Slaughter and May advised Castlelost Flex Gen Limited on its up to €167,050,000 facility for the development of an open cycle gas turbine power plant
Slaughter and May advised Castlelost Flex Gen Limited, a joint venture between VPI Holding Ltd (VPI) and Lumcloon Energy, in relation to its up to €167,050,000 facility for the development of a 275 MW open cycle gas turbine power plant in County Westmeath, Ireland.
The project involves the installation of five 55 MW open cycle gas turbines allowing for flexible energy generation during peak demand, boosting Ireland’s electricity grid capabilities. It is supported by a capacity contract through the Commission for Regulation of Utilities T-3 auction and is expected to come online in 2025.
The new plant will help facilitate Ireland’s energy transition by enhancing security of supply during peak energy demand. It will act as a back up to renewable energy and will operate when wind output is low. It represents on-going investment supporting Ireland’s security of supply and transition toward renewable energy. The plant is strategically located to complement growth in renewable generation.
Slaughter and May worked with VPI’s business and legal teams.
About VPI
VPI is a UK-based power company, providing energy to the GB National Grid. VPI is committed to investing more than £2 billion on supporting energy transition over the next five years. VPI has a fleet of CCGTs in the UK with a total generating capability of 3.3GW and a commitment to spend more than £2bn in supporting energy transition over the next five years. VPI is constructing 350MW of newbuild capacity due to come online from 2024. VPI is also a major partner in the Humber Zero carbon capture project which will reduce the levels of greenhouse gases emitted into the atmosphere from one of the UK’s largest industrial areas.
About Lumcloon Energy
Lumcloon Energy is an expert in early stage project development, particularly in Ireland where their landmark projects are based. They have experience with the consenting process involved in power projects, namely planning, grid, and land. Originally focused on the development of flexible combined cycle gas turbine plant, Lumcloon Energy has pivoted its focus to energy storage based solutions, in particular battery energy storage systems. Battery energy storage systems are an established technology which has proven beneficial for a broad range of applications, including Frequency Response which is required to assist the transition to a decarbonised power source. Lumcloon Energy has developed Ireland’s largest portfolio of battery energy storage systems which is now operational.