Pumped hydro storage project moves forward in Faroe Islands

SEV, the utility for the Faroe Islands, has secured funds from Nordic Investment Bank to build a pumped hydro storage facility on the island of Streymoy. The Mýruverkið II project, valued at DKK 1.3 billion ($174 million), is set to go online in the 2027-28 period. SEV, the power company of the Faroe Islands, has secured a 15-year loan from Nordic Investment Bank (NIB), so it can move forward with plans to build a pumped hydro storage facility in Vestmanna, which is a town on the island of Streymoy. The DKK 250 million (€33.60 million) loan will co-finance a system consisting of mountain caverns ...

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