RE: Hydrogen storage - Mutual Energy - Salt caverns Northern Ireland, 27th May 202414 Jun 2024 12:55
I assume a lot of things to be common knowledge but some may not know that they were once partners in the project. Along with a few other big hitters. They also own the SNIP, which, if work to allow reverse flow of the pipeline was done, would be key to sending gas back to the mainland UK from IM.
Anyway, was looking back through some old notes that mentioned them and noticed this,
https://www.belfasttelegraph.co.uk/business/bp-pulls-out-of-islandmagee-gas-project-valued-at-400m/29959554.html
"Government agreement to act as guarantor..."
Had forgotten about this so found the old RNS.
""Hot on the heels of being designated as an EU 'Project of Common Interest', the major £400million gas storage project being developed at Islandmagee, Co Antrim has received another significant boost - this time from the Treasury in London.
The project has been 'pre-qualified' (deemed eligible for support) under the Treasury's 'UK Guarantee Scheme' which is making cover of up to £40billion available to ensure that key infrastructural projects across all sectors in the UK, those that really ought to go ahead, are not held back due to any difficulty in obtaining finance. Under the scheme the Government will guarantee a certain proportion of the capital required to fund projects, so that banks can lend more freely in today's risk-averse lending environment."
Old news, but shows a willingness of the then government to assist.
As you were.... :)