Major investment in North Tipp hydro plant

Silvermines Hydro CEO, Darren Quinn.

A London-based investment fund has confirmed a deal with a local project.

Foresight Energy Infrastructure Partners will be joining up with Siga Hydro to develop a new Pumped Storage Hydro plant in the Silvermines.

The company behind the plans for the Silvermines Hydro Electric Plant have received a huge investment boost.

Foresight Energy Infrastructure Partners based in London, has acquired an equity stake and are committing significant capital to the development of the project.

They are a sustainability-led investment fund managing over €12 billion of assets.

The Silvermines Pumped Storage Hydro project is officially designated as a European Project of Common Interest and has already being in recipient of substantial funding from the European Commission.

The site will add in excess of 300MW of flexible storage capacity to the national grid.

The Siga Hydro plans would also involve cleaning up the old 150 acres mining site and so would deliver significant environmental benefits as well as creating new local job opportunities.