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RENEWFM: €52 million to 9 renewable energy projects in Finland and Estonia

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The European Commission has announced the allocation of EUR 52 million in funding support through the EU Renewable Energy Financing Mechanism (RENEWFM) to nine renewable energy projects in Finland and Estonia. This amount nearly matches the total call available budget of €52.4 million and aims to strengthen the EU's renewable energy capacity while fostering cross-border cooperation among member states.​

The awarded projects will add a total capacity of 445.65 MW of renewable energy installations, and are expected to be commissioned between 2027 and 2028. 

The breakdown of the selected projects and the funding support they have been awarded is as follows: 

Seven solar photovoltaic projects in Finland, contributing to the country's solar energy expansion.​Laivakangas Solar Park: EUR 4.2 million to transform a 78-hectare former gravel extraction site into a solar power plant in the city of Tornio, located in Northern Finland.Lamminneva Solar Park: EUR 3.5 million to repurpose a former peat extraction site in Lappajärvi (Southern Ostrobothnia region) into a productive solar energy farm.Isoneva Solar Park: EUR 5.6 million to transform a former peat extraction site in Suonenjoki (Northern Savonia region) into a productive solar energy farm.Kouvola Lakiasuo PV Plant: EUR 7.7 million to build an industrial-scale solar power plant in Kouvola (Southeastern interior of Finland), repurposing the 150-hectare Lakiasuo and Heposaari peat production areas.JoSoleilTwo: EUR 5.7 million to build a ground mounted solar PV project in Joroinen, North Savo.Lålby Solar Power Park: EUR 5.9 million to repurpose a waste deposit area into a solar power park.Pori Peittoo Solar PV-plant: EUR 1.1 million to build a solar PV-plant on a specific material handling area.RENEWFM projects Finland - Call 2024
Two onshore wind projects in Estonia, enhancing the country's wind energy infrastructure.​Püssi Project: EUR 9.8 million to develop a hybrid renewable energy park integrating wind and solar energy.Maima Wind Park: EUR 8.2 million to develop an onshore wind farm in the Estonian villages Tarva and Tõrdu (Põhja-Pärnumaa municipality).RENEWFM projects Estonia - Call 2024

Background

The EU renewable energy financing mechanism (RENEWFM) was established by the Commission in 2020, aimed at better supporting renewable energy projects and encouraging a greater uptake of renewables across the EU.

RENEWFM facilitates collaboration between "contributing" and "hosting" countries. 

In this case, Luxembourg has acted as the contributing country by providing the financial resources, while Finland and Estonia serve as hosting countries, offering suitable sites for renewable energy development. This mechanism allows Member States to collectively advance towards the EU's renewable energy targets, optimising resource allocation and geographical advantages. 

For more information on the EU Renewable Energy Financing Mechanism and future funding opportunities, please visit the RENEWFM webpage.​

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