EC Releases €100 million under CEF for PCI

The European Commission made available €100 million under the Connecting Europe Facility (CEF) to trigger strategic trans-European energy infrastructure projects. 

Private and public investors are called to apply by 29 April 2015, with a decision on the selected project expected for mid-July.

“This funding is an investment opportunity to build a competitive, sustainable and secure energy market, and ultimately bring the benefits into our homes and businesses” EU Commissioner for Climate Action and Energy Miguel Arias Cañete commented in a note released on Thursday.

The application process is opened to the 248 key infrastructure projects listed among the Projects of Common Interest (PCI). Further information about the call will be presented on 16 March by the European Commission's Directorate-General for Energy, together with the Innovation and Networks Executive Agency

The announcement will then be followed by additional efforts to foster energy security, with a second call planned in 2015.

‘This European money will also act as a catalyst for securing additional financing by private and public investors. With a total of €650 million for grants foreseen in 2015, this is the first of two calls planned for 2015’ reads the press release, adding that the European Commission will update the list of PCI at the end of the year.

According to the European Commission, EU support for energy infrastructure under the CEF is €5.85 billion for the period 2014-2020. As already said in several occasions, the EU financing is bound to cover a maximum of 50% of the eligible costs for both studies and works. 

The program is part of the wider European strategy to decrease energy dependence on third countries. In this context, on Wednesday, the European Union launched the idea of a “high level group” to promote interconnectors in southwest Europe to capitalise on the renewable energy produced in Spain and Portugal.