To be provided under the Connecting Europe Facility (CEF), the funding will be provided for works and studies for ten projects
The EU Member States has approved a proposal to invest €998m ($1.3bn) in major European energy infrastructure projects.
The funding, which is provided under the Connecting Europe Facility (CEF), will be utilised for works and studies for ten projects.
The ten projects include two electricity transmission projects, one smart electricity grids project, six CO2 transport that include five studies, and one gas project.
Allocated in line with the European Green Deal’s objectives, the funding programme will provide 84% of the earmarked amount to electricity or smart grid projects.
European Union Energy commissioner Kadri Simson said: “These ten projects will contribute to a more modern, secure and smart energy infrastructure system, which is crucial for delivering the European Green Deal and meeting our ambitious 2030 climate targets.
“Yesterday’s decision marks a decisive step in the Baltic Synchronisation process in particular, a project of European strategic interest. These investments will help sustain the EU’s economic recovery and create jobs.”
EU allocated $843.5m for Baltic Synchronisation project phase-2
A funding of €720m ($843.5m) has been allocated for the second phase of the Baltic Synchronisation project for enhanced integration of the electricity markets of Estonia, Latvia, Lithuania and Poland.
The new funding will be utilised to build a Harmony Link, which is an electricity cable that will link Poland and Lithuania through the Baltic Sea.
The financing from EU will also cover investments including synchronous condensers in Estonia, Latvia and Lithuania.
The electricity cable is said to become a building block for the future offshore grid in the Baltic Sea.
The EU has given €102m ($119.5m) to Danube Ingrid, a smart electricity grid project in Hungary and the Slovak Republic. The project is expected to improve the network management and boost the quality and security of supply for all market participants.
The grants for other projects include €102m ($119.5m) for Porthos CO2 transport network project, €28m ($32.8m) for the Bulgaria – Serbia Interconnector and €14m ($16.4m) for the North Sea Wind Power Hub.