Suomen Voima Oy said that the total project investment is estimated at up to €300 million (US$ 329.2 million). The projects are designed to utilise Lake Kemijärvi as the lower basin, providing flexibility and storage capability to the Finnish grid to help integrate growing volumes of wind power, CEO Pekka Saijonmaa told H&D. Suomen Voima has initiated negotiations with landowners and aims to continue an open dialogue with residents, various businesses, and other local stakeholders to ensure smooth collaboration in the project preparation phase. The power producer said it expects the first plant, which would be the first of its kind in Finland, to begin operation before the end of this decade.
Noste will enable more efficient use of renewable energy, while reducing environmental impacts and supporting security of supply, Suomen Voima has said. The company’s aim is to implement the project using the best available technology, with a central focus of ensuring minimal impact on the local environment and landscape, as well as to minimize any adverse effects on residential and recreational surroundings. The energy storage project will have significant local and regional economic impacts, supporting positive developments in employment, tax revenues and rental income during construction and operation.
Suomen Voima, which is owned by 16 Finnish shareholders under the Mankala Principle, has a power generation portfolio totalling 310 MW, comprising hydro, wind, nuclear, biomass and solar assets in Finland and Norway. It holds full or majority stakes in seven hydropower plants in Norway totalling 48.7 MW. The company is currently completing construction of an eighth plant. The 9 MW Vegusdal storage plant in southern Norway is planned to be commissioned in early 2024.
