EU’s first transnational solar tender significantly oversubscribed

Three years after the launch of the European Union’s Renewable Energy Financing Mechanism (RENEWFM) in September 2020, the first tender conducted under this framework has been significantly oversubscribed. The round for photovoltaics, conducted by the European Commission through the European Climate, Infrastructure and Environment Executive Agency (CINEA), started in April and the deadline for submissions was September 27.
Under the RENWFM, »donor countries« can contribute to the financing mechanism, while »recipient countries« can enable the construction of plants on their territory. In this first round, Luxembourg provided a volume of €40 million ($41.9 million) to finance solar power plants with capacities ranging from five megawatts (MW) to 100 MW in Finland. Bids were received for a total of 516 MW. In the next step, CINEA will evaluate the individual projects and then award contracts.
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