Arthur Cox advises on financing the Lumcloon and Shannonbridge battery energy storage systems
Arthur Cox has advised The Export-Import Bank of Korea and Kookmin Bank on the Irish law project financing of the 2x100MW Lumcloon and Shannonbridge battery energy storage systems in Offaly, Ireland.
These large-scale grid-connected BESS projects have a total capacity of 200MW and are amongst the largest in Europe. The development is sponsored by Hanwha Energy Corporation, a Korean energy solutions company, and Lumcloon Energy, an Irish storage developer. Large scale energy storage projects will be a critical enabler of the Irish energy transition, facilitating deployment of increasing volumes of wind and other non-synchronous renewable energy assets to meet Ireland’s ambitious climate goals. This is one of the first projects of its type in Europe to reach financial close and the Arthur Cox team was very pleased to assist all parties on achieving this milestone.
The team was led by Alex McLean (Energy, Renewables & Natural Resources) and Matt Dunn (Project and Infrastructure Finance). It was assisted by Niamh Sheerin (Project and Infrastructure Finance), Karen Killoran and Fiona Ridgway (Construction), Deirdre Sheehan and Ciara White (Real Estate), Danielle Conaghan and Jeanie Kelly (Environment and Planning) and Nicole Ridge and Dearbhaile O’Brien (Energy, Renewables & Natural Resources).