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Gaelectric's Larne energy storage project gets EUR-90m EU grant

Image by Gaelectric (www.gaelectric.ie).

Feb 20 (Renewables Now) - Gaelectric's compressed air energy storage (CAES) project in Larne, Northern Ireland is getting a EUR-90-million (USD 96m) EU grant as part of a larger investment in European energy infrastructure.

The European Commission (EC) on Friday said EU member states have agreed on its proposal to invest EUR 444 million in 18 key energy infrastructure projects, including seven in the electricity sector, 10 in the gas sector and one in smart grids. The projects, which will help connect the European energy networks, improve security of supply and integrate renewables, are getting the funding under the Connecting Europe Facility (CEF).  

The grant for the 330-MW energy storage scheme in Larne will support the implementation of the project, which is being developed by Irish renewable energy company Gaelectric. The project will store excess renewable energy in the form of compressed air in geological caverns within salt layers deep underground. It was designated as a European Project of Common Interest in 2013 and has received EU financing before (https://renewablesnow.com/news/gaelectrics-330-mw-energy-storage-project-gets-eur-83m-from-eu-535021/).    

Among the projects selected for funding is SuedLink in Germany. A EUR-40.25-million EU grant will support installing a high-voltage underground power line that will connect wind generation in northern Germany with consumer centres in the southern part of the country.  

The EU is also providing EUR 40 million of financial support for the Sincrogrid smart grid project, whose aim is the more efficient use of the existing power grid in both Slovenia and Croatia and tackling the increase of renewable energy.

(EUR 1.0 = USD 1.062)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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