Silvermines Pumped Storage Hydro receives investment boost from Foresight
Foresight Energy Infrastructure Partners (FEIP), a pivotal player in the energy transition fund of Foresight Group, has fortified the renewable energy infrastructure in the Republic of Ireland through a significant investment in a new pumped storage hydro project. This initiative stands on the solid ground of additional financial support from the European Commission, which earlier awarded the Silvermines Pumped Storage Hydro (PSH) project a notable grant through the Connecting Europe Facility (CEF).
Silvermines Hydro Project Gains Dual Funding
Strategically located on a 148-hectare site in Tipperary, within the scenic expanses of the Silvermines Mountain range, the project promises to revamp the existing void into a robust lower reservoir while crafting an upper reservoir, augmenting the region’s energy resources. With a combined capacity to store 2.6 million m3 and deliver 1.8 GWh of energy at a powerful rate of 300MW over six hours, the project exemplifies Ireland’s commitment to optimizing renewable energy usage and grid stability.
Pivotal Role in Ireland’s Energy Future
The Silvermines PSH project emerges as a cornerstone in Ireland’s pursuit of a sustainable and balanced energy grid. By enabling quick transitions between energy import and export states with impressive efficiency, it supports a diverse array of ancillary grid services. This facility is not just an energy project but also a beacon of economic stimulation, offering job prospects and ecological advancements to the local community.
The endeavor aligns with national energy strategies, echoing the goals outlined in Ireland’s review of energy security, and marks FEIP’s continued investment in pumped storage hydro solutions following their previous venture in Scotland’s Glenmuckloch PSH project.
Leadership Perspectives on the Investment
Richard Thompson, the Co-manager of FEIP and Partner, lauded the investment as a strategic infrastructure asset critical for achieving Ireland’s 2030 renewable targets. His sentiment is mirrored by Darren Quinn, CEO of Siga Hydro Holdings Ltd, who welcomes the partnership with FEIP as vital for the sustained advancement and shared vision required for such a substantial project.
The collaboration between FEIP and Siga Hydro, fortified by the leadership of Richard Thompson, promises not only to advance Ireland’s decarbonization efforts but also to provide enduring benefits to the local community through the restoration of the former mining site.