+44 (0)24 7671 8970
More publications     •     Advertise with us     •     Contact us
News Article

Foresight Energy Infrastructure Partners & Siga Hydro agree investment for the development of the Silvermines Pumped Storage Hydro project


Foresight Energy Infrastructure Partners, Foresight Group’s energy transition fund, has announced an investment into the development of a new pumped storage hydro project in the Republic of Ireland.

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 (“CEF”) earlier this year. The European Climate Innovation and Networks Executive Agency (CINEA) granted Silvermines Hydro €4.3 million, and the combined support of this funding and FEIP’s investment will expedite project implementation.

The 148-hectare site is located in Tipperary on the Northern ridge of the Silvermines Mountain range. The project will utilise the existing void to create a lower reservoir and see the creation of a second, upper reservoir just below the crest of the hilltop. Once developed, each reservoir will have a capacity of 2.6 million m3 and will have a 1.8 GWh storage capacity which can be delivered at a rate of 300MW over a period of six hours.

The project will be able to vary loads and to rapidly switch between import and export modes with high round trip efficiency, thereby allowing access to a range of ancillary grid support services as well as traditional load shifting. The project will play an essential role in balancing the grid and will play its part in reducing Ireland’s fossil fuel dependency and allowing the integration of more variable renewable generation on the grid.

The project will create job opportunities in the region and deliver significant environmental benefits. The project is well supported on a local and national level, having been identified in Ireland’s “Review of the Security of Energy Supply of Ireland’s Electricity and Natural Gas Systems” as a mitigating solution to Ireland’s energy challenges.

This announcement follows FEIP’s first PSH investment into the Glenmuckloch Pumped Storage Hydro project in Scotland last year.

Co-manager of Foresight Energy Infrastructure Partners and Partner, 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 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.”

CEO of Siga Hydro Holdings Ltd, 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 expertise and knowledge of the Foresight Team, under the leadership of Partner Richard Thompson, have been instrumental and align seamlessly with our shared values.”

Schletter Group: 48 MWp Project in Italy
ENCAVIS Acquires Two More Solar Parks In Spain and Surpasses The Planned Expansion
Maximum profitability with KACO advanced technology for complex solar roofs
Enviromena wins contract to re-power three major solar farms ahead of the summer energy peak
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
New Swansea University Collaboration to Support Sustainable, Locally Manufactured Solar PV
Next2Sun Builds World's Largest Vertical PV Plant at Frankfurt Airport
DNV Publishes Bankability Study of Solcast Satellite Irradiance Data
Steel company SSAB switches to fossil-free energy in Italy with PV solution from Solnet
janom Investments enters the Croatian solar energy industry by investing in a 30 MW power plant project
Trina Solar Vertex S+ 505W n-type dual-glass modules enter mass production
BayWa r.e. and 3E sign partnership agreement for monitoring & analytics of global PV portfolio
Accelerating Spain's Energy Transformation: LONGi to supply Naturgy with 1 million modules in new deal
NTR announces corporate PPA with Almac Group to buy energy from Murley Wind Farm, Northern Ireland
Oxford PV sets new solar panel efficiency world record
Order Intake for the Construction of Wind Turbines in Turkey
Trilantic Europe acquires stake in AEROCOMPACT Group
Octopus Energy makes solar farm debut in Germany
Austria-based KOGA Energy, a solar EPC solutions provider, has kicked off.
Exus to acquire 625MW New Mexico solar portfolio
Capcora Accompanies SUSI Partners In Raising Senior Debt For a Polish Renewables Portfolio
Qualitas Energy acquires a 96 MW wind energy project pipeline in Germany
Nordex Group receives orders from the UK for approx. 150 MW
Trina Solar gains EPD certification from UL Solutions and EPDItaly for industry leading modules
Mandarin Oriental Hyde Park, London instals innovative solar tech to decarbonise heating
Efficiency First: The Road to Electrification
SCHLETTER Supplies Austria's Largest PV Roof System
E.ON partners with UK renewable heat innovator Naked Energy
Sonnedix signs innovative EUR500 million loan facility to finance construction of its renewable electricity pipeline in Europe and UK
Construction begins on Glennmont and Ørsted’s Borkum Riffgrund 3 offshore wind farm in Germany
ABB shores up reliable power supply at Southeast Asia’s largest floating solar plant
Sonnedix starts construction of 300MW UK solar PV portfolio

Search the news archive

To close this popup you can press escape or click the close icon.
Register - Step 1

You may choose to subscribe to the Solar + Power Magazine, the Solar + Power Newsletter, or both. You may also request additional information if required, before submitting your application.

Please subscribe me to:


You chose the industry type of "Other"

Please enter the industry that you work in:
Please enter the industry that you work in: