The Silvermines hydro project in North Tipperary is being described as key to Ireland meeting its 2030 renewable targets.
London based Foresight Energy Infrastructure Partners have decided to back the plans by Siga Hydro and invest in the multi-million Euro project.
It will provide more than 300MW of electricity to the national grid when complete as well as resulting in the clean-up of the 150 acre mining site.
Richard Thompson from Foresight Energy Infrastructure told Tipp FM the Silvermines project is a very exciting opportunity.
“Assets like this basically help to integrate more variable renewable generation onto the grid. We are a fund that invests in energy transition assets across Europe with a particular focus on bottleneck assets like this one that help unlock additional renewable investment. So yeah, a very exciting investment and we’re very happy to be working with Siga Hydro and Darren Quinn on this.”
The decision by Foresight Energy Infrastructure Partners to back the plans for the pumped storage hydro plant at the old mine site is being seen as a huge vote of confidence.
Local TD Alan Kelly has been promoting the multi-million Euro venture since the idea was first mooted by Siga Hydro.
““This is a massive milestone. I’ve met with this company and they’re really committed to doing this project as they realise how important it is here in Ireland.
“This is a critical day and a critical announcement for a project I’ve been working on for eight years ever since I met Darren Quinn, the CEO of Siga Hydro.”
