NIB finances energy storage on Faroe Islands
The Nordic Investment Bank (NIB) signs a 15-year loan deal with Faroe Islandic power company SEV to finance the construction of a pumped hydroelectric energy storage system to allow for new renewable energy capacity on the Faroe Islands. The investment contributes to the Faroe Islands’ target of achieving 100% fossil free energy generation and onshore consumption by 2030.The DKK 250 million (EUR 33.60 million) loan will co-finance a system consisting of mountain caverns and a tunnel connecting the existing Myrarnar upper reservoir and the Heygadalur lower water reservoir through eight pumps