The EU has launched the T-MED scheme to mobilize €25 billion for around 15 GW of renewable energy projects across the Mediterranean, backed by over €5 billion in guarantees to unlock public and private investment.
The European Union has launched this week the Trans-Mediterranean Renewable Energy and Clean Tech Cooperation (T-MED) scheme, a package of measures aimed at mobilize €25 billion ($21.6 billion) in investments in around 15 GW of renewable energy projects in the Mediterranean region.
“The European Commission has made available more than €5 billion in guarantee capacity under the European Fund for Sustainable Development Plus,” the Commission said in a statement. “This guarantee capacity will help unlock public and private investment in sectors covered by T-MED.”
The scheme will start with the launch of a call for expressions of interest for private investors open until June 15, and a separate call for project promoters open from today until Aug. 15.
The Commission said T-MED focuses on mobilizing public and private investment to reduce risk and scale up renewable energy and clean technology projects. It also promotes regulatory cooperation by simplifying permitting procedures, aligning regulations and lowering barriers to investment to improve the overall investment climate.
