Image for illustrative purposes
EU – An agreement has been reached on a Commission proposal to invest € 1.037 billion ($ 1.18 billion) in five cross-border infrastructure projects under the Connecting Europe Facility (CEF).
According to the agreement, CEF will grant financial aid for the construction of 3 electricity transmission projects, 1 gas storage project, and a study on CO2 transport. These efforts will support the implementation of the European Green Deal.
EuroAsia Interconnector
€ 657 million ($746 million) will be allocated to the EuroAsia project that interconnects the transmission networks of Cyprus and Greece, allowing the transmission of electricity in both directions, ending the energy isolation of Cyprus. The 898 km (557 miles) of undersea cables and maximum sea depth of 3,000 meters (3,280 yd) will set new world records for a project of this kind. The CEF grant comes in addition to the €100 million ($ 113 million) awarded in the Recovery and Resilience Facility instrument.
Baltic Synchronisation Project Phase II
Phase II will receive €170 million ($ 192 million) in funding for grid reinforcement in Poland and upgrading the transmission infrastructure in Lithuania, Latvia and Estonia. The project also received funding under previous CEF calls, leading to total CEF support of more than €1.2 billion ($ 1.35 billion), underlining the political importance of this project.
Aurora Line
With an investment of €127 million ($ 143 million), CEF will support the development of a third transmission line between Sweden and Finland to increase electricity transmission capacity between the two countries and support the integration of onshore and offshore renewable electricity.
Chiren Expansion
CEF will invest €78 million ($ 88.3 million) in the Chiren Expansion project that covers the capacity increase of a gas storage facility in Bulgaria. It also supports the phase-out of coal in the region, facilitating the clean energy transition.
Northern Lights Phase II
This study investigates the expansion of the CO2 transport and temporary storage capacity in Norway, open to industrial clusters from across the EU, with the aim to accommodate additional demand. CEF will invest € 4 million o($ 4.53 million).
A final, formal decision by the Commission on the CEF grants is expected in the coming weeks.
Source: T&D World
