KIND to co-develop energy storage project in Ireland, supporting Korean companies’ expansion into Europe

[Financial News] The Korea Overseas Infrastructure & Urban Development Corporation (KIND) is embarking on the joint development of an energy storage project in Ireland with Korean and international companies. 
KIND said on the 11th that it had signed an MOU with Shinhan Asset Management, Hyosung Heavy Industries and Ireland’s Lumcloon Energy at the Embassy of Ireland in Korea on the 10th. The agreement covers an energy storage project planned for the area around Coolpowra in County Galway, Ireland.
The participating organizations agreed to establish a strategic cooperation framework for project development and investment. They plan to pursue the stable integration of large-scale energy storage systems into the power grid and cooperate throughout the development process, including project approvals, grid connection, project structuring and financing.
Ireland is expanding its use of renewable energy in response to rising electricity demand and the need to ensure grid stability. The need for energy storage infrastructure to address the intermittency of power generation is also growing, as the country makes efficient use of wind resources along its Atlantic coast.
A KIND official said, “Ireland is a market where the importance of ensuring power grid stability and securing energy storage infrastructure is growing amid the expansion of renewable energy and rising demand for large-scale electricity from data centers and other sources,” adding, “With this MOU as an opportunity, we plan to work closely with local partners and Korean EPC companies to pursue project development.”

[email protected] Choi Ga-young Reporter