Energiasalv has been granted a construction permit by the Consumer Protection and Technical Regulatory Authority of Estonia for the construction of the 550 MW pumped hydro storage facility in Paldiski, on the Pakri Peninsula of northwestern Estonia.
The project is part of the 10-year network development plan drafted by the European Network of Transmission System Operators (Entso-E) that started in 2009. Energiasalv has been granted EUR650 million (US$708.1 million) funding as an EU Project of Common Interest. The pumped hydro plant is expected to provide up to 6 GWh of storage capacity during the one storage cycle of 12 hours. The output of the recorder is comparable to the average daily electricity consumption of Estonian households.
The company will continue with the pre-qualification process for construction procurement at the beginning of February. It intends to complete the procurement process in 2023 and start construction of the project in the summer of 2024. The project is planned for commercial operation by 2029.
Van Oord has acquired a stake in the Estonian offshore wind farm developer Saare Wind Energy. Saare Wind Energy is developing the 1 GW Saaremaa offshore wind farm at an area covering up to 200 square kilometers south-west of the Estonian island Saaremaa. The development of the wind farm started in 2015.
Read moreVan Oord and Saare Wind Energy have agreed to mutually develop the 600 MW Saaremaa offshore wind farm. Saare Wind Energy is an Estonian developer involved in developing the offshore wind farm, covering 154 square kilometers, south-west of the Estonian island Saaremaa.
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BaltCap, the largest private equity investor in the Baltic region, has launched BaltCap Infrastructure Fund (BIF) with the planned size of €100 million (US$114 million).
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