Irish energy trading firm ElectroRoute has signed a deal to work with two energy storage sites worth approximately €150m based in Offaly.
One of the largest renewable energy storage projects in Europe will have Irish firm ElectroRoute as its provider of trading solutions. The company announced today (7 September) it has entered into an agreement with the South Korean Hanwha Energy as well as Irish developer Lumcloon Energy to provide trading capabilities for the 200MW battery portfolio.
Hanwha has previously confirmed that €150m is being invested in the project, which includes two energy storage sites at Lumcloon and Shannonbridge, Co Offaly.
The site is providing more than 200 jobs during the current construction stage with around 20 permanent jobs expected at completion. Such sites are seen as crucial for Ireland and other nations to adopt renewable energy on a large scale.
When wind, solar or other forms of renewables generate excess electricity on a national grid, it can be stored for later use during peak hours or periods of low power generation using these huge battery centres.
While this is one of the first battery projects of significant scale in Ireland, a recent Irish Wind Energy Association report estimated that the country could require construction of 1,700MW of batteries on the island of Ireland by 2030 as part of the country’s 70pc renewables target by 2030.
“It is our first significant battery project and the culmination of considerable work in developing the right technology and systems,” said Brian Kennedy, head of trading solutions at ElectroRoute.
“We’re excited by the prospect of adding further projects to our portfolio and working proactively with our clients to provide best-in-class solutions, which manage their risk profile as it changes with the development of the energy market.”
Also commenting on the deal, Hanwha Energy’s senior vice-president James Jonghyuk Lee said: “ElectroRoute’s strong knowledge and experience in the market, combined with their 24/7 trading desk made them the obvious choice of trader to collaborate with on this project and we look forward to continuing our successful relationship.”
ElectroRoute, founded in 2011 and headquartered in Dublin, manages more than 1.4GW of assets and in 2016, had a majority stake in its business bought by Japanese corporate giant Mitsubishi.