Fortune Hydro AG, in collaboration with Voith Small Hydro, has acquired the 450 MW Dorothea Lakes Pump Storage project as part of an £800 million (US$1 billion) strategic investment in renewable energy in the UK.
Located in Snowdonia, Northern Wales, this green storage facility presents a unique opportunity to integrate wind, solar and hydroelectric power, Fortune Hydro said. The Dorothea Lakes site was one of the largest slate quarries in Europe and the largest in North Wales.
Electricity produced by solar and wind during low demand can be stored until demand is there. This storage allows balancing of the production cycle in the large solar and wind farms in the north against the demand cycle of consumers and businesses in central and southern UK. It will generate up to 600 jobs and bring economic development and new business opportunities to the local community, the company said.
The Welsh Government has committed to achieve net zero emissions by 2050, and its plans include a pathway to fully decarbonize electricity.
The Dorothea Lakes project could deliver:
450 MW of flexible energy storage capability, replacing fossil fuel generation and enabling more renewable electricity, and reducing electricity costs by £70 million to £90 million ($90.3 million to $116 million) per year by 2050.
Investment of £500 million ($644.8 million) into project construction, with 70% of the project cost expected to be civil works, offering significant local employment opportunities.
Creation of 600 jobs during construction and 20 jobs during 100 years of operation.
Decarbonization benefit of 30 Mt CO2e, equivalent to taking all of today’s vehicles in Wales off the road for 10 years.
Fortune Hydro UK will own and manage the pump storage project. The technology will be provided by Voith. Once built and in operation, Green Highland, a Scottish operator, will run the plant on a service level agreement.
