Siemens wins contract for €50m Moneypoint project April 27, 2021 THE ESB has awarded the contract for the engineering, procurement and construction of the new €50m Synchronous Compensator in Moneypoint Power Station to Siemens Energy Limited following a competitive tender process. Awarding this contract is seen as the first phase in the ESB’s plans to transform Moneypoint into a new green energy hub, which includes the proposed development of a new windfarm 16 km off the Clare coast. The Synchronous Compensator, which will be the largest of its kind in the world, will provide a range of electrical services to the electricity grid, which would previously have been supplied by thermal fired power stations. It will enable higher volumes of renewables on the system.