Nearly €1 billion funding approved for European energy projects

In: Windfarms
EU Member States have agreed on a Commission proposal to invest €998 million in key European energy infrastructure projects under the Connecting Europe Facility (CEF). The positive vote provides financial aid for works and studies for ten projects.

The allocation of funds is in line with the objectives of the European Green Deal, with 84% of funds going to electricity or smart grid projects. The vote grants financial aid to ten projects: two for electricity transmission, one smart electricity grid, six for CO2 transport (including five studies), and one for gas.

Kadri Simson, Commissioner for Energy, said: “These ten projects will contribute to a more modern, secure and smart energy infrastructure system, which is crucial for delivering the European Green Deal and meeting our ambitious 2030 climate targets. Yesterday's decision marks a decisive step in the Baltic Synchronisation process in particular, a project of European strategic interest. These investments will help sustain the EU's economic recovery and create jobs.”

The largest amount of funding (€720 million) goes to the Baltic Synchronisation Project. This would support the development of an electricity cable connecting Poland and Lithuania through the Baltic Sea. The cable will become a building block for the future offshore grid in the Baltic Sea. This funding will also cover investments such as synchronous condensers in Estonia, Latvia and Lithuania.

North Sea Wind Power Hub also secured funding (€14 million). The study to support the development of an important project for the roll-out of offshore wind in the North Sea. It aims to investigate the feasibility of one or more hubs in the North Sea with interconnectors to bordering North Sea countries (Denmark, Germany, Netherlands) to transmission energy generated by offshore wind farm.

Funding was also granted to the Porthos CO2 transport network project (€102 million). This project between the Netherlands and Belgium will develop an open access CO2 transport network in three of Europe's main ports (Rotterdam, Antwerp and North Sea Port) leading to an offshore storage site in the North Sea.

For more information on the projects which secured funding, click here.

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