh storage capacity.
FEIP made its first PSH investment last year when it invested in the Glenmuckloch Pumped Storage Hydro project in Scotland.
Richard Thompson, co-manager of FEIP and partner, said: “We are delighted to be investing in another important PSH project that will help facilitate the achievement of Ireland’s 2030 renewables targets.
“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.”
Darren Quinn, CEO of Siga Hydro, said: “We very much welcome our partnership with Foresight Energy Infrastructure Partners. Their status as long-term investors with substantial financial capacity and their strategic vision is of utmost importance for projects like ours that require sustained commitment.”
The investment by FEIP is in addition to the grant funding awarded to the Silvermines PSH project from the European Commission through the Connecting Europe Facility earlier this year. The European Climate Innovation and Networks Executive Agency granted Silvermines Hydro €4.3m.
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