Sustainable Energy Solutions Sweden Holding AB (SENS) has formed a joint venture (JV) with Mine Storage and Vimab for the (Underground Pumped Hydro Storage) UPHS project in Pyhäsalmi, Finland. Mine Storage is an underground storage solutions company while Vimab manages energy projects. The SENS-led JV will start the project immediately. First focus will be on feasibility studies and site assessment. Underscoring the JV’s modus operandi is enhancing the UPHS project’s efficiency and innovation, as put by Vimab’s CEO, Peter Fredell during the recent announcement.
SENS also recently had an extension of a €26.3 million funding support by Finland’s Ministry of Economic Affairs and Employment (MEAE). The funding is being channeled into SENS’ UPHS energy storage project in Finland.
SENS energy project factsheet
Location: Callio Business Park, Pyhäsalmi, Finland
Developer: SENS, Mine Storage, Vimab JV
BESS output capacity: 170 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: Feasibility studies and site assessment
Project start date: 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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