Greencoat Renewables PLC, a leading investor in renewable energy infrastructure assets, has chosen GridBeyond, an intelligent energy technology and flexibility provider, to support it in maximising the benefits from its first energy storage project.
As part of the continued development of its existing 633 MW generation portfolio of wind and solar assets, Greencoat Renewables is investing in 10.8 MW of energy storage technologies. The deployment of a front-of-the-meter battery, co-located with the Killala Community Wind Farm in Tawnaghmore Upper, Ireland, is scheduled for completion in early 2022. To maximise benefits from the battery, GridBeyond will connect the asset to Point, its AI-powered energy technology platform.
The Point platform connects generation, load and battery storage assets with opportunities in energy markets. It enables businesses to sell and purchase energy in wholesale markets, generating cost savings and new revenues by taking advantage of changing prices. It also enables participation in grid balancing services and capacity market. These markets support the decarbonisation of the energy network and ensure the security of supply to prevent blackouts while providing significant financial incentives for participating businesses.
Paul O’Donnell, Investment Manager at Greencoat Renewables PLC and Partner at Greencoat Capital LLP, commented:
“As the largest producer of renewable power on the island of Ireland, we are delighted to partner with GridBeyond to leverage their market experience and industry leading technology for our wind portfolio.
“We believe that, in the medium-term, battery technology will be utilised along-side wind [and solar] generation projects offering the opportunity to capture more renewable power to serve the growing demand from the grid. While this is our first battery project, we will evaluate the potential for further battery projects in the years ahead.”
Michael Phelan, CEO & Co-founder at GridBeyond, commented:
“We are very pleased to be working with Greencoat Renewables on their new energy storage project. As the number of renewable energy investments is growing, driven by the decarbonisation agenda, the urgency to deploy greater volumes of fast-acting storage is becoming ever more present. This creates opportunities for forward-thinking owners of green generation assets, such as Greencoat Renewables, to advance Ireland’s progress to a net-zero economy.
“AI-powered technologies do not only enable participation in energy trading and flexibility markets, but also support accurate forecasting of variable green generation, predictive maintenance, dynamic asset optimisation and imbalance management.”
About Greencoat Renewables PLC
Greencoat Renewables is an investor in euro-denominated renewable energy infrastructure assets with a portfolio of more than 630MW of generation capacity. From its core market in Ireland, the company’s strategic focus is on the very large secondary markets of continental Europe where it sees a significant opportunity to aggregate operating wind and solar assets. Greencoat Renewables aims to achieve diversification principally through investing in a growing portfolio of assets across a number of distinct geographies and a mix of renewable energy technologies. It is managed by Greencoat Capital LLP, an experienced investment manager in the listed renewable energy infrastructure sector.
Transform energy into opportunity. GridBeyond is a global leader in intelligent energy technology for industrial, commercial, institutional and utility partners. Energy users are provided the ability to manage and control demand response participation, energy performance, markets and costs via the multi-award-winning AI Point Platform.
Using Artificial Intelligence, machine learning, and advanced data modelling, GridBeyond provides intelligent Energy As A Service to tackle the challenges businesses face as they move towards a Net Zero future.
Starting with optimisation of existing assets and trading strategy, our AI-powered Virtual Power Plant ensures assets are optimised in real time and in the right market to maximise cost savings and revenues. Using robotic trading, we transform energy trading strategy into opportunity and boost business’ bottom line.
Sub-second monitoring ensures predictive maintenance, reduces downtime and operating expenditure, and allows for carbon reporting.
All without impacting operations, providing businesses with savings and revenues for investments and supporting sustainability goals and the decarbonisation of the wider energy