EU to invest Eur1bn in Green energy infrastructure

The Commission announced in January that EU member states had agreed to invest Eur1.037 billion ($1.16 billion) in cross-border energy infrastructure projects, with two-thirds of money committed to a subsea electricity interconnector to Cyprus through the Connecting Europe Facility.

The EuroAsia Interconnector, which connects Cyprus to the European grid via Crete, received Eur657 million, with another Eur297 million going to power grid projects in the Baltics and Nordics.

Kadri Simson, the European Commission’s Energy Commissioner, stated that recent months have proven “how crucial a well-integrated EU energy market is for ensuring affordable energy and security of supply, as well as the clean energy transition.”

According to the European Commission, the new CEF funds will support the European Green Deal by providing funding for the construction of three electricity transmission projects, as well as expanding gas storage in Bulgaria for Eur78 million and a study on CO2 transport as part of the Northern Lights Phase II project offshore Norway for Eur4 million.

In June 2021, EU energy ministers pledged Eur5.5 billion for CEF projects from 2021 to 2027, selecting a list of 98 projects.