The European Union (EU) is bolstering its commitment to a unified energy market by investing over €1.2 billion (~$1.23 billion) in key cross-border infrastructure projects.
This substantial financial commitment is being channeled through the Connecting Europe Facility (CEF) and will support 41 energy infrastructure initiatives designated as Projects of Common Interest or Projects of Mutual Interest (PCIs/PMIs). These projects fall under the Trans-European Networks for Energy (TEN-E) framework.
This funding round represents the largest allocation under the current CEF Energy program, surpassing both the number of project applications and the total financial aid provided compared to previous calls.
A total investment of €250 million ($258 million) has been allocated to support the development of three key CO2 infrastructure projects, alongside the financing of nine preparatory studies aimed at advancing carbon capture and storage (CCS) initiatives.
The Prinos storage facility, situated in Northern Greece, will receive nearly €120 million ($124 million) in funding. This substantial financial boost will support the creation of the first full-scale carbon capture and storage (CCS) value chain in the South-Eastern Mediterranean. The Prinos facility will not only strengthen Greece’s climate commitments but also serve as a key infrastructure hub for managing industrial emissions across the area.
A second major investment, amounting to €55 million ($57 million), has been allocated to the construction of the North Sea L10 CO2 storage facility, located on the Dutch continental shelf. This project will enhance the Netherlands’ ability to store captured carbon deep beneath the seabed, significantly contributing to the country’s emission reduction targets. By expanding offshore storage capacity, the L10 facility will become a cornerstone of the broader North Sea CCS network, providing industries with a viable pathway to lower their carbon footprint and comply with stringent environmental regulations.
The third grant, valued at just under €12 million ($12.4 million), will support the development of the Norne CO2 storage facility in Denmark. Although smaller in scale compared to the other projects, this initiative plays a vital role in Denmark’s ongoing commitment to carbon neutrality. As part of the larger European CCS strategy, the Norne project will contribute to the collective goal of achieving 50 million tonnes of annual CO₂ injection capacity by 2030, as outlined in the Net Zero Industry Act.
The round also marks the initial implementation of the updated TEN-E Regulation, which now encompasses projects related to hydrogen and offshore electricity grids.
These infrastructure improvements will play a significant role in achieving the EU’s objectives of integrated energy markets and a decarbonized energy sector.
A significant portion, almost €750 million, is allocated to eight electricity grid projects, including innovative offshore and smart grid developments with the largest single grant, amounting to €645 million directed towards the Bornholm Energy Island project.
Dan Jørgensen, Commissioner for Energy and Housing, stated: “Once completed, the successful projects will boost our efforts to decarbonise our economies and societies, integrating our energy markets and safeguarding our industry’s competitiveness.”
source: carbon herald
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