The EU Commission announces an investment grant of EUR 26.3m for a facility which will store hydroelectric energy as a way of substituting electricity usually generated by gas-fired units.

The aid grant will be awarded to Suomen Energiavarasto Oy (SEVO), a subsidiary of EPV, which plans to convert an inactive mine into a facility that will both generate and store renewable energy.

This type of facility is able to activate turbines using water from precipitation, which it collects itself during inactive periods.

The full sum of EUR 26.3m will be used for construction and installation of the facility, which will have a capacity of 75MW. It is expected to be capable of generating between 60GWh and 160GWh of electricity annually and is slated for commissioning at the end of 2025.

”This EUR 26.3m measure ... will help deliver on the green transition, while reducing Finland’s dependence on imported fossil fuels. The Commission continues to support Member States in helping the EU’s energy sector tackle the challenges of the current energy crisis, while promoting a greener economy,” says EU Commissioner for Competition Margrethe Vestager.

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