November 23, 2017

EC: EUR 1.2 billion awarded for 23 innovative renewable energy projects

The European Commission awarded more than EUR 1.2 billion funding to 23 highly innovative renewable energy demonstration projects under the first call for proposals for the so-called NER300 funding programme. Projects will be co-financed with revenues obtained from the sale of 200 million emission allowances from the new entrants’ reserve (NER) of the EU Emissions Trading System. The projects cover a wide range of renewable technologies – bioenergy (including advanced biofuels), concentrated solar power, geothermal power, wind, ocean energy and distributed renewable management (smart grids). Once up and running, these projects will collectively increase annual renewable energy production in Europe by some 10 TWh, an energy amount corresponding to the annual fuel consumption of more than a million passenger cars. More importantly, the aim is to successfully demonstrate technologies that will subsequently help scale-up production from renewable sources across the EU substantially. The NER300 funding programme is implemented by the European Commission with the collaboration of the European Investment Bank (EIB) both in the project selection, the sale of 300 million carbon allowances from the EU Emissions Trading System, and the management of revenues.

Source: Balkans.com (read more)

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