![CINEA said out of 8 projects selected under the RENEWFM financing mechanism in Finland, it has signed grant agreements with 7. (Illustrative Photo; Photo Credit: olrat/Shutterstock.com)](http://media.assettype.com/taiyangnews%2Fimport%2Fwp-content%2Fuploads%2F2024%2F05%2FPresentation1-36.jpg?w=480&auto=format%2Ccompress&fit=max)
The European Climate, Environment and Infrastructure Executive Agency (CINEA) has signed grant agreements with the 7 winning solar PV projects in Finland that were adjudged winners of the 1st cross-border renewable energy tender. The European Union (EU) agency will support the projects with €27.5 million in financing.
The tender with a total 400 MW PV capacity was launched in April 2023 under the European Union (EU) Renewable Energy Financing Mechanism (RENEWFM). Tariffs were capped at €180/MW (see EU's Cross Border Renewable Energy Tender).
A total of 8 solar PV projects with a combined 282.77 MW were selected under the process, out of which 7 representing 212.99 MW made it through and signed the agreement with CINEA.
These projects include the 20 MW Loukkaanaro ground-mounted solar park to be built in Utajärvi's Loukkaanaro. As the 1st PV project to sign the CINEA agreement, it has been allocated more than €2.3 million. It is scheduled to come online by 2025 and operate for at least 30 years.
CINEA has distributed the remaining grant for the following projects:
CINEA says this financing is the initial step to kick off their implementation. These will contribute to achieving the national targets for renewables in Finland and Luxembourg.