Finland and Luxembourg will take part in a cross-border tender for renewable energy through a new EU renewable energy financing mechanism. Luxembourg will participate as a contributing country, voluntarily contributing €40m to the mechanism, while Finland will participate as a host country, allowing solar PV projects located on its territory, with a total capacity of up to 400 MW, to take part in the tender.
The projects will be selected through competitive tendering carried out by the European Commission and the European Climate, Environment and Infrastructure Executive Agency (CINEA). Projects with a capacity ranging between 5 MW and 100 MW may participate in the call for tenders, and the ones with the lowest price that meet the required criteria will be successful in the tendering. The maximum amount of aid granted to a project is €180,000/MW for a maximum capacity of 400 MW.
The new EU funding mechanism enables Member States to implement joint projects through a channel managed by the European Commission. Participating in the mechanism is voluntary for the Member States.