EU renewable energy financing mechanism: kicking off the process to further support renewables

The EU renewable energy financing mechanism, conceived to better support renewable energy projects by encouraging a greater uptake of renewable energy sources across the EU, has kicked off the process to be materialised in 2022.

Established by the European Commission in 2020 as part of the Clean Energy Package aiming to achieve climate and energy EU goals, this new financing opportunity is undertaking the first steps that will allow the launching of a call for project proposals during the second half of 2022.

State of play

In December 2021, the Commission launched the expression of interest phase for Member States to react and show their willingness to take part in the financing mechanism. They can participate in two different ways: by offering its territory to physically install renewable energy infrastructure facilities without having to provide the financing themselves, or by contributing financially to a project hosted in a different country but from whose generated energy they can benefit.

Member States can show their interest until 15 March.

Next steps

Once the list of interested Member States is known, the Commission - with the support of CINEA - will need to match contributing and hosting countries. Following that, a call for proposal should be launched by the end of 2022 for project promoters to apply with their projects. Selected proposals will received a grant from the mechanism in order to implement the projects.

More information

To get updates on the mechanism, follow #RENEWFM on social media.

EU renewable energy financing mechanism webpage

EU renewable energy financing mechanism factsheet