This portfolio comprises two projects, each is 100 MW battery energy storage project, developed to provide frequency response services to EirGrid to ensure grid stability with numerous non-synchronous electricity generators.
This project portfolio is being developed under VU Regulated Arrangements within Ireland’s DS3 program. The 2 x 100 MW projects are among the first set of BESS projects in Ireland under this contractual arrangement, which presented some unique financing challenges.
As FA to HEC, Synergy engaged in debt structuring, development of credit support package, term sheet and financing document negotiation, coordinating with lenders’ advisors for due diligence process and related workstreams.
The Project achieved Financial Close in November 2020. The Export-Import Bank of Korea (K-Exim) was the lead bank providing required debt financing for the Project.
The projects are currently in advanced stages of construction and commercial operation is expected to commence in 2021.
Once operational, the projects will provide essential ancillary services to EirGrid, enabling Ireland to achieve its renewable energy targets.
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