Suomen Voima to launch energy storage project in Kemijärvi
Published by Jessica Casey,
Editor
Energy Global,
Suomen Voima Oy is initiating an energy storage project named ‘Noste‘ in Kemijärvi. The goal is to build 1 – 3 small scale pumped-storage hydropower plants in Northern Finland to facilitate Finland’s green transition and to balance energy availability. The total investment for the project is estimated to be up to €300 million.
Wind and solar power are the fastest-growing forms of energy production, but due to their significant production variability, they require balancing power. This helps ensure electricity availability in all weather conditions. Other parts of Europe have chosen pumped-storage hydropower plants as a solution alongside wind and solar power. Although pumped-storage hydropower plants are currently a relatively unfamiliar form of energy production in Finland, there is a significant demand for this type of energy storage.
Suomen Voima’s energy storage project, Noste, will add much-needed balancing power in Finland, estimated at 100 – 200 MW, contributing to the efficient progression of Finland towards a green transition and sustainable energy infrastructure.
The investment value for an individual hydropower plant is estimated at €50 – €100 million, and the total project investment is estimated to be up to €300 million.
Investments in Lapland reinforce Finland’s positive reputation as a pioneer in new technologies. Suomen Voima’s energy storage project, Noste, enables more efficient utilisation of renewable energy while simultaneously reducing environmental impacts and supporting secure energy availability.
Suomen Voima’s aim is to implement the project using the best available technology, with the central focus in the design of pump storage facilities being to ensure minimal impact on the northern environment and landscape, as well as to minimise any adverse effects on residential and recreational surroundings.
The Noste energy storage project has significant local and regional economic impacts: the investment supports positive developments in employment, tax revenues, and rental income during both construction and operation. The first hydropower plant is scheduled to commence operations during the current decade.
For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.
Energy Global's Winter 2023 issue
The Winter 2023 issue of Energy Global hosts an array of technical articles weather analysis, geothermal solutions, energy storage technology, and more. This issue also features a regional report looking at the future of renewables in North America, and a report from Théodore Reed-Martin, Editorial Assistant, Energy Global, on how Iceland utilises its unique geology for renewable energy.
Read the article online at: https://www.energyglobal.com/energy-storage/18122023/suomen-voima-to-launch-energy-storage-project-in-kemijrvi/
You might also like
Eavor Erdwärme Geretsried signs loan agreement for geothermal project financing
Eavor Erdwärme Geretsried GmbH has entered into a loan agreement for the project financing totalling at around €130 million with Japan Bank for International Cooperation, the European Investment Bank, ING Bank N.V., Tokyo Branch, and Mizuho Bank, Ltd.