EU to back energy, renewables sectors with EUR 647m

Oct 30, 2014 - The European Union (EU) will provide EUR 647 million (USD 816m) in financing to back infrastructure projects that will improve energy security in the block and help the integration of more renewables to the grid.

The financing will be divided into 34 grants that will go for gas projects, innovative technologies in electricity and a smart grids project, the European Commission (EC) said on Wednesday.

Most of the funds will be allocated for gas projects in the Baltic region, Central Eastern and South Eastern Europe, with as many as 16 projects to get support. In addition, some 18 schemes focusing on innovative technologies in the electricity sector will also be financed, among which will be a feasibility study for a subsea high-voltage direct current cable between Norway and the UK. A smart grids project on the border of Ireland and the UK will also receive financing.

The financial aid will be extended under the EU’s Connecting Europe Facility (CEF) programme. The grants that will be allocated will cover up to 50% of a project’s eligible costs of actions.

(EUR 1.0 = USD 1.261)

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