The Korea Overseas Infrastructure & Urban Development Corporation (KIND), headed by President and CEO Bok-hwan Kim, signed a Memorandum of Understanding (MOU) with Shinhan Asset Management, Hyosung Heavy Industries, and Ireland's Lumcloon Energy at the Embassy of Ireland in Seoul.

The agreement is intended to jointly develop an energy storage system project in Ireland and facilitate Korean companies' joint participation in overseas infrastructure projects.

KIND and Partners Advance Galway Energy Storage Project

Under the MOU, KIND and Shinhan Asset Management agreed to establish a strategic cooperation framework with Hyosung Heavy Industries and Lumcloon Energy to jointly develop and invest in an energy storage system project in the Galway region of Ireland.

The signing was attended by Alan Hobbs, Head of Asia Pacific at Enterprise Ireland; Nigel Reams, CEO of Lumcloon Energy; Sang-jin Joo, Director of the Business Development Division at KIND; Tae-young Park, Executive Vice President of the Power PU at Hyosung Heavy Industries; Ho-jun Lee, Executive Vice President and Head of the Infrastructure & Global Alternative Investment Group at Shinhan Asset Management; and Sang-oh Park, Head of the Global Energy Team, Project Finance Department at Shinhan Bank, representing Doo-hwan Bae, Head of the Project Finance Department at Shinhan Bank, who posed for a commemorative photo following the signing.

Energy Storage Project in Coolpowra, County Galway

The MOU covers an energy storage system project in the Coolpowra area of County Galway, Ireland.

According to the announcement, the project is expected to help stabilize electricity generation from renewable sources, including wind power, while improving flexibility in electricity supply and demand and enhancing grid stability.

The parties agreed to pursue stable grid connection for a large-scale energy storage system and to combine their respective capabilities in close cooperation throughout the project development process.

Areas of cooperation identified in the agreement include securing permits, connecting to the transmission grid, structuring the project, and arranging financing.

Ireland's Growing Need for Energy Storage Infrastructure

The Irish government is expanding the use of renewable energy in response to growing electricity demand and the need to ensure grid stability.

With abundant wind energy resources along the Atlantic coast, Ireland faces an increasing need to expand energy storage infrastructure to make efficient use of wind power and address the intermittency of renewable energy.

The project announcement described the cooperation as strengthening ties on energy storage infrastructure development, backed by KIND's overseas investment and development capabilities, and framed it as laying the groundwork for Korean EPC companies to enter the European market.

KIND Officials Cite Data Center Demand and European Expansion

A KIND official said, "Ireland is a market where grid stability and energy storage infrastructure are becoming increasingly important due to the expansion of renewable energy and growing large-scale electricity demand from facilities such as data centers. Through this MOU, we will work closely with local partners and Korean EPC companies to advance project development and contribute to strengthening Ireland's power infrastructure and expanding Korean companies' presence in the European market."

The announcement was published as a press release on KIND's official website.

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