SEV, the utility for the Faroe Islands, has secured funds from Nordic Investment Bank to build a pumped hydro storage facility on the island of Streymoy. The Mýruverkið II project, valued at DKK 1.3 billion ($174 million), is set to go online in the 2027-28 period.
The latest set of clean energy statistics compiled by the International Renewable Energy Agency signal a changing of the guard when it comes to clean power, with legacy hydropower facilities overtaken by new intermittent renewables.
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