Huge boost for major Silvermines hydro-electric power plant as investors come forward

Siga Hydro, the company behind the Silvermines Hydro Electric Plant have received a huge investment commitment for their project, according to Tipperary TD Alan Kelly.

"I am delighted to let the people of Tipperary know that Foresight Energy Infrastructure Partners, based in London, has acquired an equity stake and committed significant capital to the development of the Silvermines Pumped Storage Hydro project," he said.

The 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, which is so necessary. It will also help to clean up the old mining site of approximately 150 acres. 

"I have been involved in promoting and helping this project ever since Darren Quinn, CEO of Siga Hydro walked into my office in 2015. We worked together on this and jumped through many hoops over the years so this is a big day for Darren," said Deputy Kelly.

The Labour Party TD said that it was an incredible project that was so needed by the country and he knew it will be welcomed locally in the Silvermines, Nenagh and surrounds and across Tipperary and Ireland.

The project will go through a planning process now with An Bord Pleanala over the next two years and the aim is to have it fully operational by 2030. The company will be setting up a base for the project locally over the coming weeks, he said.

"This is one of this project’s most important days and one I’m particularly pleased to have helped along the way," said Deputy Kelly.

He thanked Cllr Fiona Bonfield for all her help over many years with this project.

"I would also like to thank the local people of the Silvermines for always being so supportive, with a special mention for local man Liam Gleeson who was always there for us when needed," he said.