The implementation of the EU Renewable Energy Financing Mechanism has taken an important step forward with the binding commitment of Finland and Luxembourg to participate in a cross-border renewable energy tender. The announcement follows an invitation from the Commission to all EU countries last year to participate in the mechanism and a series of detailed discussions with interested parties.
Luxembourg and Finland, involved in the implementation of the mechanism
Luxembourg will participate as a contributing country, voluntarily contributing 40 million euros to the mechanism. Finland will participate as a host country, allowing PV projects located on its territory with a total capacity of up to 400 MW to participate in the tender.
The upcoming cross-border tender
Based on these binding commitments, the European Climate, Infrastructure and Environment Executive Agency (CINEA) will publish the first cross-border call for renewable energy tenders in the coming weeks. This 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 participating countries to strengthen their decarbonization ambition in a collective, cost-effective and mutually beneficial way.
Support from the European Commission
The Commission welcomes and strongly supports the active role of Luxembourg and Finland in the implementation of this new instrument. Their participation builds on an excellent track record of participation in renewable energy cooperation mechanisms and consolidates their position as leaders in cross-border initiatives.
Next call for tenders and future prospects
In parallel with the finalization and publication of the first call for tenders, the Commission will soon launch a new call for expressions of interest among EU countries. Based on the preferences expressed in this second call, the Commission will prepare and launch a second call for tenders under the mechanism by the end of 2023.
This new initiative will enable EU Member States to achieve their climate goals by cooperating more closely, while facilitating investment in cost-effective renewable energy projects.
