Offshore to benefit from EU funding

EUROPE: A ambitious number of offshore projects have been recommended to receive a slice of the European Commission's €315 billion infrastructure fund.

Dong's Walney Extension in the UK has been named as a proposed project
Dong's Walney Extension in the UK has been named as a proposed project

Offshore projects in Germany, the UK, France, the Netherlands, Belgium, Finland, Denmark and Poland have all been added to a list of possible candidates for investment.

The developments join over 2,000 projects in Europe worth €1.3 trillion in potential investment. The European Commission said many projects were struggling with financial or regulatory barriers.

This investment package is one of Jean Claude Juncker's top priorities as EC president. It also ties in to his vision of creating an Energy Union in Europe.

Representatives from Member States, the EC and the European Investment Bank compiled the list over two months.

On the proposed projects list is included the five UK offshore projects that were awarded final investment decision enabling contract for difference subsidies; three projects off the coast of Poland totaling 1.5GW; five proposed projects in Belgium totaling over 1.5GW and several Finnish offshore projects planned for the Baltic Sea.

Also added to the list exclusively by the European Commission was almost 6.5GW worth of projects planned for German waters. Transition lines and interconnectors were also included.

The taskforce was set up to compile a list of projects, which could benefit from support. All projects will be screened before an investment decision is made.

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