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EC approves remaining NER300 funds to support innovative RES projects

Thursday, August 1, 2019

Source image: AW-Energy Oy

In August, the EC approved the reinvestment of some of the remaining unspent funds from the discontinued NER300 programme to support low-carbon innovation projects under InnovFin Energy Demo Projects (EDP). The InnovFin EDP is an EU financial instrument managed by the EIB, that finances projects in innovative renewable energy, carbon capture and storage (CCS), smart energy systems and storage.

The instrument is market-driven and the support to eligible projects is provided on a first come, first served basis. The first three selected projects “to benefit from NER 300 support under the InnovFin EDP focus on innovative wave energy technology (Wave Roller), floating offshore wind technology (Windfloat) and ultra-fast charging stations for electric vehicles and battery energy storage (Greenway EV Charging Network)”. The three projects will receive support totaling approximately €73 million.

The decision to reinvest the unspent funds from NER300 is expected to enable timely support for promising projects prior to the launch of the new Innovation Fund in 2020.