The European Commission (EC) has awarded over 1.2 billion euros in funding to 23 innovative renewable energy demonstration projects.
The projects cover a wide range of renewable energy technologies, including wind, solar, geothermal, smart grid, biofuels, ocean energy and bioenergy. Once they are up and running, the projects will collectively increase annual renewable energy production in Europe by some 10 TWh, according to the EC.
The EC also hopes these projects will successfully demonstrate technologies that will subsequently help scale up production from renewable energy sources across the European Union (EU).
The projects will be co-financed with revenues obtained from the sale of 200 million emissions allowances from the new entrants' reserve (NER) of the EU Emissions Trading System.
NER300 funding will provide up to 50% of the relevant costs of the project (i.e., the additional costs compared to existing, proven technologies), and the rest will be covered by private investment and/or additional national funding. NER300 funding will be made available on an annual basis, based on proven performance (the amount of green energy produced) and the meeting of knowledge-sharing requirements.