Portuguese demonstration scheme for ocean energy technologies will be granted aid for 25 years in the form of a feed-in-tariff to compensate for the higher costs of the new technologies.
The European Commission decided Portuguese scheme aimed at promoting renewable energy technologies is in line with EU state aid rules.
The scheme will support the total installed capacity of 50 MW for demonstration projects producing renewable energy from waves and tides, and innovative offshore wind technologies.
Floating offshore wind turbines project called ‘Windfloat project’ has been allocated 25 MW.
For the remaining 25 MW capacity, project proposal can be submitted until the end of 2015.
The project will also benefit from investment aid and funding from NER300 – the EU support program for innovative low-carbon energy demonstration projects, European Commission’s press release reads.
Margrethe Vestager , European Commissioner for Competition, said: “The development of new renewable technologies is crucial to help Europe meet its environmental commitments. Today’s approved scheme is an important step for bringing new technologies to the market.”
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Image: EC