Innogy SE announces it has taken the Final Investment decision (FID) to build a large-scale battery storage facility in Ireland
Germany-headquartered renewable energy generation company Innogy will build its first battery storage facility in Ireland. The 60MW battery storage project will be located in County Monaghan, with construction set to commence this year and commissioning scheduled for 2021. Innogy has taken the final investment decision for the storage facility, and the planned investment volume amounts to around €25 million (US$27.57 million) in total. It established its subsidiary, Innogy Renewables Ireland, in 2016 in response to its expansion into the Irish market.
According to Masterfox Consulting Group, increasing demand for renewable energy and low battery cost are influencing the global grid-scale market. The grid-scale battery helps in managing power more efficiently in organizations. It helps in maintaining a consistent flow of energy to consumers and therefore it is more reliable and flexible. With increasing urbanization and industrialization, the need for electricity is growing enormously. To meet this growing demand, innovative energy storage technology like grid-scale battery storage is increasingly deployed worldwide.
According to Masterfox Consulting Group’s recently published report titled “Global Grid-Scale Battery Market Size By Type (Lead Acid, Lithium-Ion, Sodium based, Flow Battery, Others), By Application(Renewable Integration, Backup power, Peak Shift, Ancillary Services, Others ), By Ownership (Third-party, Utility), Region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America), Forecast & Opportunities, 2020-2027” Global Grid-Scale Battery market is likely to grow over USD 10 billion by 2027 due to rising demand for clean energy.
The expansion of Innogy’s grid-scale storage facility in Ireland helps in the successful realization of Irish energy storage. Storage technologies provide an important link between modern grids and intermittent generation, by storing excess renewable energy for use when required.
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