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European Commission Awards €1.2 Billion Funding To Innovative Cleantech Projects

Wind turbine – Europe

The European Commission has recently announced that it is awarding more than €1.2 billion ($1.6 billion) to 23 renewable energy technology projects covering a wide range of technologies. The projects will be hosted in 16 European Union member states and will include bioenergy, geothermal power, wind power, ocean energy, distributed renewable management, and other clean tech categories, according to CleanEdge.

The projects awarded were chosen according to how well they could represent a cost-effective use of public funding, financial, and the level of innovation involved with the technology – such as how well it could be replicated and how soon it could be up and running. 2016 is the deadline for entry into operation.

After initial eligibility tests through Member States, applications were submitted to the European Investment Bank, which assessed the technical and financial aspects of the projects. The final list of projects was submitted to the European Commission, which made funding decisions after a positive vote was given by the Climate Change Committee.

Two-thirds of the projects will be ready to be operational before the end of 2013, just ahead of the deadline requiring them to be operational within 4 years of funding. I am curious to see how many of these projects are a true success. Europe is certainly making a significant effort to ramp-up renewable energy, even with the ongoing financial difficulties in many states.

Image CC licensed by SCA Svenska Cellulosa Aktiebolaget

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