EU launches first tender under renewable energy financing mechanism

The European Commission has approved the first cross-border tender to encourage renewable energy collaboration among member states in order to accelerate the achievement of clean energy targets. The tender is being held as part of the renewable energy financing mechanism and is the result of Luxembourg and Finland's commitment to collaborate on this initiative. Starting on April 18, 2023, interested parties can submit proposals through the funding and tender portal. Grants will be given to project developers who create new renewable energy projects that use solar photovoltaic technology. This is the first-ever cross-border tender between EU member countries. According to the Commission, the move heralds a new era of collaboration in the field of renewable energy, achieving the goals of the European Green Deal and REPowerEU. Luxembourg has agreed to make a voluntary contribution of €40 million ($44 million), while Finland will host the competing projects that will compete for funding. The tender format will be a request for proposals. The European Climate Infrastructure and Environment Executive Agency (CINEA) will carry it out. The call for proposals will be open for six months, after which CINEA will evaluate the competing proposals and award grants based on the lowest bid price until the budget is depleted. The chosen projects will be required to construct the installation within 24 months and generate a specified minimum amount of renewable electricity in the following years. To participate in the tender, eligible companies should build a new solar PV installation with a capacity between 5 and 100 MW while conforming to the regulations of the tender. Also Read Housing Ministry Blacklists Two Companies in Gurgaon PM Gati Shakti evaluates 76 big infra projects