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Major European Solar Energy Project Awarded €42 Million Grant by European Commission

Dec 21, 2012

Greek Solar Project is Awarded Grant by the European Commission

Nur-Moh Heliothermal SA, the joint venture owned by UK based solar energy developer, Nur Energie Ltd, and Motor Oil Hellas, one of Greece’s leading energy companies, has officially been awarded a €42 Million grant. The grant comes from the ‘NER 300’ program, a financing instrument jointly managed by the European Commission, European Investment Bank and Member States.

The grant for the most advanced Concentrating Solar Power (CSP) project under development in Greece goes towards the construction of Nur-MOH’s 50MW Concentrated Solar Power tower project on the Island of Crete. The project -- officially known as MINOS (Minimum Intermittency Operating System) -- will produce enough energy to supply 25,000 homes on the Island and will one of the most technically advanced and efficient solar projects in all of Europe.

According to the NER300’s official website the European Commission awarded a total of over €1.2 billion to 23 highly innovative renewable energy demonstration projects under the first call for proposals for the so-called NER300 funding programme. No carbon capture and storage (CCS) project was awarded funding under this decision. The €275 million envisaged for CCS projects in the first call remains available to fund projects under the second phase of the programme.

Mr. Alex Phocas Cosmetatos, Managing Director of Nur-MOH said, “This grant is a testament to the quality of the project and will cover a significant portion of the project’s capital expenditure. The grant reinforces the EU and EIBs commitment to Greece.”

Mr. Kevin Sara, CEO of Nur Energie, said, “Despite the uncertainty in worlds financial markets, Nur Energie continues to be able to attract capital to develop their solar projects. We are also confident we can do the same for our Tunisian TuNur project as many financial investors continue to express interest in participating in Nur Energie's pioneering utility-scale solar projects which provide attractive investment opportunities as well as being instruments for climate change mitigation and replacements of large fossil fuel and nuclear power plants."

Development of the MINOS project started in 2008 and is the only CSP project in Greece to have received binding Grid Connection offer, Environmental terms and Installation license.

Nur Energie Ltd. is an independent solar project development company active in Europe and North Africa. It is developing projects with both PV and CSP technology, with current focus of activities in France, Greece, Tunisia and Morocco. For more information please visit www.nurenergie.com

Motor Oil Hellas is the leader in the oil and energy market in Greece for decades. Its Refinery with its ancillary plants and offsite facilities forms the largest privately held industrial complex in Greece and is considered as one of the most advanced refineries in Europe. It is active in the Greek electricity market through its participation in the company Korinthos Power which operates a 437MW CCGT power plant within the refinery facilities. Motor Oil is listed on the Athens Stock Exchange. Please visit www.moh.gr for more information.

NER 300 is the funding programme is implemented by the European Commission with the collaboration of the European Investment Bank (EIB) in the project selection, the sale of 300 million carbon allowances from the EU Emissions Trading System and the management of revenues. For more infomration please visit www.ner300.com


Category: Greece PR | Posted by: Daniel