French govt to grant EUR 1.35bn for renewable energy projects

(ADPnews) - Jul 27, 2010 -The French Government will grant EUR 1.35 billion (USD 1.75bn) to finance renewable energy projects of local industrial companies, Industry Minister, Christian Estrosi, said yesterday, when engineering group Constructions Industrielles de la Mediterranee SA (CNIM) (EPA:COM) inaugurated a prototype of France's first concentrated solar power module.

The French group, which demonstrated a technology for concentrating solar energy using mirrors, will be amid the first industrial players to benefit from the aid.

The presented modules, designed under the Fresnel linear technology, will require strong sunlight as they will be composed of 700 sq m (7,535 sq ft) of mirrors following the sun.

CNIM, which has invested EUR 2 million in the development of this prototype, plans to sell each unit for less than EUR 200,000.

The modules are set to be exported to countries in the Middle East and sub-Sahara Africa.

At 1224 CET today shares in CNIM had increased by 4.99% to EUR 70.50 on Euronext Paris.

(EUR 1.0 = USD 1.296)

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