15.06.2023 / News Press Releases
On 14th June 2023, the European Parliament gave its endorsement to a deal reached with the Council on the Batteries Regulation. Patrick Clerens, EASE Secretary General, gives statement on the significance of the Batteries Regulation for the Energy Storage Sector and the importance of Environmental and Social Sustainability
06.07.2023 / Members News
Energiasalv Secures EUR 11 Million Additional Funding for Zero Terrain PHS Project in Paldiski, Estonia
Energiasalv has acquired another EUR 11 million in additional financing for its EU Project of Common Interest (PCI project), the "Zero Terrain Paldiski" Pumped Hydro Energy Storage (PHS) plant in Estonia. The funding includes strategic investments from Alexela, Sunly, Combiwood Group, Warmeston, and Kiikri Kodu, further strengthening the project's financial position.
Energiasalv utilises its innovative Zero Terrain technology for the project, enabling the implementation of pumped hydro storage projects in flat regions without mountains or large rivers, thereby setting a new standard for efficient and sustainable energy storage through the utilisation of favourable geology and surface water bodies as upper reservoirs.
This additional financing aims to expedite the investment readiness process to achieve full readiness by the summer of 2024 and commence construction in the autumn of 2024. Zero Terrain Paldiski 500MW 6GWh PHS construction costs are about EUR 800 million. The capital raise follows the official permit granted to Zero Terrain Paldiski PHS in December 2022, highlighting the substantial investment in the country's energy infrastructure.
Peep Siitam, Founder and CEO of Energiasalv, stated, "Reaching net zero power system isn't possible without long-duration energy storage. Zero Terrain Paldiski 500MW 6GWh PHS will provide customers clean, secure, and affordable power when no wind or solar energy is available."
The global electricity sector faces the challenge of integrating intermittent renewable generation while ensuring electricity supply reliability, security, and affordability. Energiasalv's PHS plant in Paldiski, positioned as a pioneering solution in response to this challenge, will also be the country's largest pumped hydro energy storage facility.
"For large energy storage projects like Zero Terrain Paldiski PHS, the governments must have the appropriate market and regulatory arrangements to support the industry’s development as a matter of urgency. These projects will come only with a supportive policy environment," Siitam explained.
The construction tender will be launched in the autumn of 2023, the final investment decision will be made in Q2 of 2024, the construction works will begin in Q3 of 2024, and the commissioning of the plant is planned for 2031.
Energiasalv's Zero Terrain Paldiski is an EU Project of Common Interest (PCI project). As a strategic infrastructure project, its preparation has been supported by the Connecting Europe Facility – managed by the European Climate, Infrastructure and Environment Executive Agency (CINEA). Energiasalv is owned by the Estonian energy company AS Alexela, Baltic-Polish renewable energy company Sunly AS, Vool OÜ, Combiwood Grupp OÜ, Warmeston OÜ, and Kiikri Kodu OÜ. KPMG advised the additional financing for Energiasalv Zero Terrain Paldiski.
For more information, visit www.zeroterrain.com.