EUR 46.4 million in investment aid granted to nine clean transition REPowerEU and energy infrastructure projects
On 14 June 2024, the Ministry of Economic Affairs and Employment granted to nine different projects a total of EUR 46.4 million in RRF energy investment aid under the Sustainable Growth Programme for Finland. Of the aid, EUR 24,553,932 will be allocated to three clean transition investments (REPowerEU) and EUR 21,864,440 to six energy infrastructure projects.
"The direction of technology and transformation is illustrated by how, whereas 10 years ago we supported wood chip power plants and wind power, now the new emerging solutions are waste heat solutions and energy storage that replace combustion," describes Environment and Climate Minister Kai Mykkänen.
"The projects currently being supported will reduce the use of fossil fuels and peat, increase the flexibility of the energy system with energy storage solutions, promote the adoption of new technology in solar power plants, and continue to increase solutions based on waste heat for heating across the country," Mykkänen continues.
The investments are related to new energy technology projects, the storage of electricity and energy, and the recovery and utilisation of waste heat, for example. Investment aid was granted to the following projects:
Clean transition investments (REPowerEU):
- EUR 17,149,302 to Hallanvahdin Aurinkovoimala Oy for an industrial-scale solar power plant in Joroinen
- EUR 3,833,630 to Ilmatar Battery Development Oy for an electricity storage in Pahkakoski, Ii
- EUR 3,571,000 to Dessco Investors Oy for a distributed solar energy storage system across southern Finland
Energy infrastructure projects:
- EUR 5,036,043 to Fortum Power and Heat Oy for an energy storage of distributed production in Espoo
- EUR 2,024,375 to TLS Energy Oy for recovery of waste heat in Pello
- EUR 7,503,600 to Vantaan Energia Oy for a regional waste heat project in Martinlaakso
- EUR 1,385,922 for Nevel Oy for a hybrid heat pump solution in district heat production in Karkkila and Jokela
- EUR 2,662,500 to Lappeenrannan Lämpövoima Oy for a heat pump plant using waste heat
- EUR 3,252,000 to Pori Energia Oy for a sand battery investment
These decisions are the first ones made on the basis of the call for applications in 2024. More decisions are set to be made this autumn. Approximately EUR 30 million of the RRF aid for clean transition investments and EUR 23 million for energy infrastructure projects is yet to be allocated. The granting of aid is based on overall consideration and comparisons between projects, which pays particular attention to the feasibility of the projects. The projects must be completed by 30 June 2026.
So far, the Ministry has granted 56 projects a total of EUR 378 million in RRF energy investment aid under the Sustainable Growth Programme for Finland in three previous application rounds. In addition, Business Finland has granted a total of EUR 61.3 million to two clean hydrogen IPCEIs (Important Project of Common European Interest) and approximately EUR 4.9 million to five industrial electrification projects. A summary of the earlier RRF aid decisions are available here: https://tem.fi/rahoitetut-rrf-energiainvestointitukihankkeet
Inquiries:
Pekka Grönlund, Senior Ministerial Adviser, Ministry of Economic Affairs and Employment, tel. +358 295 064 815
Pekka Kärpänen, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 882 (energy infrastructure projects)
Tuula Savola, Senior Specialist, Ministry of Economic Affairs and Employment, tel. +358 295 047 133 (clean transition investments)