Energiasalv Pakri’s 500MW pumped-hydro energy storage project is one of the EU 8 key energy infrastructure projects and the only Estonian project that received funding from the Connecting Europe Facility CEF programme under the 2019 CEF-Energy call. The amount of support issued for Estonia’s energy storage project accounts 1.187 million euros.
“Estonian pumped-hydro power plant provides balancing and flexibility services in the Baltic States after they get synchronized with the Central European grid, which is a high priority both for the region and EU. Our project supports the ongoing energy transition process and Estonia’s strive for carbon-neutral society by avoiding of approximately 800thousand tons of CO2 emissions annually and reducing the energy bill of the consumers. We are pleased that the European Commission recognizes the importance of our project”, said Peep Siitam, the CEO of Energiasalv Pakri.
Siitam added that the Estonia’s hydro accumulation power plant with its unique business model of combining deep granite mining and power storage services is a trailblazer for regions which traditionally lack environmental prerequisites for hydro power projects, e.g. mountains or big rivers. Instead of using higher surfaces the Estonia’s project finds the height difference underground.
Energiasalv Pakri will use the CEF funding for conducting studies, such as geological, environmental and technical investigations, which are eminent assumptions to commence the construction in 2022. The power plant is planned in Paldiski and is scheduled to start operating by 2029.
See also European Commission’s Press Release: EU invests €556 million in priority energy infrastructure