Released September 19, 2012 | GALWAY, IRELAND
en
Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland) -- Plans to create a 5,000-megawatt (MW) 'energy bridge' between Ireland and the U.K. advanced to the first stage this week following the signing of a Memorandum of Understanding (MoU) between a group of European companies and the U.K.'s National Grid.
The agreement will see Mainstream Renewable Power Limited (Dublin, Ireland) and its partner, Portugal's transmission and system operator REN (Redes Energéticas Nacionais), conduct a pre-feasibility study for the development, financing, construction and operation of a 5,000 MW electricity transmission system designed to export electricity generated by Irish windfarms to the U.K., starting from 2017. National Grid operates the U.K.'s electricity grid and is already involved in a number of interconnector and export projects underway between the U.K. and Ireland.
"This is a major milestone in our plan to start delivering renewable energy to the U.K. from 2017," said Mainstream's Chief Executive, Eddie O'Connor. "We are now putting a team of experts together in order to conduct comprehensive feasibility studies and a business plan. This will be the precursor to the companies forming a joint venture to develop, build, finance, own and operate the system. This has never been done anywhere in the world and Mainstream is very excited to be leading such a ground breaking project."
Steve Holliday, Chief Executive of National Grid, commented: "We are looking forward to working with our partners on this strategic project. With our core skills in developing, owning and operating energy networks and our knowledge of new technologies -- including interconnector projects -- we are always looking at opportunities like this that can really use our expertise."
Mainstream unveiled its 5,000 MW 'Energy Bridge' windfarm plan in late June, which will see windfarms dotted throughout the Irish midlands. The company is currently engaging with landowners to secure the land required to start constructing the first 1,200 MW phase of the project, which should be commissioned by 2017. In revenue terms, Mainstream maintains that Energy Bridge could generate 2.5 billion ($3.26 billion) every year in export revenues and up to 12 billion ($15.7 billion) in tax revenues for the Irish state over 25 years.
In July, the Irish arm of Element Power (Portland, Oregon) confirmed that is was awarded a 'firm' grid connection of 3,000 MW with National Grid, clearing the way for it to start investing in 40 proposed windfarm projects in the midlands of Ireland. The term 'firm' connection means that the U.K. power market can take the electricity generated at all times. It was the first time that National Grid offered this kind of connection to an Irish renewable energy exporter. For additional information see July 26, 2012, article - Ireland's 8 Billion Windfarm Windfall.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The agreement will see Mainstream Renewable Power Limited (Dublin, Ireland) and its partner, Portugal's transmission and system operator REN (Redes Energéticas Nacionais), conduct a pre-feasibility study for the development, financing, construction and operation of a 5,000 MW electricity transmission system designed to export electricity generated by Irish windfarms to the U.K., starting from 2017. National Grid operates the U.K.'s electricity grid and is already involved in a number of interconnector and export projects underway between the U.K. and Ireland.
"This is a major milestone in our plan to start delivering renewable energy to the U.K. from 2017," said Mainstream's Chief Executive, Eddie O'Connor. "We are now putting a team of experts together in order to conduct comprehensive feasibility studies and a business plan. This will be the precursor to the companies forming a joint venture to develop, build, finance, own and operate the system. This has never been done anywhere in the world and Mainstream is very excited to be leading such a ground breaking project."
Steve Holliday, Chief Executive of National Grid, commented: "We are looking forward to working with our partners on this strategic project. With our core skills in developing, owning and operating energy networks and our knowledge of new technologies -- including interconnector projects -- we are always looking at opportunities like this that can really use our expertise."
Mainstream unveiled its 5,000 MW 'Energy Bridge' windfarm plan in late June, which will see windfarms dotted throughout the Irish midlands. The company is currently engaging with landowners to secure the land required to start constructing the first 1,200 MW phase of the project, which should be commissioned by 2017. In revenue terms, Mainstream maintains that Energy Bridge could generate 2.5 billion ($3.26 billion) every year in export revenues and up to 12 billion ($15.7 billion) in tax revenues for the Irish state over 25 years.
In July, the Irish arm of Element Power (Portland, Oregon) confirmed that is was awarded a 'firm' grid connection of 3,000 MW with National Grid, clearing the way for it to start investing in 40 proposed windfarm projects in the midlands of Ireland. The term 'firm' connection means that the U.K. power market can take the electricity generated at all times. It was the first time that National Grid offered this kind of connection to an Irish renewable energy exporter. For additional information see July 26, 2012, article - Ireland's 8 Billion Windfarm Windfall.
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, and eight offices outside of North America, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
