The European Commission (EC) has earmarked €65 million (US$71.2 million) for 17 renewable technology projects aimed at expanding their operations. Notable beneficiaries include Sun'Agri, a French agrivoltaics developer, and thermal energy storage projects in France and Denmark.
Sun'Agri will utilize the funding to design, build, and deploy a system of “protective nets” covering six hectares of an agrivoltaics project in France. While specifics on enhanced electricity generation were not detailed, the EC highlighted the project's goal to “optimize the synergy between PV panels and the multi-cultural farm,” suggesting a simultaneous improvement in electricity generation efficiency and crop growth.
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This investment gains significance amidst the growing interest in the European agrivoltaics sector. The EC previously estimated that allocating 1% of Europe's farmland to agrivoltaics projects could meet the continent's solar PV goals by the end of the decade.
Two thermal energy storage projects receiving funding include the MITIGAT project in France, developed by Eco-Tech Ceram, and the RockStore facility in Denmark, operated by Forsyning Danmark. Both projects aim to address the variability of renewable power generation by employing heat storage technologies.
Each project is set to receive between €1.6-4.5 million (US$1.8-4.9 million), with renewable energy and energy storage projects collectively securing €32.8 million (US$35.9 million) in grant funding, representing over half of the allocated funds.
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The funding originates from the EU's Innovation Fund, designed to incentivize investment in clean energy technologies. The program, expanded this year to include 530 million Emissions Trading System (ETS) allowances, aligns with a carbon pricing system valuing emissions at €75 (US$82.2) per tonne of carbon dioxide equivalent. Over the decade from 2020 to 2030, the Innovation Fund is projected to invest €40 billion (US$43.8 billion) into advancing clean energy technologies.
This financial support plays a crucial role in Europe's pursuit of climate targets, with ongoing efforts to establish a financially sustainable energy transition. The allocation follows a recent EC warning that EU member states must “enhance their efforts” to meet the bloc's climate goals, following a review of National Energy and Climate Plans.
