New Funding for Renewable Energy Companies

The Government has announced new funding for renewable energy companies in Ireland. Funding will be made available through NER300, a financing instrument managed jointly by the European Commission, European Investment Bank and Member States of the European Union. It will assist eight carbon capture and storage and 34 renewable energy projects in the EU.

Single or joint ventures in areas such as bioenergy, solar energy, carbon capture and storage, geothermal, wind energy, hydro and ocean energy will be eligible to apply.

“This funding programme is evidence of the ambitious policy plans at European level, to move in a low carbon direction,” says Energy Minister Eamon Ryan. “The EU has set a target of 20% renewable energy in the next ten years – Ireland is and will continue to be, one of the main players in this project.”

In the first quarter of this year, one third of Irish start-up companies were in clean, green technologies. He continues: “We must seize upon this competitive advantage, and use it to our financial and environmental benefit. These monies would provide a huge boost for start-up and existing energy companies in Ireland and I encourage all eligible parties to submit their applications as soon as possible.”

Prior to being submitted to the European Commission, applications must be made to national authorities. In Ireland, the Sustainable Energy Authority of Ireland is accepting applications at 01 8082100 or by emailing ner300@dcenr.gov.ie. The closing date for receipt of application is the 9th February 2011.

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