SEV secures fund for 70 MW pumped hydro storage project in Faroe Islands

SEV has signed a DKK250 million (US$33.4 million) loan agreement with Nordic Investment Bank (NIB) for the 70 MW Myruverkio II pumped hydroelectric storage project in Vestmanna, Faroe Islands, Denmark. This agreement has a tenor of 15 years.

SEV has entered into further loan arrangements with several financial institutions and insurance firms in the Faroe Islands, the Nordic countries, and the USA in addition to the agreement with NIB.

Myruverkio II project is anticipated to be completed in 2027-2028.