EU Funds Innovative Renewable Energy Demonstration Projects
The European Commission awarded over €1.2 billion to 23 highly innovative renewable energy demonstration projects under the first call for proposals for the so-called NER300 funding programme.
Kyle Rhea Tidal Turbine Array will be offered €18.4m euros and the Sound of Islay €20.7m euros, the Scottish Renewables informs.
Lindsay Leask, Senior Policy Manager for Scottish Renewables, said: “This is great news for the tidal industry in Scotland with a significant level of new European funding being announced.
“It’s this kind of financial commitment that helps harness further private investment which will secure our position as a centre of global excellence for the marine energy industry for years to come.”
The projects will be co-financed with revenues obtained from the sale of 200 million emission allowances from the new entrants’ reserve (NER) of the EU Emissions Trading System.
The projects cover a wide range of renewable technologies, from bioenergy (including advanced biofuels), concentrated solar power and geothermal power, to wind power, ocean energy and distributed renewable management (smart grids).
Collectively they will increase annual renewable energy production in Europe by some 10 TWh, the equivalent of the annual fuel consumption of more than a million passenger cars. More importantly, the aim is to successfully demonstrate technologies that will help substantially scale-up energy production from renewable sources across the EU.
The NER300 funding programme is implemented by the European Commission with the collaboration of the European Investment Bank (EIB) in the project selection, the sale of 300 million carbon allowances from the EU Emissions Trading System and the management of revenues.
December 19, 2012; Image: Scottish Renewables