Foresight Energy commits investment into the development of the 360MW Silvermines pumped storage hydro project in Ireland. (Credit: soukmano from Pixabay)

Foresight Group’s energy transition fund Foresight Energy Infrastructure Partners (FEIP) has committed an investment into the development of the 360MW Silvermines pumped storage hydro project in Ireland.

In this regard, the energy transition fund has acquired an equity stake in the Irish hydropower project.

To be developed on a 148-ha site in Tipperary on the Northern ridge of the Silvermines Mountain range, the pumped storage hydro facility is being developed by Siga-Hydro, a firm focused on strategic asset development in the clean energy and renewable sector.

The Silvermines hydropower project will have a storage capacity of 1.8GWh that can be delivered at a rate of 300MW over six hours.

Siga Hydro CEO Darren Quinn 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 Irish hydropower project will also utilise the existing void to build a lower reservoir and develop a second, upper reservoir below the crest of the hilltop.

Once developed, each reservoir of the Silvermines project will have a capacity of 2.6 million m3.

Foresight Energy Infrastructure Partners’ investment comes after the grant funding awarded to the pumped storage hydro project from the European Commission through the Connecting Europe Facility earlier this year.

The European Climate Innovation and Networks Executive Agency (CINEA) awarded €4.3m for the Silvermines hydropower project.

The Irish facility will support the country to reduce its dependency on fossil fuels and enable the integration of more variable renewable generation on the grid.

Besides, the Silvermines pumped storage hydro project will generate job opportunities in the region and deliver significant environmental benefits.

Foresight Energy Infrastructure Partners and Partner co-manager Richard Thompson said: “We are delighted to be investing in another important PSH project that will help facilitate the achievement of Irelands 2030 renewables targets.

“This is a 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.”