The Korea Overseas Infrastructure & Urban Development Corporation (KIND) is moving forward with an energy storage system (BESS) development project in the Galway region of Ireland. The initiative will involve collaboration with local companies to jointly handle everything from project permits to grid connections and financing.
On November 10, KIND announced that it had signed a memorandum of understanding (MOU) at the Irish Embassy in Seoul with Shinhan Asset Management, Hyosung Heavy Industries, and Ireland's Rumcloon Energy to jointly develop the energy storage project and expand into overseas infrastructure projects.
The agreement pertains to the energy storage project being developed in the Coolpoura area of County Galway, Ireland. Energy storage systems are facilities that store generated electricity for supply at necessary times. They play a crucial role in stabilizing the supply of renewable energy, such as wind and solar power, which can fluctuate based on weather conditions, thereby enhancing the stability of the power grid.
Ireland is expanding its renewable energy generation by leveraging its abundant offshore wind resources along the Atlantic coast. Recently, the increasing demand for electricity from data centers has heightened the importance of ensuring grid stability and securing energy storage infrastructure.
Under this agreement, KIND and Shinhan Asset Management will establish a strategic cooperation framework with Hyosung Heavy Industries and Rumcloon Energy for the development and investment in the energy storage project. They plan to collaborate throughout the entire development process, including project permits, grid connections, project structure design, and financing. This aims to promote stable grid connections for large-scale energy storage systems.
Rumcloon Energy, a local partner, has previously collaborated with Hanwha Energy on energy storage infrastructure projects in Ireland. According to the Irish Enterprise Agency, the two companies officially opened a 180MWh battery energy storage facility combined with synchronous condensers for grid stabilization in Shannonbridge, Offaly, in March.
A KIND official stated, “Ireland is a market where the importance of securing grid stability and energy storage infrastructure is growing due to the expansion of renewable energy and the increasing demand for electricity from data centers. We will work closely with local partners and domestic EPC companies to advance project development and contribute to the expansion of stable power infrastructure in Ireland and the entry of domestic companies into the European market.”
* This article has been translated by AI.
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