EU Funds €40 Million to Aid Renewable Energy Sector: 8 Solar PV Projects Awarded


EU Funds €40 Million to Aid Renewable Energy Sector: 8 Solar PV Projects Awarded

In a significant move to consolidate its renewable energy sector, the European Union has recently granted a whopping €40 million to eight Solar Photovoltaic (PV) projects. The projects collectively boast a total capacity of 282.77 MW. The funding was accorded under the EU’s renewable energy financing mechanism, which was revealed on 27th September 2023.

The Directorate-General for Energy meticulously evaluated all applications which had passed the preliminary eligibility check and conformed to the minimum quality requirements. Following the stringent process, the projects were then ranked on the basis of the price of their bid to the tender. The list commenced from the ones that quoted the lowest price, continuing until the entire tender budget was absorbed.

The selected project bodies are now being summoned by the directorate to devise a grant agreement. They have been given a timeline of 24 months following the grant signature to kick-start their respective solar PV projects.

Participating countries Luxembourg and Finland will in due course circulate the statistics of the renewable electricity generated by these projects. This data would be instrumental in determining and meeting their national targets for renewables.

This funding marks the successful termination of the first round of the relentless renewable energy financing mechanism as regulated by the Commission in the year 2020. The program was conceived with the primary objective of providing superior support to renewable energy projects and instigating an escalated uptake of renewables across EU member countries.

It is safe to contemplate that this €40 Million investment is one more step towards the collective goal which is to champion the cause of sustainable and clean energy.

Key Facts
Total Funds Allocated: €40 Million
Number of Projects Funded: 8 Solar PV Projects
Total Generation Capacity: 282.77 MW
Participating Countries: Luxembourg and Finland
Program Devised On: 27th September 2023