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Energy
News announcement27 February 2023Directorate-General for Energy1 min read

Commission welcomes commitment by Finland and Luxembourg Renewable Energy Financing Mechanism

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The implementation of the EU renewable energy financing mechanism has taken an important step forward today with the binding commitment by Finland and Luxembourg to take part in a cross-border tender for renewable energy. The announcement follows an invitation by the Commission to all EU countries last year to participate in the mechanism and a series of detailed discussions with interested parties. Luxembourg will participate as a contributing country, voluntarily contributing EUR 40 million to the mechanism. Finland will participate as a host country, allowing solar PV projects located in its territory with a total capacity of up to 400 MW to take part in the tender.

On the basis of these binding commitments, the European Climate Infrastructure and Environment Executive Agency (CINEA) will publish the first-ever cross-border tender for renewables in the coming weeks. The tender will contribute to the deployment of new renewable energy projects in line with the objectives of the European Green Deal and REPowerEU. It will also help the participating countries to strengthen their ambition for decarbonisation in a collective, cost-effective and mutually beneficial manner.

The Commission welcomes and strongly supports the active role of Luxembourg and Finland in the implementation of this new instrument. Their involvement builds upon an excellent track record of participation in cooperation mechanisms on renewables and cements their position as front-runners on cross-border initiatives.

In parallel with the finalisation and publishing of the first tender, the Commission will soon launch a further call for expression of interest among EU countries. On the basis of the preferences in this second call, the Commission will prepare and launch a second tender under the mechanism by the end of 2023.  

Related links

EU renewable energy financing mechanism

CINEA’s webpage on the mechanism

Details

Publication date
27 February 2023
Author
Directorate-General for Energy