Pyhäsalmi mine in Pyhäjärvi, Finland
Picture: Usv, Wikimedia Commons
The European Fee has accepted €26.3 million in funding to the Finnish authorities, which the Ministry of Financial Affairs and Employment has supplied to Suomen Energiavarasto Oy (Sevo).
The Finnish developer will use the funds to construct an underground pumped hydro storage station at a former zinc and copper mine owned by Finland’s First Quantum Minerals. Mining actions can be fully shut down by the tip of this yr.
“The storage unit will take part within the electrical energy spot markets, in addition to within the electrical energy balancing markets,” the fee stated in an announcement. “The storage unit will successfully substitute grid electrical energy generated by costly gas-fired items with low-cost, clear electrical energy that can be utilized particularly throughout robust renewable vitality era circumstances.”
The Finnish vitality firm EPV Power joined the undertaking in early 2021. The pumped hydro station has a capability of 75 MW/530 MWh and can generate between 60 GWh and 160 GWh of electrical energy per yr. Pyhäsalmi Mine is the deepest base metallic mine in Europe, at a depth of 1,444 meters.
“This vitality storage undertaking, if carried out, will present nice flexibility sooner or later EPV vitality system,” the corporate stated. “Many research have been executed in regards to the feasibility of the vitality storage undertaking, and EPV Power has contributed to them by making forecasts on the renewable vitality market and offering background info on rock engineering with its companions .”
Sevo is creating the undertaking below the Calilo initiative, which was launched in 2019 to supervise the transformation of the Pyhäsalmi Mine. In response to the undertaking’s web site, the storage facility ought to be constructed inside three years and its operational life ought to be not less than 50 years.
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