Offaly based Lumcloon Energy Limited, founded by local entrepreneur Nigel Reams, has agreed a partnership with (giant) South Korean energy company, Hanwha Energy Corporation, to develop two new 100MW sustainable energy projects in the Midlands
Based in Lumcloon and Shannonbridge in west Offaly, the projects will involve a combined investment of €150 million and provide more than 120 jobs at construction phase..
The new power facilities, based on state-of-the-art battery storage technology, are a ‘100% clean’ power source. It involves no direct use of fuel or emissions, instead storing and releasing small but highly flexible amounts of power to respond to public demand and grid requirements.
The two facilities are unobtrusive, almost silent in operation and not a power plant in the conventional sense.
Mr. Ji Ho Shin, Executive Director of Hanwha Energy Corporation, said this partnership would be a significant cornerstone to contribute to the energy business in Ireland.
“Hanwha would expect to support the energy policy in Ireland by taking the opportunity to develop and install Battery Energy Storage Solutions (BESS), enhancing the stability and reliability of power system in Ireland.”
“With long-time experience in the energy business across the globe, Hanwha would like to accomplish remarkable energy projects in Ireland, ” he said.
Nigel Reams, CEO of Lumcloon Energy, said the project will deliver a custom-made and cost-friendly services for the renewable energy age and greatly reduce the looming threat of emissions fines from the EU related to 2020 targets.
“This project will provide essential back-up for Ireland’s rapidly expanding renewable energy sector and benefit consumers and business alike. We have worked very closely with Eirgrid on earlier pilots for this project, and received ongoing support funding from the EU Commissions FP20 programme.
“Together with our partners, Hanwha and a second Korean company LSIS, this project solves the energy supply risks from the wide variability of wind power as we increase our reliance and dependency on renewables,” he said.
Eirgrid, the national grid operator, earlier this month announced ‘record levels’ of 65% mainly wind-based renewable energy following a successful five-month trial and aims for 75% levels in the near future.
“Our electricity traditionally came from highly pollutant sources, like coal, gas oil. Those days are rapidly coming to an end and this project will help make Ireland instead the world leader in renewable energy,” Nigel Reams said.
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For further information on this media release please contact:
John Gallagher, John Gallagher Consulting. Tel +3538793698988
About Hanwha Group and Hanwha Energy Corporation:
Hanwha Group, founded in 1952, is one of the Top-Ten business enterprises in South Korea and a “FORTUNE Global 500” company. Hanwha Group has 52 domestic affiliates and 126 global networks in three major sectors: manufacturing and construction, finance, and services and leisure. With more than 60 years track record of industrial leadership, Hanwha’s manufacturing and construction businesses encompass a broad range of fields from basic chemicals and advanced materials to property development and total solar energy solutions. The finance network, covering banking, insurance, asset management and securities, is the second largest non-bank finance group in South Korea. The services and leisure sector offers premium lifestyle services with retail and resort businesses.
As a subsidiary and as the global downstream project development arm of the Hanwha Group, Hanwha Energy Corporation (HEC) is an Independent Power Producer (IPP) whose primary business is to own and operate utility-scale energy projects. HEC is now beginning to invest globally in utility-scale solar PV and ESS assets and has a large investment appetite for PV and ESS projects. HEC is responsible for Hanwha’s solar development activities around the world. Based in Korea, Japan and USA, HEC employs approximately 60 solar downstream business professionals responsible for the development, engineering, construction, financing, and operations and maintenance functions for our projects. Currently HEC has a portfolio of approximately 3.0GW of solar PV projects under various stages of development, construction, and operations.
About Battery Energy Storage Solutions (BESS):
This development will introduce Battery Energy Storage Solutions (BESS) to Ireland for the first time on a commercial basis. It is aimed specifically at supporting Ireland’s 2020 renewable targets by enabling greater levels of wind and solar to be accommodated on the Grid.
BESS is an established technology internationally, including UK, US, Australia and mainland Europe. It involves storage of existing power from the grid and resupply at times of power shortage.
In South Korea, where much of the BESS experience and expertise originates, the power system has been successfully supported by BESS for several years.
Applying this knowledge to Ireland, BESS will assist with:
· Facilitation of indigenous renewable power generation and lower curtailment
· Reduction in the production cost of electricity, cutting costs to consumers
· Enhancement of power system stability and reliability by providing system services efficiently
· Improvement of the operational efficiency and emissions intensity of power generation.
Ireland’s 2020 renewable targets and timelines are extremely challenging. This project can be delivered within one year and become operational in time to realise the benefits before 2020, when Ireland must meet binding EU emission reduction targets, or face considerable fines.
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Nigel Reams, CEO, Lumcloon Energy and Jiho Shin, Executive Director,
Hanwha Energy Corporation, Korea, at the announcement of a €150m renewable energy investment for Ireland, April 2018.
