Renewable Energy Financing Mechanism (RENEWFM)
The EU Renewable Energy Financing Mechanism (RENEWFM) supports new renewable energy projects. It encourages a greater uptake of renewable energy sources across the EU. This will help the EU to achieve its target of the renewable energy share in the final energy consumption by 2030 in a cooperative and cost-effective manner.
Objectives of the EU renewable energy financing mechanism
The main objective of the RENEWFM is to enable EU countries to work together in the take-up and promotion of renewables. The mechanism will facilitate a cost-effective roll-out of renewables across the EU, particularly in the best locations to host such installations.
EU countries should contribute collectively to the EU target of the renewable energy share in the gross final energy consumption by 2030, primarily through national measures. As a second option, Member States can work together, using cooperation mechanisms, such as statistical transfers or joint projects. The RENEWFM opens a third possibility which also entails cross-border cooperation.
European Commission - Directorate General for Energy (DG ENER)
European Climate, Infrastructure and Environment Executive Agency (CINEA)
RENEWFM: EUR 27.5 million supporting 7 solar power plants in Finland
RENEWFM: €52 million to 9 renewable energy projects in Finland and Estonia