NIB helps fund energy storage on Faroe Islands

18 July 2022

The Nordic Investment Bank (NIB) has agreed to loan DKK 250 million (€33.60 million) to power company SEV to finance the construction of a pumped storage system to allow for new renewable energy capacity on the Faroe Islands.

The 15-year loan will co-finance a system connecting the existing Myrarnar upper reservoir and the Heygadalur lower water reservoir through eight pumps with a total capacity of 70MW.

The project is planned to be constructed between 2022 and 2027 and the estimated total project cost is DKK 1.3 billion.

Signing the loan agreement between NIB and SEV, from the left, are Hákun Djurhuus, SEV CEO, Kári Johansen, SEV Chairman of the Board, and André Küüsvek, NIB President and CEO

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