British power generator SSE will invest 100 million pounds ($122 million) in a Scottish pumped hydro scheme which could help boost the country’s energy storage capacity, it said on Tuesday.
Pumped hydro plants work by pumping water uphill to a higher reservoir before releasing it to enable water to flow downhill through turbines to produce electricity when it is needed.
The Coire Glas project, on the shores of Scotland’s Loch Lochy, could power about 3 million homes and would cost around 1.5 billion pounds to build, the company said. "Whilst Coire Glas doesn’t need subsidy, it does require more certainty around its revenues and it is critically important the UK Government urgently confirms its intention on exactly how they will help facilitate the deployment of such projects," Gregor Alexander, SSE Finance Director said in a statement.
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