Home » Energy » SENS energy project in Finland gets financial subsidy extension as project start date nears

SENS energy project in Finland gets financial subsidy extension as project start date nears

Home » Energy » SENS energy project in Finland gets financial subsidy extension as project start date nears

Sustainable Energy Solutions Sweden Holding AB (SENS) will have the €26.3 million financial support by the Finland’s Ministry of Economic Affairs and Employment (MEAE) extended. The funding is been channeled into an energy storage project being developed by SENS in Pyhäsalmi, Finland.

SENS energy project factsheet

Location: Callio Business Park, Pyhäsalmi, Finland

BESS output capacity: 85 MW

UPHS output capacity: 75MW

UPHS storage capacity: 530 MWh

Current funding: €26.3 million in government subsidy

Funding delay: Pooling of financing consortium by end of 2024

Current project status: Ready-to-build

Construction start date: 4 June 2025

Why have SENS energy storage project

The Ministry of Economic Affairs and Employment, and Finland as a state, aims for more stable, reliable, and green grid supply. This is where SENS’ utility comes in handy.

In Pyhäsalmi mine, SENS plans to develop a combination of battery energy storage system (BESS) and underground pumped storage power (UPHS). Also recently included in the development plans are photo-voltaics (PVs). As part of its innovative energy storage initiative, SENS will be wholly, if not majorly, responsible for this project.

Accompanying the financial support extension for SENS’ energy project in Finland is the change of contract conditions. The project start date has been pushed to 4 June 2025 as the financial support extension also called for the extension of the project’s time-frame.

The financial conundrum surrounding SENS energy project in Finland

The Finnish government agency had already made the financial commitment to SENS for the project, as subsidy, in September 2021. Time was plausibly running out, and the viability of the project dying out. Presently, the sustainable energy solutions firm is pleased to have secured this lump of the funding as it finds other investors to add to the subsidy.

The most recent financial assurance for the project restores the enthusiasm molded out by Henrik Boman, the CEO of SENS. “[… ] With the new conditions, we can drive the project forward with greater certainty, which also creates stability and trust in our ongoing dialogues with external financiers. The scope of the support clearly illustrates the investment that the Finnish government is making in SENS’ core business – the design and development of sustainable energy systems,” Henrik commented.

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