A recent analysis of the planned 360MW hydro-electricity plant at Silvermines, Co. Tipperary, shows that the development will be worth over €80 million per annum to the economy.
The planned development, which is one of the largest private infrastructure projects in the history of the state, has received a major boost thanks to its inclusion in a formal EU grid development plan.
The €650 million energy-storage project is the only electricity generating plant planned for Ireland to be included in the European Network of Transmission Systems Operators for Electricity (ENTSOE) plan, 2018-2028.
L-R: Garret Ahearn, Fine Gael; Darren Quinn CEO Siga-Hydro; Simon Coveney, Tanaiste and Minister for Foreign Affairs and Trade; Alan Kelly, Tipperary deputy; and Mary Newman Julian, general election candidate in Tipperary. Image Source: Arthur Ellis
A cost-benefit analysis conducted by ENTSOE for the process demonstrated significant societal benefits to Ireland from the project, which has the capacity to generate electricity for 200,000 homes.
Coveney said: “This is a significant project for the country and also for Tipperary. You are going to see a lot of new initiatives coming from the Government with the view of reducing emissions going forward.”
The Tanaiste said that a second clear benefit from the development is that it will rehabilitate the site which there have been serious environmental concerns about since mining ended there in the early 1990s.
The site is also just a matter of kilometres from the national grid so there’s a lot of reasons why this should work.
The EU designation is major validation for the project as it essentially identifies it to be of national and EU importance when it comes to decarbonising our environment.
Tipperary Deputy Alan Kelly, who also attended the site for the visit, said: “This is essential for the future of Ireland’s energy needs. We have to change the way we deliver energy and bring about energy.”
The project was also endorsed by Fine Gael general election candidate in Tipperary, Mary Newman Julian, who organised the visit of the Tanaiste.
She said: “This is such a promising project on so many grounds. It will be a zero-emission electricity generation facility at a time when we are moving away from fossil fuels.
“It is going to rehabilitate a site that has been problematic for some time and it is also going to be a strong economic stimulant for Tipperary and the wider region.”