Finnish former mine to host 530 MWh pumped hydro facility
A former zinc and copper mine in Finland which features what is said to be the deepest sauna in the world is set to also host a 530 MWh underground pumped hydro energy storage project.
Sustainable Energy Solutions Sweden Holding AB (SENS), a company brought in to develop energy storage systems at the Pyhäsalmi Mine, near the town of Pyhäjärvi, has acquired the rights to the pumped hydro system as well as an 85 MW battery energy storage system (BESS).
A press release issued by SENS stated the pumped hydro system will have a power output of 75 MW and will be used to balance electricity supply and demand at the underground site. The 1,400 m deep mine has hosted cultural events including a concert, filming, and an “extreme run.”
SENS said it is aiming to have a consortium of investors in place to finance the pumped hydro project during 2024 with construction set to begin in 2025. No completion date was announced in the press release. The developer said acquisition of the pumped hydro project will give it access to €26.3 million ($29 million) of funding from Finland’s Ministry of Economic Affairs and Employment, awarded in September 2021.
The more conventional BESS is set to be operational in 2025 and will generate revenue from providing grid frequency services and from energy arbitrage – charging when electricity prices are low and discharging during more expensive peak demand periods.