Finnish solar projects of 516 MW bid in inaugural EU mechanism tender

The European Commission has welcomed the outcome of the first tender under the EU renewable energy financing mechanism as bids exceeded the 400 MW of capacity targeted by the call.

The tender, launched in April, sought to back solar projects of between 5 MW and 100 MW located in Finland as the host country with a budget of EUR 40 million (USD 42.1m) provided by the voluntary contribution of Luxembourg. It attracted submissions from several projects totalling 516 MW, according to the announcement at the end of last week.

The European Climate, Infrastructure and Environment Executive Agency (CINEA) will now award the projects based on price until the budget is exhausted. The chosen developers will be invited to prepare a grant agreement by January 2024. After signing the grants, they will have 24 months to bring the solar installations online.

The EU financing mechanism was created in 2020 to foster cooperation among EU countries on renewables adoption.

(EUR 1 = USD 1.051)

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